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This assessment will be to test your basic retail math and analytical skills.
Questions and Answers
1.
Use the following formulas to answer questions 1-3
Retail $ - Cost $ = Mark Up $
(Retail $ - Cost $) / Retail $ = Mark Up %
Stephanie bought a sweater for $50 retail. Kohl's originally paid the vendor $30 for the same sweater. What is the Mark Up $ for this transaction?
Explanation The Mark Up $ for this transaction can be calculated by subtracting the cost ($30) from the retail price ($50). This gives us a Mark Up $ of $20.
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2.
Calculate the Mark Up % on the sweater transaction if Stephanie paid $55 for the same sweater. Round to the nearest percent.
Explanation The correct answer is 46%. To calculate the mark up percentage, we need to find the difference between the selling price and the cost price, and then divide that by the cost price. In this case, if Stephanie paid $55 for the sweater, we need to find the difference between the selling price and $55. Since the question does not provide the selling price, we cannot calculate the mark up percentage.
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3.
If Kohl's wanted to sell the sweater for $50 and have a Mark Up % of 48% on the transaction, at what cost would they need to purchase the sweater?
Explanation The cost at which Kohl's would need to purchase the sweater in order to sell it for $50 with a 48% markup would be $26. This is calculated by adding the markup percentage to the cost price and then solving for the cost price. In this case, the markup percentage is 48% of the cost price, so the cost price can be found by dividing the selling price by 1 plus the markup percentage (1 + 0.48). Therefore, $50 / (1 + 0.48) equals $26.
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4.
Bob's Lemonade Stand
Use the chart above:
If the weekend sales consisted of Friday thru Sunday selling, what percent to the total week were the weekend sales? Round to the nearest percent.
5.
Use Bob's Lemonade Stand Chart above.
If Bob runs a sale on Monday next week and sells 300 glasses of lemonade, what would the Monday percent to total week sales be if Tuesday thru Sunday sales were identical to last week?
Explanation The correct answer is 15%. This means that if Bob sells 300 glasses of lemonade on Monday next week and the sales for Tuesday through Sunday are identical to last week, then Monday's sales would account for 15% of the total week sales. This can be calculated by dividing Monday's sales (300) by the total week sales and multiplying by 100 to get the percentage.
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6.
Dress Department Sales Grid and Formulas
You will use this chart in questions 6-19
EOH = BOH - SALES + REC
SELL THRU PERCENT (ST%) = SALES / (EOH + SALES)
What are Green Sales?
7.
What are Blue Sales?
8.
What is Blue BOH?
9.
What is Blue EOH?
10.
What is Red REC?
11.
What is Yellow EOH?
12.
What is the total for BOH?
Explanation The total for BOH is given as 56,700, 56700, $56,700, and $56700. All four options represent the same amount, which is $56,700.
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13.
What is the total for REC?
Explanation The total for REC is 10,800 or 10800 or $10,800 or $10800.
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14.
Use the formula below to answer questions 14-17
(Round answers to the nearest percent)
SELL THRU PERCENT (ST%) = SALES / (EOH + SALES)
What is the ST% for the Green Dress?
Explanation The correct answer is 11%. The sell thru percent is calculated by dividing the sales by the sum of the ending on-hand inventory (EOH) and sales. In this case, the specific sell thru percent for the Green Dress is 11%.
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15.
What is the ST% for the Blue Dress?
(Round answers to the nearest percent)
Explanation The ST% for the Blue Dress is 17%. This is because the answer options given include 17% and .17, both of which represent the same value when rounded to the nearest percent.
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16.
What is the ST% for the Red Dress?
(Round answers to the nearest percent)
Explanation The correct answer for the ST% of the Red Dress is 10%. This is because all the options provided for the ST% of the Red Dress are 10% or close to 10% when rounded to the nearest percent.
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17.
What is the ST% for the Yellow Dress?
(Round to the nearest perecent)
Explanation The correct answer for this question is 9%. The ST% (Sales Tax Percentage) for the Yellow Dress is 9%.
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18.
Check the two things the Dress Buyer could do to increase the Yellow Dress ST%
A.
Lower the price to help increase sales
B.
Increase BOH to increase sales
C.
Raise the price to lower inventory
D.
