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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. Convert 70/100 to a percent
Mark Up %
70%
Multiplying Fractions
Sell Thru %
2. A/b
when multiplying numbers that contain decimals:
improper
Multiplying Fractions
steps in strategic planning
3. % of 90 days same as cash convert to payments.
types of expenses
% increase or decrease
improper
78
4. 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...
Markdown %
operating expenses
Average Daily Sales
OTB (retail)
5. Convert 65% to a decimal
4%
.65
Extremes
types of incomes
6. The recommended house payment should be no more than _% of your monthly take-home pay.
Quick Ratio
25
% increase or decrease
percent
7. If freight is to be paid by the seller - the shipping terms are...
COD
$6 -655.50
78
FOB destination
8. ($ Retail x 100 / COST) - 100
Mark Up %
types of expenses
physical inventory
percent decrease
9. 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
Current Ratio
25
Markup
steps in strategic planning
10. What does percent mean?
Average Collection Turnover
125%
per hundred
15
11. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
With cash discounts and calculating net price - when to add freight
percent
physical inventory
Discounting Formula
12. The wholesale cost of an item (cost of goods - or COG)
The sum of a Geometric Progression
Cost
profit
gross margin
13. Direct labor - factory overhead - merchandise inventory - packaging - raw material
costs of goods sold
EOM (in terms of invoice)
$6 -655.50
$ Retail
14. 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
EOM (in terms of invoice)
Proportion
To decrease a number by a given percentage - e.g. decrease 16 by 25%
3%
15. 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)
EOM (in terms of invoice)
$6 -655.50
Simple interest formula
$252
16. Convert 14% to a fraction
$ Markdown
cost of goods
15
14/100
17. Convert .4 to a percent
profit and loss statement
types of incomes
Turnover
4%
18. After all discounts have been applied to find net amount due. $100 -25% less trade discount -4% cash discount # + $20 freight!
To increase a number by a given percentage - e.g. increase 16 by 25%
1.304
With cash discounts and calculating net price - when to add freight
Break Even Point Formula
19. $ RETAIL X (100 - GM %) / 100
$ COST
Adding Fractions
25
cost of goods sold formula (COGS)
20. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
When Dividing With Exponents
Gross margin dollars
increase=debit
book value
21. S=X(1+r1)^y(1+r
78
Sell Thru %
Compound interest formula with changing rates
Simple interest formula
22. Divide the result by 1-the decrease proportion - eg) X=16/(1-0.25)=21.33 - 16 is a 25% decrease of 21.33
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
.65
increase=debit
Break Even Point
23. Convert 41/100 to a percent
78
41%
Cost
types of assets
24. A^m/a^n = a^(m-n)
shrinkage
improper
When Dividing With Exponents
78
25. A fraction in which the denominator is equal to or less than the numerator is a(an) ______________ fraction.
improper
70%
cost of goods sold formula (COGS)
15
26. When refunds or retail price reductions are given to customers - these activities reduce the value of this (also known as initial sales). formula: GS = NS + RED; GS$ = NS$ X GS%
gross sales
netprice with a 25/10/10 series discount
overages
25%
27. 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
profit and loss statement
types of liabilities
physical inventory
cost of goods
28. 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%
cost of goods
to determine equivalent single discount rate for 25/10/10 series discount
FOB destination
Current Assets
29. Net Sales for period/ Avg Stock for period
transportation
Turnover
physical inventory
Average Daily Sales
30. Assets - cost of goods sold - expenses
$ Cost
increase=debit
Compound interest formula with changing rates
overages
31. Alignment of the decimals is not important
percent
.7
41%
when multiplying numbers that contain decimals:
32. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
90.9%
% increase or decrease
Markdown %
underbought
33. Net Sales / Average Retail Value of Inventory
installment loan
Extremes
types of liabilities
Inventory Turnover Rate
34. Convert 1/4 to a percent
increase=debit
.7
25%
FOB destination
35. (1+R)=(1+r)^n Where: R=the effective annual rate r=the period rate n=the number of periods
percent
FOB destination
Average Daily Sales
Effective annual rate of interest formula
36. A form of closed-end credit used for purchasing durable goods such as cars
installment loan
Sell Thru %
increase=credit
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
37. Another way of counting part of a whole?
transportation
20%
percent
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
38. A/b - c/b = a-c/b
installment loan
Subtracting Fractions
Liquidity
62%
39. Convert .36 to a percent
$2 -127.66
Markdown %
36%
Mark Up %
40. The cost of moving from the vendor's warehouse (loading dock) to the retail warehouse or store (loading dock) - may also include insurance to cover the merchandise while in transit
Internal Rate of Return
stock turn
.7
transportation
41. A measure of the number of days needed to collect accounts receivable.
Average Collection Turnover
improper
profit and loss statement
gross margin
42. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
EOM (in terms of invoice)
Gross Margin Return On Inventory Investment (GMROII)
OTB (retail)
43. accounts receivable/ average daily sales
to determine equivalent single discount rate for 25/10/10 series discount
Average Collection Turnover
OTB (retail)
15
44. 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
50/100
types of expenses
Markdown %
To decrease a number by a given percentage - e.g. decrease 16 by 25%
45. Convert 20 to a percent
Break Even Point
20%
increase=debit
Discounting Formula
46. Start with list price - List price: $6400 x 25% - x 10% - x10% % - Taken one after another(subtract)
netprice with a 25/10/10 series discount
80/100
16-18
percent
47. A team won 16 games and lost 9 games. What percent of games did the team lose?
90.9%
36%
overages
types of capital
48. 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)
Break Even Point
income statement
Compound interest formula with changing rates
Internal Rate of Return
49. Turning assets into cash.
70%
Liquidity of Assets
types of incomes
shortage
50. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
increase=credit
when multiplying numbers that contain decimals:
Margin %
types of assets