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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. Wholesale cost
$2 -127.66
36%
cost of goods
Markdown %
2. BOM $ Stock/ Sales for period
Adding Fractions
Multiplying Fractions
Stock to Sales Ratio
physical inventory
3. A/b + c/b = (a+c)/b
gross sales
Turnover
Adding Fractions
underbought
4. 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
Quick Ratio
book value
EOM (in terms of invoice)
5. Formula: GM = NS - COG; GM$ = NS$ X GM%
shortage
gross margin
60
Simple interest formula
6. Convert 20 to a percent
profit and loss statement
Average Daily Sales
book value
20%
7. You should never take out more than a _ year mortgage.
underbought
income statement
When Dividing With Exponents
15
8. Convert 41/100 to a percent
41%
Liquidity
90.9%
50/100
9. cash + receivables/ current liabilities.
Quick Ratio
gross sales
loss
types of expenses
10. 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
Discounting Formula
ROG
Of what number 16 is a 25% increase
11. Planned Sales + Planned Markdowns + Planned EOM - Planned BOM
stock turn
OTB (retail)
36%
90.9%
12. Amount decrease (Original - New) / Original amount = decimal= convert to %
percent decrease
netprice with a 25/10/10 series discount
.7
Discounting Formula
13. He availability of your money is called _.
overbought
underbought
50/100
Liquidity
14. What happens when your expenses - etc. are higher than your sales
.56
ROG
loss
36%
15. 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
With cash discounts and calculating net price - when to add freight
Average Collection Turnover
3%
profit and loss statement
16. Original retail price - Lower retail price
Break Even Point Formula
To increase a number by a given percentage - e.g. increase 16 by 25%
$ Markdown
Break Even Point
17. Convert 70/100 to a percent
Sell Thru %
70%
income statement
25%
18. A plane flies 980 miles in 1 2/3 hours. How many miles does the plane average per hour
588 mph
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?
36%
19. 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
when multiplying numbers that contain decimals:
shrinkage
Cost
20. What does percent mean?
per hundred
Extremes
$ Cost
60
21. Gross Margin/ Average Inventory Cost
4%
GMROI
Sales per Transaction
378 63
22. 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)
Internal Rate of Return
FOB destination
Simple interest formula
Means
23. Turning assets into cash.
Of what number 16 is a 25% increase
types of incomes
Gross margin %
Liquidity of Assets
24. 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
Extremes
The sum of a Geometric Progression
15
25. 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
To increase a number by a given percentage - e.g. increase 16 by 25%
60
cost of goods
transportation
26. total fixed costs/ selling price-variable cost
percent decrease
Liquidity
Break Even Point Formula
.7
27. Another way of counting part of a whole?
14/100
Internal Rate of Return
Current Ratio
percent
28. $ retail x (100%-markup)
$ Cost
$2 -127.66
$ Markdown
2.5% per month
29. 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)
Cost
stock turn
percent decrease
Adding Fractions
30. Convert 50% to a fraction
gross sales
16-18
Gross margin dollars
50/100
31. % of 90 days same as cash convert to payments.
types of assets
Gross Margin Return On Inventory Investment (GMROII)
Proportion
78
32. A/b
Gross Margin Return On Inventory Investment (GMROII)
$6 -655.50
Dividing Fractions
to determine equivalent single discount rate for 25/10/10 series discount
33. What happens when your sales are higher than your expenses - etc.
profit
percent
$2 -127.66
operating expenses
34. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
1.304
Extremes
types of liabilities
Effective annual rate of interest formula
35. Loss of items due to damaged goods - stealing - etc.
Compound interest formula with changing rates
378 63
shrinkage
Unit pricing
36. ($ Retail x 100 / COST) - 100
Quick Ratio
Margin %
Inventory Turnover Rate
Mark Up %
37. S=X(1+r1)^y(1+r
Compound interest formula with changing rates
$ Retail
Gross margin dollars
78
38. 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?
net sales
DOI
Margin %
$2 -127.66
39. Overage$ = book$ - physical count$; overage% = overage$/NS$
14/100
60
ROG
overages
40. Convert 65% to a decimal
.65
types of liabilities
1.304
378 63
41. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
$ Cost
Stock to Sales Ratio
$ COST
shortage
42. Net Sales / Average Retail Value of Inventory
16-18
Liquidity of Assets
percent decrease
Inventory Turnover Rate
43. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
Margin %
$252
Gross margin %
Gross Margin Return On Inventory Investment (GMROII)
44. $ Cost/ (100%-markup%)
Quick Ratio
overages
$ Retail
Internal Rate of Return
45. Multiply the number by 1-the decrease proportion - e.g. 16(1-0.25) = 160.75 = 12 - 12 is a 25% decrease of 16
increase=credit
25
To decrease a number by a given percentage - e.g. decrease 16 by 25%
70%
46. Sales - cost of goods sold
net sales
Gross margin dollars
operating expenses
Current Ratio
47. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
$ Cost
book value
Simple interest formula
Extremes
48. Inside numbers in a ratio.
types of incomes
profit
Means
Break Even Point Formula
49. Outside numbers in a ratio.
The sum of a Geometric Progression
Extremes
ROG
Of what number 16 is a 25% increase
50. $ Cost x (100 + Mark-up %) / 100
25
overbought
profit and loss statement
$ Retail