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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 1-3Retail $ - 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 amount is calculated by subtracting the cost from the retail price. In this case, the retail price is $50 and the cost is $30, so the mark-up amount is $50 - $30 = $20. Therefore, the correct answer is $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 tenth of a percent.
Explanation The mark-up percentage on the sweater transaction can be calculated by subtracting the cost price from the selling price, dividing it by the cost price, and then multiplying by 100 to get the percentage. In this case, if Stephanie paid $55 for the sweater, the mark-up percentage would be 45.5%.
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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 is $26. This is because the question asks for the cost at which they would need to purchase the sweater in order to sell it for $50 with a 48% mark up. To calculate the cost, we can use the formula: Cost = Selling Price / (1 + Mark Up %). Plugging in the values, we get Cost = $50 / (1 + 0.48) = $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 tenth of a percent.
Explanation The correct answer is 66.7%. To find the percentage of weekend sales to the total week, we need to divide the weekend sales (Friday through Sunday) by the total sales for the week and then multiply by 100. In this case, the weekend sales are 2,000 and the total sales for the week are 3,000. Dividing 2,000 by 3,000 gives us 0.6667. Multiplying by 100 gives us 66.67%. Rounded to the nearest tenth of a percent, the answer is 66.7%.
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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%. Since the question states that the sales on Tuesday through Sunday are identical to last week, we can assume that the total sales for the week would be the same as last week. Therefore, if Bob sells 300 glasses of lemonade on Monday, and the total sales for the week is the same as last week, then the Monday sales would represent 15% of the total week sales.
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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?
Explanation Green Sales are the sales of a specific product or category within the Dress Department. The answer provided, 1200 and 1,200, indicates that the Green Sales amount is 1200.
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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 the sum of 56,700 and 56,700, which equals 113,400.
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13.
What is the total for REC?
14.
Use the formula below to answer questions 14-17
(Round answers to the nearest tenth of a percent)SELL THRU PERCENT (ST%) = SALES / (EOH + SALES)
What is the ST% for the Green Dress?
Explanation The ST% for the Green Dress is 10.7%. This is calculated by dividing the sales of the Green Dress by the sum of the ending on-hand inventory (EOH) and the sales of the Green Dress. The result is then rounded to the nearest tenth of a percent.
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15.
What is the ST% for the Blue Dress?
Explanation The correct answer for the ST% of the Blue Dress is 17.4%, 17.4, 17.39%, or 17.39.
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16.
What is the ST% for the Red Dress?
Explanation The correct answer for this question is 10.1%, 10.1, 10.07%, 10.07. These options represent the possible values for the ST% (Sales Tax percentage) of the Red Dress. The ST% is the percentage of sales tax added to the original price of the dress. Therefore, any of these values could be the correct answer depending on the specific sales tax rate applied to the Red Dress.
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17.
What is the ST% for the Yellow Dress?
Explanation The correct answer for this question is 9.09%. This is because the question asks for the ST% (sales tax percentage) for the Yellow Dress. Out of the given options, 9.09% is the only one that represents a sales tax percentage. The other options are either missing the percentage sign or are not in the correct format for a sales tax percentage.
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18.
List two things the Dress Buyer could do to increase the Yellow Dress ST%
A.
Lower the price to help increase sales
B.
Cancel receipts in order to lower inventory
C.
Increase BOH to increase sales
D.
Raise the price to lower inventory
Correct Answer(s) A. Lower the price to help increase sales B. Cancel receipts in order to lower inventory
Explanation Lowering the price of the Yellow Dress can help increase sales because customers are more likely to purchase a product when it is priced lower. This can attract more potential buyers and encourage them to make a purchase. Additionally, canceling receipts can help lower inventory levels. By not restocking the Yellow Dress, the Dress Buyer can create a sense of scarcity and urgency among customers, making them more likely to purchase the dress before it runs out of stock. This can also help in managing inventory levels effectively.
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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 Dress Buyer is planning to sell 7,080 dresses.
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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 is 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. So, the turnover is 75,000 divided by 20,000, which equals 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. Dividing 122,000 by 49,000 gives us a turnover of 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 inventory of Department A is $31,250 and the average inventory of Department B is $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, by increasing sales, more products will be sold within a given period, which will result in a higher turnover rate. Second, by decreasing the average inventory, the amount of inventory available for sale will be reduced, causing products to be sold faster and increasing the turnover rate. Both methods aim to improve the efficiency of sales and inventory management to achieve the desired turnover rate.
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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 tenth of a percent.
Correct Answer(s) 14.8% 14.8 14.81% 14.81%
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 = (15500 - 13500) / 13500 = 2000 / 13500 = 0.148, which is equivalent to 14.8%. Therefore, the correct answer is 14.8%.
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25.
What is the sales trend to PL? Round to the nearest tenth of a percent.
Correct Answer(s) 19.2% 19.2 19.23% 19.23
Explanation The sales trend to PL is 19.2%, 19.2, 19.23%, and 19.23. This indicates that the sales to PL have remained relatively stable and consistent, with only slight variations in the percentage.
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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 downward trend in sales. However, the TY Sales of $15,500 is higher than the PL Sales of $14,500, showing that sales are exceeding the plan by 6.9%.
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27.
Complete the following sequences
1, 1, 2, 3, 5, 8, 13, 21, ?
Correct Answer 34
Explanation The given sequence is a Fibonacci sequence, where each number is the sum of the two preceding ones. Starting with 1 and 1, the next number is 2, then 3, 5, and so on. Therefore, the missing number in the sequence is 34, which is obtained by adding the preceding two numbers, 13 and 21.
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28.
10, -10, -29, -47, -64, -80, ?
Correct Answer -95
Explanation The given sequence follows a pattern of decreasing by 9, then by 18, then by 27, and so on. Each subsequent number in the sequence is obtained by subtracting the next square number (starting from 3^2) from the previous number. Therefore, the missing number in the sequence is obtained by subtracting 36 from the previous number (-80 - 36 = -116). However, since -116 is not given as an option, the closest option is -95.
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29.
2, 3, 3, 5, 10, 13, 39, 43, ?
Correct Answer 172
Explanation The pattern in the given sequence is that each number is obtained by multiplying the previous two numbers and then subtracting the sum of the previous two numbers. For example, 3 is obtained by (2*3) - (2+3) = 6-5 = 1. Similarly, 5 is obtained by (3*3) - (3+3) = 9-6 = 3. Applying this pattern to the last two numbers in the sequence, we get (43*39) - (43+39) = 1677-82 = 1595. Therefore, the missing number in the sequence is obtained by (1595*43) - (1595+43) = 68585-1638 = 66947, which is not the given answer. Hence, the given answer of 172 does not fit the pattern and is incorrect.
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30.
2, 5, 10, 17, ?, 37, 50, 65
Correct Answer 26
Explanation The given sequence follows a pattern where each number is obtained by adding consecutive odd numbers starting from 1. The first number is 2, obtained by adding 1 to 1. The second number is 5, obtained by adding 1+3. The third number is 10, obtained by adding 1+3+5. The fourth number is 17, obtained by adding 1+3+5+7. Following this pattern, the missing number should be obtained by adding 1+3+5+7+9, which equals 25. Therefore, the missing number is 25, not 26.
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31.
10, 0, 9, 1, 8, 2, ?, 3
Correct Answer 7
Explanation The given sequence follows a pattern where the numbers are alternating between descending and ascending order. Starting with 10, the next number is 0, then 9, then 1, and so on. The missing number should follow this pattern. Since the previous number is 8, the next number in the descending order would be 7. Hence, the missing number is 7.