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Test answers for Business Mathematics Test 2016

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4 Answered Test Questions:

1. A car costs $9595 after 5% discount. What was its actual price?

Answers:

• $10100

• $10160

• $10120

• $10110

2. 20% of a person's salary goes into his account as savings. He spends 10% of the remaining amount on buying clothes. If he has $720 as cash left with him, what is his salary?

Answers:

• $500

• $1000

• $1500

• $2000

3. $1470 is divided among Adam, Brian and Chris. The share of Adam is two-thirds of the combined share of Brian and Chris. How much money does Adam get?

Answers:

• $388

• $588

• $488

• $288

4. A company lost 30% by selling its old furniture for $7000. How many percent would it have gained, had it sold it for $15000?

Answers:

• 50%

• 75%

• 60%

• 65%


53 NOT Answered Yet Test Questions:

(hold on, will be updated soon)
5. A company purchases an asset on April'05. The acquisition cost of the asset is $90000 and the expected life is 5 years. The residual value at the end of its useful life is $20000. Calculate the amount of depreciation for 2005, 2006, 2007 using the double declining balance depreciation method.

Answers:

• $28200, $27200, $17350

• $27500, $25000, $16210

• $26000, $25200, $16100

• $27000, $25200, $15120

6. The compound interest earned over 5 years on a certain sum of money is $1000 at an interest rate of 20% per annum. How much interest would have been earned if simple interest had been charged instead of compound interest?

Answers:

• $471.8

• $771.8

• $571.8

• $671.8

7. If the true discount on a bill is $150 and its present worth is $1500, what will be the banker's gain?

Answers:

• $15

• $20

• $25

• $10

8. George and Michael start a business by investing $15000 and $20000 respectively. Michael leaves the business after 5 months but does not take back his invested amount while leaving. Samuel joins the same business after 5 months by investing $10000. There is a profit of $4000 at the end of the year. What is Samuel's share in the profit?

Answers:

• $848.48

• $858.48

• $868.48

• $878.48

9. George, Michael and Samuel give $40000 to Peter to start a business. George gives $5000 more than Michael and Michael gives $4000 more than Samuel. Out of a total profit of $10000 from the business, how much does Michael receive?

Answers:

• 3150 $

• 4500 $

• 3250 $

• 4100 $

10. Find the selling price of an article when the cost price is $50 and the gain is 20%?

Answers:

• $50

• $60

• $70

• $80

11. Calculate the composite depreciation rate from the following table:

Answers:

• 15%

• 25%

• 35%

• 45%

12. Calculate the simple interest on a sum of $5000 at an interest rate of 20% per annum for a period of 1 year.

Answers:

• $2000

• $1000

• $1500

• $500

13. A banker's discount on $2000 at 10% is equal to a true discount on $3000. If the time and the rate are the same, calculate the time.

Answers:

• 3 years

• 2 years

• 6 years

• 5 years

14. The true discount for an amount of $3100, due 6 months hence is $100. Calculate the rate percent of interest.

Answers:

• 30%

• 25%

• 20%

• 35%

15. The table consists of the daily sales made individually by 8 salesmen of a company for one week. Calculate the standard deviation of the sales made.

Answers:

• 0.71

• 0.51

• 0.61

• 0.73

16. A shopkeeper sells 10 sweets for $1 and achieves a gain of 30%. How many sweets did he buy for $1?

Answers:

• 14

• 15

• 13

• 12

17. If Peter's salary is 50% more than Michael's, by what percent is Michael's salary less than Peter's?

Answers:

• 30.3%

• 33.3%

• 32.4%

• 31.4%

18. If the tax on wooden items is decreased by 30% and the sale increases by 10%, what effect will it have on the company's revenue?

Answers:

• It will decrease by 21%

• It will increase by 23%

• It will decrease by 23%

• It will increase by 21%

19. If the tax on wooden items is decreased by 30% and the sales increase by 10%, what effect will it have on the company's revenue?

Answers:

• It will decrease by 21%

• It will increase by 23%

• It will decrease by 23%

• It will increase by 21%

20. George, Michael and Samuel together give $40,000 to Peter to start a business. George gives $5,000 more than Michael gives, and Michael gives $4,000 more than Samuel gives. Out of a total profit of $10,000 from the business, how much does Michael receive?

Answers:

• $3,150

• $4,500

• $3,250

• $4,100

21. The Equated Monthly Installment (EMI) for a certain sum of money is $212.47. Calculate the loan amount if the rate of interest is 10% for a period of five years.

Answers:

• $5,000

• $10,000

• $15,000

• $20,000

22. From the venn diagram, calculate the percentage of items common to stationery and promotional items.

Answers:

• 6%

• 14%

• 5%

• 11%

• 3%

23. Adam starts a business with an amount of $2000. After a few months, Brian joins Adam by investing $3000. If the profit is equally divided at the end of the year, after how much time had Brian joined the business?

Answers:

• 5 months

• 4 months

• 3 months

• 6 months

24. Which out the following scatter diagrams is likely to represent a complex relationship between two variables?

Answers:

• A

• B

• C

• D

25. In an office comprising 200 people, 25% people are between the age of 20-25 years, 35% between the age of 25-30 years, 30% between the age of 30-35 years and 10% above the age of 35 years. Calculate the total number of people working in the office between the age of 20-30 years.

Answers:

• 135

• 120

• 165

• 100

26. Brian takes a loan of $20000 from a bank for a period of 2 years. If his EMI is $904.5, calculate the annual rate of interest at which he took the loan.

Answers:

• 6%

• 7%

• 8%

• 9%

27. Calculate the median from the following table:

Answers:

• 90

• 75

• 29

• 56

28. Which method of computing depreciation determines that the depreciation of an asset is more when it is new and decreases as the asset becomes old?

