IDIS 240 VESTAL PRACTICE EXAM 2026/2027
QUESTIONS AND SOLUTIONS RATED A+
✔✔UOM - ✔✔Unit of Measure
✔✔Selling Price - ✔✔= COGS + Margin
Or = COGS + Markup
✔✔Percent Markup - ✔✔= (Selling Price - COGS/COGS)*100%
✔✔Percent Gross Margin - ✔✔= (Selling Price - COGS/Selling Price)*100%
✔✔Selling Price with Known Percent Markup or Percent Gross Margin - ✔✔Selling
Price = COGS*(100% + Percent Markup)
Selling Price = COGS/(100% - Percent Gross Margin)
✔✔Converting PMU to PGM - ✔✔Percent Markup = (Percent Gross Margin/ 100% -
Percent Gross Margin)*100
Percent Gross Margin = (Percent Markup/ 100% + Percent Markup)*100
✔✔Passing on Discount and Reductions - ✔✔Be careful not to pass on all of the
discount and reductions
✔✔Cash Discounts - ✔✔2%/10th prox net 30th
2%/10 net 30
✔✔Value of Discounts - ✔✔(Discount%/(100%-Discount%))*(365 Days/(Total Days -
Discount Days))
✔✔Notes About Discounts - ✔✔Dangers of Passing through the cash discount
Extending Dating
2%/90 net 120
Good Credit
Slow moving inventory
New Items
Seasonal Items sold out of Season
, ✔✔You've Decided to Start a business - ✔✔Thing you need:
People
Location
Equipment
Working capital (inventory, receivables, cash)
Where are you going to get it?
Bank
Private investors
Suppliers
✔✔Interest - ✔✔Fee charged for the use of money over a period of time
✔✔Simple Interest Formula - ✔✔I = P * R * T
✔✔Optimal shareholder wealth - ✔✔(Revenue - expenses)/ assets
✔✔Guest Lectures - ✔✔Jake Rawlings - CED
Chase Bilinovich - Johnson Controls
John Fockey - Powell Industries
Cole Knuth and Dustin Withall - Summit Electric
✔✔MRO - ✔✔Managing Repairing Operations
✔✔RFID - ✔✔Radio Frequency Identification Tags
✔✔3PLs - ✔✔3rd Party Logistics
✔✔OEM - ✔✔Original Equipment Manufacturer
✔✔How Does a Manufacturer Make a Market - ✔✔End user and specifier calls
Advertising in magazines, trade journals, internet, trade shows, etc.
Printed or electronic catalogs
Provide technical information and training
Protect the channel (design wins)
QUESTIONS AND SOLUTIONS RATED A+
✔✔UOM - ✔✔Unit of Measure
✔✔Selling Price - ✔✔= COGS + Margin
Or = COGS + Markup
✔✔Percent Markup - ✔✔= (Selling Price - COGS/COGS)*100%
✔✔Percent Gross Margin - ✔✔= (Selling Price - COGS/Selling Price)*100%
✔✔Selling Price with Known Percent Markup or Percent Gross Margin - ✔✔Selling
Price = COGS*(100% + Percent Markup)
Selling Price = COGS/(100% - Percent Gross Margin)
✔✔Converting PMU to PGM - ✔✔Percent Markup = (Percent Gross Margin/ 100% -
Percent Gross Margin)*100
Percent Gross Margin = (Percent Markup/ 100% + Percent Markup)*100
✔✔Passing on Discount and Reductions - ✔✔Be careful not to pass on all of the
discount and reductions
✔✔Cash Discounts - ✔✔2%/10th prox net 30th
2%/10 net 30
✔✔Value of Discounts - ✔✔(Discount%/(100%-Discount%))*(365 Days/(Total Days -
Discount Days))
✔✔Notes About Discounts - ✔✔Dangers of Passing through the cash discount
Extending Dating
2%/90 net 120
Good Credit
Slow moving inventory
New Items
Seasonal Items sold out of Season
, ✔✔You've Decided to Start a business - ✔✔Thing you need:
People
Location
Equipment
Working capital (inventory, receivables, cash)
Where are you going to get it?
Bank
Private investors
Suppliers
✔✔Interest - ✔✔Fee charged for the use of money over a period of time
✔✔Simple Interest Formula - ✔✔I = P * R * T
✔✔Optimal shareholder wealth - ✔✔(Revenue - expenses)/ assets
✔✔Guest Lectures - ✔✔Jake Rawlings - CED
Chase Bilinovich - Johnson Controls
John Fockey - Powell Industries
Cole Knuth and Dustin Withall - Summit Electric
✔✔MRO - ✔✔Managing Repairing Operations
✔✔RFID - ✔✔Radio Frequency Identification Tags
✔✔3PLs - ✔✔3rd Party Logistics
✔✔OEM - ✔✔Original Equipment Manufacturer
✔✔How Does a Manufacturer Make a Market - ✔✔End user and specifier calls
Advertising in magazines, trade journals, internet, trade shows, etc.
Printed or electronic catalogs
Provide technical information and training
Protect the channel (design wins)
