1. Which term represents an increase in a value?
Answer:
Explanation:
Markup refers to the amount added to the cost price to determine the selling price.
2. If a shirt costs $120 after a 20% discount, what was its original price?
Answer:
Explanation:
Let the original price be x. 80% of x = $120. So, x = $150.
3. If an item is sold for $80 at a loss of 20%, what was its cost price?
Answer:
Explanation:
80% of the cost price is $80. So, the cost price is $100.
4. What is the equivalent fraction for 25%?
Answer:
Explanation:
25% is 25/100, which simplifies to 1/4.
5. If the selling price is less than the cost price, there is a:
Answer:
Explanation:
If the selling price is less than the cost price, the seller incurs a loss.
6. A shop offers a discount of 10% on a toy. If the toy costs $45 after the discount, what was its marked price?
Answer:
Explanation:
$45 is 90% of the marked price. Hence, the marked price is $50.
7. Compound interest is calculated on:
Answer:
Explanation:
Compound interest is calculated on the initial principal, which also includes accumulated interest from previous periods.
8. Which is the formula for calculating simple interest?
Answer:
Explanation:
Simple Interest = (Principal x Rate x Time)/100.
9. The ratio of two numbers is 3:4. If one of the numbers is 36, what is the other number?
Answer:
Explanation:
Let the other number be x. The ratio is 36/x = 3/4. Solving, x = 48.
10. If the cost price of 10 pens is equal to the selling price of 8 pens, the gain percentage is:
Answer:
Explanation:
For every 8 pens sold, 2 pens are pure profit. So, the profit is (2/8)*100% = 25%.
11. What is the price after a 20% increase followed by a 10% decrease?
Answer:
Explanation:
Multiplier for 20% increase is 1.20 and for 10% decrease is 0.90. Combined multiplier = 1.20 x 0.90 = 1.08, which is an 8% increase.
12. If 15% is equivalent to $75, what is 100% equivalent to?
Answer:
Explanation:
(100/15) x 75 = $500.
13. If an article is sold at a loss of 5%, then the ratio of cost price to selling price is:
Answer:
Explanation:
If loss is 5%, then SP = 95% of CP = 95/100 of CP. The ratio becomes 100:95 or 20:19.
14. Which of the following can never be the probability of an event?
Answer:
Explanation:
Probability of an event always lies between 0 and 1, inclusive.
15. The rate of sales tax is usually a:
Answer:
Explanation:
Sales tax is calculated as a percentage of the selling price.
16. An item is marked at $120 and sold at $108. What is the discount percentage?
Answer:
Explanation:
Discount = 120 – 108 = $12. Discount percentage = (12/120) x 100% = 10%.
17. If the simple interest on a certain amount for 2 years is $40 and the compound interest is $41, what is the rate of interest?
Answer:
Explanation:
Difference in CI and SI for 2 years = $1. This difference is due to the interest on the first year's interest, i.e., $1 is 5% of $20.
18. A number increased by 20% becomes 60. The original number is:
Answer:
Explanation:
Let the number be x. 1.20x = 60. Solving, x = 50.
19. A shopkeeper gives two successive discounts of 10% and 20%. If an item is marked at $100, what is the selling price?
Answer:
Explanation:
After the first discount, price = 0.90 x $100 = $90. After the second discount, price = 0.80 x $90 = $72.
20. If the selling price of 5 items is the same as the cost price of 7 items, the loss percentage is:
Answer:
Explanation:
Loss = CP of 7 items – SP of 5 items = Cost of 2 items. Loss % = (2/7)*100% = 28.57%.