Answers:

• The depleting method

• The descending method

• The declining method

• The discarding method

29. The table consists of the incentives achieved by the employees in an organization. Calculate the mode.

Answers:

• 90

• 81

• 30

• 94

30. What happens to the purchasing power of money when the prices rise?

Answers:

• It increases.

• It decreases.

• It remains the same.

• It either rises or falls depending upon government expenditure.

31. The EMI for a certain sum of money is $212.47. Calculate the loan amount if the rate of interest is 10% for a period of 5 years.

Answers:

• $5000

• $10000

• $15000

• $20000

32. Calculate the compound interest earned over a period of 6 months on $30000 at an interest rate of 20% per annum. The interest is compounded quarterly.

Answers:

• $3075.50

• $3207.50

• $3107.50

• $3007.50

33. The true discount on a bill due 5 months hence at a discount of 10% per annum is $2000. Calculate the amount of the bill.

Answers:

• $40000

• $45000

• $55000

• $50000

34. How much will be the gain if the cost price of an article is $9 and its selling price is $11?

Answers:

• $1

• $4

• $3

• $2

35. The value of a machine is $10000. What will be its worth after 2 years if the value depreciates at 15% per annum?

Answers:

• $4225

• $5225

• $6225

• $7225

36. There are 3 salesmen in the sales team of a company. Adam achieved a sale of $500. The ratio of Adam and Brian's sale is 1:2. The ratio of Brian's sale to that of Chris is also 1:2. How much did Chris contribute to the sale?

Answers:

• $500

• $1000

• $2000

• $3000

37. Adam, Brian and Charlie start a business by investing $1400. Together Adam and Brian are supposed to do three seventh of the work in the business. What was Charlie's share at the start of the business?

Answers:

• $700

• $800

• $900

• $1000

38. The ratio of the price of a car and a motorcycle is 5:4. If the car costs $5000 more than the motorcycle, what is the price of the motorcycle?

Answers:

• $20000

• $22000

• $21000

• $21500

39. Those assets which are used for more than one year are __________ assets.

Answers:

• sizable

• permanent

• durable

• capital

40. If there is a 20% decrease in the demand for a product due to an increase of 20% in the price, the demand is:

Answers:

• elastic.

• unit elastic.

• inelastic.

• perfectly elastic.

41. The following is a group of problems occurring in an office which has been analyzed by the office in-charge. If the in-charge does the pareto analysis, what is the percentage of problems which need to be solved on an urgent basis?

Answers:

• 45%

• 50%

• 60%

• 75%

42. The simple interest on a true discount of $100 for 3 years at a particular rate is $200. Calculate the sum.

Answers:

• $100

• $200

• $300

• $400

43. Depreciation expense is:

Answers:

• original cost - accumulated depreciation.

• original cost - salvage value.

• depreciable cost / total units of production.

• depreciation per unit / units produced during the year.

44. A man sold his television for $160 and he suffered a loss of 20%. At what price should he have sold the television to have earned a gain of 20%?

Answers:

• $140

• $160

• $240

• $260

45. Adam and Brian start a business by investing $50000 and $100000 respectively. They decide that they will divide the profit proportionate to their investment. If there is a profit of $18000, what is Brian's share?

Answers:

• $10000

• $11000

• $12000

• $14000

46. The present worth of a bill due 4 years hence at 8% discount for $10000 is $7575.8. Calculate the true discount?

Answers:

• $2424.2

• $2445.53

• $2434.44

• $2334.37

47. Mr. Smith and Mr. Peter are business partners. They agree to divide the annual profits in the ratio 5:6. If Mr. Peter's share is $30,000, what is the total amount to be shared between the two partners?

Answers:

• $55000

• $25000

• $70000

• $65000

• $35000

48. From the table, calculate the percentage of increase in business meetings during the month of June as compared to the meetings in February.

Answers:

• 50%

• 100%

• 150%

• 200%

49. In which out of the following depreciation techniques does the company generate revenue and also estimate the asset value?

Answers:

• Straight line method

• Declining balance method

• Activity depreciation method

• Units of production depreciation method

50. How much will be the percentage of loss on an article if the cost price is $10 and the selling price is $8?

Answers:

• 20%

• 30%

• 25%

• 35%

51. At the end of season sale, a company decided to hike the price of an automobile by 20%. By what percentage should the company decrease the new price in order to restore the original price?

Answers:

• 12.6%

• 19.6%

• 14.6%

• 16.6%

52. A piece of equipment, which was calculated to have 3 years of life, was purchased by a company in March 2005 for $80000. After 3 years, the residual value shall be $20000. Calculate the depreciation expenses for 2005, 2006 and 2007 using the straight line depreciation method.

Answers:

• $20000, $20000, $20000

• $16666.6, $25000, $27000

• $20000, $16666.6, $20000

• $16666.6, $16666.6, $20000

53. The cost of making a table is divided between materials, workers and transporters in the ratio of 5:6:1. If the cost of the table is $312, what will be the material cost of the table?

Answers:

• $100

• $110

• $120

• $130

54. Find out the missing number in the following:
9/5 : 7/4 : : 3/5 : ______

Answers:

• 18/16

• 28/48

• 34/55

• 66/35

55. Calculate the compound interest compounded half yearly for 1 year on $10000 at an interest rate of 6% per annum.

Answers:

• $509

• $590

• $609

• $690

56. Andy takes a loan of $10000 from a bank for a period of 3 years at 10% annual rate of interest. Calculate his EMI(Equated Monthly Installment).

Answers:

• $323

• $423

• $223

• $523

57. Adam and Brian start a business. Twice the investment made by Adam is equal to thrice the investment of Brian. Calculate Brian's share if there is a profit of $2500 in the business.

Answers:

• $2000

• $1000

• $2500

• $1500