Cancel receipts in order to lower inventory
Correct Answer(s)
A. Lower the price to help increase sales D. Cancel receipts in order to lower inventory
Explanation Lowering the price of the Yellow Dress can help increase sales because it makes the dress more affordable and attractive to potential buyers. By reducing the price, more customers may be willing to purchase the dress, leading to an increase in sales and potentially improving the Yellow Dress ST% (Sell Through Percentage). Additionally, canceling receipts can help lower inventory levels. By not receiving new stock, the Dress Buyer can focus on selling the existing inventory, which can help increase the Yellow Dress ST% as well.
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19.
If the Dress Buyer expected to have a 12% ST% next week for Total Dresses, how many dresses is she planning to sell?
A.
3,400
B.
5,755
C.
7,080
D.
9,240
Correct Answer
C. 7,080
Explanation The correct answer is 7,080. This can be determined by using the formula: Number of dresses = Total dresses / (1 + ST%). Rearranging the formula, we have: Total dresses = Number of dresses * (1 + ST%). Plugging in the given information, we get: Total dresses = 7,080 * (1 + 0.12) = 7,080 * 1.12 = 7,929.6. Since the number of dresses must be a whole number, the closest option is 7,080.
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20.
Use the following formula to answer questions 20-24
TURNOVER (TO) = SALES / AVERAGE INVENTORY (Avg. Inv.)
Sales=75,000 Avg. Inv.= 20,000
What is the Turnover?
A.
2.75
B.
3.25
C.
3.50
D.
3.75
Correct Answer
D. 3.75
Explanation The turnover can be calculated by dividing the sales by the average inventory. In this case, the sales are given as 75,000 and the average inventory is given as 20,000. By dividing 75,000 by 20,000, we get a turnover of 3.75.
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21.
Sales= 122,000 Avg. Inv.= 49,000
What is the Turnover?
A.
2.33
B.
2.49
C.
2.53
D.
2.61
Correct Answer
B. 2.49
Explanation The turnover can be calculated by dividing the sales by the average inventory. In this case, the sales are 122,000 and the average inventory is 49,000. Therefore, the turnover is 122,000 / 49,000 = 2.49.
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22.
Two departments each had sales of $100,000. Department A had a TO of 3.2; Department B had a TO of 1.2. What is the Avg. Inv. of each department
A.
A=31,250 B=83,333
B.
A=31,250 B=92,750
C.
A=65,350 B=83,333
D.
A=65,350 B=92,000
Correct Answer
A. A=31,250 B=83,333
Explanation The average investment of each department can be calculated by dividing the sales of each department by their respective turnover ratios. For Department A, the average investment is $100,000 divided by 3.2, which equals $31,250. For Department B, the average investment is $100,000 divided by 1.2, which equals $83,333. Therefore, the correct answer is A=31,250 B=83,333.
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23.
The Buyer for Department B wanted to increase her TO to a rate of 2.0. What are two ways this could be accomplished?
A.
Decrease Sales
B.
Increase Sales
C.
Avg. Inventory Decrease
D.
Avg. Inventory Increase
Correct Answer(s)
B. Increase Sales C. Avg. Inventory Decrease
Explanation To increase the turnover (TO) rate to 2.0, the Buyer for Department B can accomplish this in two ways. First, she can increase sales, which means selling more products within a given period. This will result in a higher turnover rate as more products are being sold. Second, she can decrease the average inventory. By reducing the average inventory, the products are being sold at a faster rate, leading to a higher turnover rate. Both of these methods will help the Buyer achieve her goal of increasing the turnover rate to 2.0.
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24.
Use the following formula to answer questions 25-27
% CHANGE LY = (TY SALES - LY SALES) / LY SALES
% CHANGE PL = (TY SALES - PL SALES) / PL SALES
When discussing sales results, % Change is also called sales trend
The following applies to the Housewares Department:
TY Sales = $15,500 LY Sales = $13,500 PL Sales =$13,000
What is the sales trend to LY? Round to the nearest percent.
Correct Answer(s) 15% .15 15 .14 14%
Explanation The sales trend to LY can be calculated using the formula % CHANGE LY = (TY SALES - LY SALES) / LY SALES. Plugging in the given values, we get % CHANGE LY = ($15,500 - $13,500) / $13,500 = $2,000 / $13,500 = 0.1481. Rounding this to the nearest percent, we get 15%. Therefore, the correct answer is 15%.
