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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. Units Sold/ (Units Sold + On Hand Inventory)
underbought
Sell Thru %
62%
profit and loss statement
2. Capital stock - owner's equity (owner's funds invested in the business)
Average Collection Turnover
types of capital
profit and loss statement
Of what number 16 is a 25% increase
3. A/b
Multiplying Fractions
GMROI
14/100
To increase a number by a given percentage - e.g. increase 16 by 25%
4. Convert 70% to a decimal
Sell Thru %
.7
4%
Internal Rate of Return
5. 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
4%
With cash discounts and calculating net price - when to add freight
Average Collection Turnover
profit and loss statement
6. 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?
The sum of a Geometric Progression
$252
GMROI
$ Markdown
7. cash + receivables/ current liabilities.
15
Sales per Transaction
FOB destination
Quick Ratio
8. Gross Margin/ Average Inventory Cost
4%
70%
GMROI
With cash discounts and calculating net price - when to add freight
9. Gross margin dollars/Net sales dollars (multiply by 100 to express as percentage) or (Selling price - cost) x 100 / Selling price
operating expenses
80/100
stock turn
Gross margin %
10. $ RETAIL X (100 - GM %) / 100
When Dividing With Exponents
$ COST
steps in strategic planning
.56
11. Accounts receivable - buildings - cash - copyrights - equiptment - furniture and fixtures - land - tomor vehicles
types of assets
With cash discounts and calculating net price - when to add freight
1.304
Mark Up %
12. 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)
shortage
Internal Rate of Return
.7
Sales per Transaction
13. Cash on delivery; this dating is used when the vendor does not know the retailer or the retailer does not have a strong line of credit
increase=credit
Quick Ratio
ROG
COD
14. When sales plans are underestimated and the stock purchases result in a low inventory
Of what number 16 is a 25% increase
Quick Ratio
3%
underbought
15. 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.
2.5% per month
Multiplying Fractions
transportation
net sales
16. Accounts payable - bonds - notes payable (bank loans) - provisions for pensions
profit
Average Daily Sales
20%
types of liabilities
17. Aka - the terminal value of an investment to which equal annual amounts will be added S=[A(R^n -1)]/R-1 Where: S=the terminal value A=the first term R=the common ratio n=the number of terms
The sum of a Geometric Progression
ROG
78
Average Daily Sales
18. What is the product of 3.26 and 0.4?
25
$ Retail
1.304
overages
19. Date of invoice - the cash discount terms will have no dating within the discount statement; ex: 4/10 - n/30
41%
50/100
DOI
Average Daily Sales
20. Two equivalent ratios joined by an equal sign.
Discounting Formula
Proportion
cost of goods sold formula (COGS)
income statement
21. $ Markdown/ $ Net Sales (multiply result by 100 to express as percentage)
125%
Markdown %
Means
Average Collection Turnover
22. Alignment of the decimals is not important
OTB (retail)
transportation
Simple interest formula
when multiplying numbers that contain decimals:
23. Original retail price - Lower retail price
16-18
installment loan
14/100
$ Markdown
24. A count of every item on the floor - in stock rooms - warehouse - etc. to determine whether shortages or overages are occuring
Mark Up %
$ COST
Inventory Turnover Rate
physical inventory
25. ($ Retail x 100 / COST) - 100
increase=credit
Mark Up %
shortage
The sum of a Geometric Progression
26. 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
Quick Ratio
To find the number from which a percentage has been deducted to achieve it - e.g. of what number is 16 a 25% decrease?
14/100
types of expenses
27. Convert .4 to a percent
4%
DOI
% increase or decrease
Stock to Sales Ratio
28. $ Cost/ (100%-markup%)
$ Retail
When Dividing With Exponents
gross margin
$ Markdown
29. The difference between the retail price and the cost of goods sold; it includes operating expenses - retail reductions - and profit
25%
$252
Markup
types of assets
30. You should never take out more than a _ year mortgage.
types of capital
book value
15
OTB (retail)
31. Convert 1.25 to a percent
.7
Discounting Formula
When Dividing With Exponents
125%
32. Total Net Sales / Total Number of Transactions
78
Sales per Transaction
$ Retail
operating expenses
33. A/b - c/b = a-c/b
Subtracting Fractions
percent decrease
Break Even Point
With cash discounts and calculating net price - when to add freight
34. S=X(1+r1)^y(1+r
Simple interest formula
Compound interest formula with changing rates
To increase a number by a given percentage - e.g. increase 16 by 25%
$252
35. Shortage$ = book$ - physical count$; shortage% = shortage$/NS$
shortage
$ Retail
physical inventory
increase=credit
36. What happens when your sales are higher than your expenses - etc.
steps in strategic planning
Discounting Formula
profit
FOB destination
37. The average person will have _ jobs in their lifetime.
16-18
per hundred
Means
percent
38. Overage$ = book$ - physical count$; overage% = overage$/NS$
overages
Average Collection Turnover
$ Retail
EOM (in terms of invoice)
39. current assets/ current liabilities
Cost
Current Ratio
$ COST
increase=credit
40. $ retail x (100%-markup)
Means
Liquidity of Assets
$ Cost
gross sales
41. 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?
2.5% per month
25
.56
$ Markdown
42. 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...
Effective annual rate of interest formula
Stock to Sales Ratio
income statement
operating expenses
43. Loss of items due to damaged goods - stealing - etc.
Discounting Formula
FOB destination
shrinkage
Average Collection Turnover
44. Convert 41/100 to a percent
Retail
Average Collection Turnover
Unit pricing
41%
45. The recommended house payment should be no more than _% of your monthly take-home pay.
profit and loss statement
cost of goods sold formula (COGS)
25
$2 -127.66
46. Convert 56% to a decimal
Liquidity
.56
percent
The sum of a Geometric Progression
47. Convert 20 to a percent
improper
Mark Up %
profit
20%
48. Assets - cost of goods sold - expenses
$ Cost
increase=debit
Effective annual rate of interest formula
Markup
49. The value of the inventory as kept in the handwritten ledgers or computer system; formula: book$ = merchandise available$ - NS$ - (MD$ + ED$)
25%
book value
To decrease a number by a given percentage - e.g. decrease 16 by 25%
steps in strategic planning
50. 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?
GMROI
Unit pricing
steps in strategic planning