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Test your basic knowledge |
DSST Business Math
Start Test
Study First
Subjects
:
dsst
,
math
,
business-skills
,
business-math
,
bvat
Instructions:
Answer 50 questions in 15 minutes.
If you are not ready to take this test, you can
study here
.
Match each statement with the correct term.
Don't refresh. All questions and answers are randomly picked and ordered every time you load a test.
This is a study tool. The 3 wrong answers for each question are randomly chosen from answers to other questions. So, you might find at times the answers obvious, but you will see it re-enforces your understanding as you take the test each time.
1. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
Retail
COD
Average Daily Sales
588 mph
2. A^m/a^n = a^(m-n)
percent decrease
When Dividing With Exponents
Gross Margin Return On Inventory Investment (GMROII)
Mark Up %
3. Convert 41/100 to a percent
Sales per Transaction
41%
DOI
1.304
4. Convert .4 to a percent
OTB (retail)
physical inventory
4%
378 63
5. The average person will have _ jobs in their lifetime.
14/100
Liquidity
4%
16-18
6. What happens when your sales are higher than your expenses - etc.
Sales per Transaction
profit
shrinkage
Break Even Point Formula
7. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
transportation
cost of goods sold formula (COGS)
Effective annual rate of interest formula
80/100
8. Cash or assets that can quickly be converted into cash.
Break Even Point
To decrease a number by a given percentage - e.g. decrease 16 by 25%
Current Assets
Markdown %
9. What happens when your expenses - etc. are higher than your sales
percent decrease
loss
70%
steps in strategic planning
10. Use compliments - Step 1 Find compliments 25% = 100-25%= 75% - 10%= 90% - 10%=90% Step 2 Multiple Compliments 75%x90%x90% .75x.90x.90= .6075 Step 3 Convert to Percentage .6075= 60.75% Step 4 Compliment it 100%-60.75%= 39.35%
to determine equivalent single discount rate for 25/10/10 series discount
To increase a number by a given percentage - e.g. increase 16 by 25%
shrinkage
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
11. A formal document that is used for a variety of functions within a retail business; it provides a big picture look at the succinct expression of the sales - markup - and profit for a business
To increase a number by a given percentage - e.g. increase 16 by 25%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
profit and loss statement
costs of goods sold
12. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$252
Quick Ratio
The sum of a Geometric Progression
book value
13. A measure of the number of days needed to collect accounts receivable.
Quick Ratio
$6 -655.50
Average Collection Turnover
cost of goods
14. You should never take out more than a _ year mortgage.
overages
$6 -655.50
per hundred
15
15. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
shrinkage
Markdown %
Margin %
$252
16. Inside numbers in a ratio.
Means
types of capital
378 63
FOB destination
17. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
stock turn
Means
increase=debit
Subtracting Fractions
18. IRR=1 + [(NPV1/NPV1-NPV2)(2-1)]% Where: 1=one interest rate 2=the other NPV1=the NPV at rate 1 NPV2=the NPV at rate 2 (NPV = Net Present Value)
Markup
Unit pricing
Internal Rate of Return
To increase a number by a given percentage - e.g. increase 16 by 25%
19. Another name for the P & L statement mainly used by managers planning sales or accountants formulating analyses
income statement
OTB (retail)
Liquidity of Assets
physical inventory
20. Two equivalent ratios joined by an equal sign.
.7
loss
Simple interest formula
Proportion
21. To take advantage of the 6% cash discount - a retailer made a $2 -000 partial payment during the discount period. How much was the retailer credited for the $2 -000 partial payment?
types of liabilities
increase=credit
per hundred
$2 -127.66
22. $ Cost/ (100%-markup%)
$ Retail
income statement
25
types of expenses
23. The point at which you stop losing money.
Break Even Point
Liquidity
Internal Rate of Return
25
24. An electronics store is having a 40 percent off sale. Robert has been saving to purchase a stereo system that was originally priced at $420. If Robert purchases the system during the sale - what will be the cost?
Current Assets
$252
36%
income statement
25. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
To increase a number by a given percentage - e.g. increase 16 by 25%
types of liabilities
Unit pricing
36%
26. cash + receivables/ current liabilities.
$ Retail
Discounting Formula
.7
Quick Ratio
27. Net Sales for period/ Avg Stock for period
Current Assets
increase=credit
15
Turnover
28. $ Cost x (100 + Mark-up %) / 100
physical inventory
$ Retail
Unit pricing
41%
29. The average car payment is $_ per month for _ months.
378 63
$252
Of what number 16 is a 25% increase
Effective annual rate of interest formula
30. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
overages
increase=debit
cost of goods sold formula (COGS)
31. Convert 80% to a fraction
80/100
profit and loss statement
per hundred
20%
32. 1. develop a vision statement for the company - 2. scan the internal and external environments - 3. determine issues critical to the company - 4. select the problem to be solved - 5. determine the specific strategy to achieve the solution - 6. identi
steps in strategic planning
25%
Inventory Turnover Rate
operating expenses
33. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
improper
Dividing Fractions
4%
physical inventory
34. Total Net Sales / Total Number of Transactions
Sales per Transaction
16-18
$2 -127.66
41%
35. Net Sales / Average Retail Value of Inventory
shortage
Inventory Turnover Rate
Markdown %
types of liabilities
36. ($ Retail x 100 / COST) - 100
profit and loss statement
Break Even Point Formula
Mark Up %
$2 -127.66
37. Formula: GM = NS - COG; GM$ = NS$ X GM%
Extremes
gross margin
20%
Adding Fractions
38. Direct labor - factory overhead - merchandise inventory - packaging - raw material
$6 -655.50
profit
costs of goods sold
improper
39. Overage$ = book$ - physical count$; overage% = overage$/NS$
Discounting Formula
profit
overages
loss
40. Loss of items due to damaged goods - stealing - etc.
percent decrease
$6 -655.50
When Dividing With Exponents
shrinkage
41. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
Average Collection Turnover
costs of goods sold
types of expenses
increase=credit
42. Original retail price - Lower retail price
$ Markdown
Simple interest formula
net sales
.65
43. The wholesale cost of an item (cost of goods - or COG)
OTB (retail)
$ Retail
Cost
Markdown %
44. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
378 63
COD
improper
36%
45. Actual retail sales; the retail price at which one tiem is sold is combined with the retail prices of all the items that are sold to become the net sales amount.
net sales
per hundred
125%
Liquidity
46. The wholesale cost of goods plus the markup
2.5% per month
Retail
.65
$6 -655.50
47. Convert 1.25 to a percent
125%
gross sales
Gross margin %
Quick Ratio
48. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
$ Markdown
COD
gross sales
overbought
49. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
overbought
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
netprice with a 25/10/10 series discount
gross sales
50. After 4 years - $5 -000 will grow to how much if it earns 10% interest?
$6 -655.50
Extremes
Stock to Sales Ratio
25%