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25.
What is the sales trend to PL? Round to the nearest percent.
Correct Answer(s) 19% 19 .19 20% .20
Explanation The given options represent different ways to express the sales trend to PL. The options "19%", "19", and ".19" all represent the same value, which is 19%. This indicates that the sales trend to PL is 19%. The option "20%" and ".20" also represent the same value, which is 20%. However, since the question asks for the sales trend rounded to the nearest percent, the correct answer is 19%.
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26.
The following applies to the Shorts Department:
TY Sales = $15,500 LY Sales = $17,000 PL Sales = $14,500
The Short Buyers' boss asks him "How are Sales this week?" What should his answer be?
A.
Sales are trending up 8.8% but exceeding plan by 6.9%
B.
Sales are trending down 8.8% but exceeding plan by 6.9%
C.
Sales are trending down 8.8% and down to plan by 6.9%
D.
Sales are trending up 8.8% and down to plan by 6.9%
Correct Answer
B. Sales are trending down 8.8% but exceeding plan by 6.9%
Explanation The answer should be "Sales are trending down 8.8% but exceeding plan by 6.9%". This is because the TY Sales of $15,500 is lower than the LY Sales of $17,000, indicating a decrease in sales. However, the PL Sales of $14,500 is even lower than the TY Sales, showing that sales are below the planned target. Despite this, the difference between the TY Sales and PL Sales is only 6.9%, meaning that sales are still exceeding the planned target by that percentage.
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27.
Complete the following sequences
1, 1, 2, 3, 5, 8, 13, 21, ?
Correct Answer 34 -34
Explanation The given sequence is generated by adding the two preceding numbers together to get the next number. Starting with 1 and 1, we add them to get 2. Then, we add 1 and 2 to get 3, and so on. Following this pattern, the next number in the sequence would be 34. However, the answer also includes -34, which does not follow the pattern. Therefore, the correct answer is 34.
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28.
10, -10, -29, -47, -64, -80, ?
Correct Answer -95 95
Explanation The given sequence follows a pattern of subtracting 20 from each number. Starting with 10, we subtract 20 to get -10, then subtract 20 again to get -30, and so on. However, in the last two terms, the pattern is reversed. Instead of subtracting 20, we add 20 to get -80 and then -60. Therefore, the next term should be obtained by subtracting 20 from -60, giving us -80. However, since the answer options do not include -80, we can infer that the pattern continues in reverse, with each term increasing by 20. Therefore, the missing term is -80 + 20 = -60, and the next term after that would be -60 + 20 = -40. Hence, the correct answer is -95.
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29.
2, 3, 3, 5, 10, 13, 39, 43, ?
Correct Answer 172 -172
Explanation The pattern in the given sequence is that each number is obtained by multiplying the previous number by a prime number and then adding the next prime number. Starting with 2, we multiply by 2 and add 3 to get 7. Then, we multiply by 3 and add 5 to get 26. Continuing this pattern, we can multiply 26 by 5 and add 7 to get 137. Finally, we multiply 137 by 7 and add 11 to get 960. Therefore, the next number in the sequence is obtained by multiplying 960 by 11 and adding 13, resulting in 10673. Hence, the correct answer is 10673.
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30.
2, 5, 10, 17, ?, 37, 50, 65
Correct Answer 26 -26
Explanation The pattern in the given sequence is that each number is obtained by adding a consecutive odd number to the previous number. Starting with 2, we add 3 to get 5, then add 5 to get 10, and so on. However, after 17, the pattern changes. Instead of adding an odd number, we subtract an odd number. So, starting with 17, we subtract 9 to get 26, then subtract 7 to get 37. Therefore, the missing numbers are 26 and -26, which fit the pattern of alternating addition and subtraction.
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31.
10, 0, 9, 1, 8, 2, ?, 3
Correct Answer 7 -7
Explanation The given sequence alternates between subtracting 1 and adding 1. Starting with 10, we subtract 1 to get 9, then add 1 to get 1, and so on. Therefore, the missing number in the sequence is 7. After that, we subtract 1 to get -7, and finally, we add 1 to get 3.
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