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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/b
Multiplying Fractions
Mark Up %
types of capital
378 63
2. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
50/100
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
Discounting Formula
Current Ratio
3. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
.65
Adding Fractions
With cash discounts and calculating net price - when to add freight
Current Ratio
4. Convert .62 to a percent
transportation
62%
per hundred
gross margin
5. When sales plans are underestimated and the stock purchases result in a low inventory
gross sales
Margin %
25%
underbought
6. GMROII = GM% x (Sales / Average Value of Inventory)
Adding Fractions
Gross Margin Return On Inventory Investment (GMROII)
Sell Thru %
Dividing Fractions
7. End of month; dating starts with the end of the month and the invoice is to be paid within the specified number of days after the end of the month in which goods are invoiced; ex: 8/10 EOM - n/90
2.5% per month
80/100
to determine equivalent single discount rate for 25/10/10 series discount
EOM (in terms of invoice)
8. $ RETAIL X (100 - GM %) / 100
increase=debit
$ COST
costs of goods sold
Simple interest formula
9. Two equivalent ratios joined by an equal sign.
$ Retail
25
increase=debit
Proportion
10. Amount decrease (Original - New) / Original amount = decimal= convert to %
% increase or decrease
50/100
percent decrease
$ Retail
11. Formula: GM = NS - COG; GM$ = NS$ X GM%
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
.65
gross margin
90.9%
12. Wholesale cost
Current Ratio
cost of goods
62%
shrinkage
13. total annual sales/365
Compound interest formula with changing rates
improper
Simple interest formula
Average Daily Sales
14. Convert .36 to a percent
types of liabilities
62%
36%
cost of goods
15. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
book value
Gross Margin Return On Inventory Investment (GMROII)
$ Retail
Multiplying Fractions
16. The wholesale cost of goods plus the markup
Retail
netprice with a 25/10/10 series discount
Quick Ratio
15
17. The average person will have _ jobs in their lifetime.
Margin %
Cost
16-18
installment loan
18. 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
Break Even Point Formula
costs of goods sold
Gross margin dollars
profit and loss statement
19. Capital stock - owner's equity (owner's funds invested in the business)
types of capital
The sum of a Geometric Progression
costs of goods sold
.65
20. cost of an item expressed per unit of measure or count.
1.304
Liquidity of Assets
Unit pricing
$252
21. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
gross margin
steps in strategic planning
netprice with a 25/10/10 series discount
78
22. A form of closed-end credit used for purchasing durable goods such as cars
$6 -655.50
Retail
2.5% per month
installment loan
23. $ Cost x (100 + Mark-up %) / 100
$ Retail
80/100
25
increase=debit
24. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
physical inventory
With cash discounts and calculating net price - when to add freight
profit
$ Retail
25. Convert 70% to a decimal
Markdown %
.7
OTB (retail)
Break Even Point
26. ($ Retail x 100 / COST) - 100
to determine equivalent single discount rate for 25/10/10 series discount
.7
Mark Up %
steps in strategic planning
27. Original retail price - Lower retail price
14/100
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Markdown
gross margin
28. Convert .4 to a percent
improper
Liquidity of Assets
4%
62%
29. Convert 1/4 to a percent
25%
Average Collection Turnover
cost of goods sold formula (COGS)
EOM (in terms of invoice)
30. The average car payment is $_ per month for _ months.
book value
Multiplying Fractions
378 63
Average Daily Sales
31. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
increase=credit
Stock to Sales Ratio
Compound interest formula with changing rates
shortage
32. He availability of your money is called _.
Liquidity
$252
60
netprice with a 25/10/10 series discount
33. 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?
378 63
percent
Current Ratio
$252
34. Advertising - bad debt expense - conributions and donations - depreciation - educational expense - insurance - interest expense - licenses - office supplies - postage - rent - repairs - salaries and wages - supplies - taxes - travel and transportatio
shrinkage
types of expenses
Extremes
stock turn
35. Gross Margin/ Average Inventory Cost
Quick Ratio
78
GMROI
DOI
36. Convert 3 to a percent
Dividing Fractions
4%
3%
DOI
37. Receipt of goods; the cash discount period and net period begin with the date of receipt of goods; ex: 8/10 ROG - n/30
ROG
DOI
62%
Margin %
38. A value or an expression of how fast merchandise moves through the store; also called turn. formula: turn - NS$ / Average Stock$ (average stock$ = BOM$ + EOM$)/(#BOM + 1)
Markup
15
stock turn
41%
39. accounts receivable/ average daily sales
Quick Ratio
transportation
Average Collection Turnover
Compound interest formula with changing rates
40. The sum of the cost of doing business - except the cost of goods; they include such items as sales persons' salaries - bags - paper and pencils - and cleaning of carpets...
Quick Ratio
when multiplying numbers that contain decimals:
profit and loss statement
operating expenses
41. Alignment of the decimals is not important
To decrease a number by a given percentage - e.g. decrease 16 by 25%
types of capital
when multiplying numbers that contain decimals:
types of liabilities
42. Multiply the number by 1+the increase proportion - e.g. 16(1+0.25) = 161.25 = 20 - 20 is a 25% increase over 16
Average Collection Turnover
36%
To increase a number by a given percentage - e.g. increase 16 by 25%
DOI
43. Commissions - fees for service - merchandise sales - rental income - royalties
types of incomes
Current Assets
costs of goods sold
Current Ratio
44. Beginning inventory + Purchases - Ending inventory
steps in strategic planning
cost of goods sold formula (COGS)
ROG
Gross margin %
45. What does percent mean?
per hundred
Liquidity
gross sales
$252
46. Rose borrowed money to buy a ring priced at $420. When she repaid the loan at the end of 3 months - the interest charge was $31.50. What was the rate of interest?
steps in strategic planning
2.5% per month
$6 -655.50
Sell Thru %
47. S=X+nrX Where: X=the original sum invested r=the interest rate (as a proportion - e.g. 0.05=5%) n=the number of periods S=the sum invested after n periods (capital + interest) - e.g. invest $1000 @ 10% simple interest for 5 years = 1000+(50.101000)
Simple interest formula
gross margin
20%
Markup
48. When slaes plans are overestimated and the stock purchases result in a stockpiled inventory
To increase a number by a given percentage - e.g. increase 16 by 25%
netprice with a 25/10/10 series discount
overbought
Stock to Sales Ratio
49. Turning assets into cash.
Liquidity of Assets
costs of goods sold
loss
With cash discounts and calculating net price - when to add freight
50. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
loss
gross sales
FOB destination
types of assets