Business Mathematics

Online MCQs about Business Mathematics, Linear equations, inequality, linear and quadratic functions, Cost, revenue, and profit functions, exponential functions, Interest, compound interest, annuity

Basic Mathematics Quiz 2

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MCQs about Basic Mathematics Quiz (Business and Applied Mathematics) for the preparation of Exams related to CA, CIMA, ICMAP, and MBA. MCQs cover many Business-related fields (such as Business Administration, Commerce, and chartered accountancy-related Institutes) in which the subject of Business Mathematics is taught. There are 20 multiple-choice questions about Basic MAthematics Quiz. Let us start with the Basic Mathematics Quiz.

This quiz covers topics related to Business and Applied mathematics such as selling price, revenue, cost, profit, retail price, marked price, rates, ratio, and basic arithmetics, etc.

1. A deduction that is offered on the MP or the list price of items by the seller to the purchaser is called

 
 
 
 

2. Sara and Ali earned a profit of $500,000 from a business and their ratio of investment was 5:8, respectively. The profit of each should be

 
 
 
 

3. If the selling price is the selling price, the cost price is the cost price, we get a loss when

 
 
 
 

4. The annual income of a person is £530,000 and the exempted amount is £280,000. The income tax payable at the rate of 0.75% would be

 
 
 
 

5. During the sale, a shop offers a discount of 8% on the marked price. If the marked price is $5500, then the purchase price of an oven should be

 
 
 
 

6. If the sales price is 672 and the profit is 5%, then the cost price should be

 
 
 
 

7. (Profit  ⁄ Cost Price) $\times$ 100 is equal to

 
 
 
 

8. If the selling price of an item is greater than its cost price, then we earn

 
 
 
 

9. (Cost price – Loss) is equal to

 
 
 
 

10. (Cost Price – Selling Price ) is equal to

 
 
 
 

11. The price at which a particular item is purchased by a shopkeeper is known as

 
 
 
 

12. If the capital of partners is invested for the same length of time, the partnership is said to be
none of the above

 
 
 
 

13. (Loss⁄Cost Price) $\times$ 100 is equal to

 
 
 
 

14. (Profit + cost) price is equal to

 
 
 
 

15. (Selling Price – Cost Price) is called

 
 
 
 

16. A trader sold a television for $1500. The price should he sell to get a profit of 20% is

 
 
 
 

17. A phone was purchased for £4000 and sold for £4800. The profit percentage should be

 
 
 
 

18. (Discount  ⁄  MP) $\times$ 100 is equal to

 
 
 
 

19. The marked price of a fan is £850, it is sold for £800. The percentage discount allowed is

 
 
 
 

20. Marked price – sales price is equal to

 
 
 
 

Basic Mathematics Quiz

  • Sara and Ali earned a profit of $500,000 from a business and their ratio of investment was 5:8, respectively. The profit of each should be
  • (Cost Price – Selling Price ) is equal to
  • (Selling Price – Cost Price) is called
  • During the sale, a shop offers a discount of 8% on the marked price. If the marked price is $5500, then the purchase price of an oven should be
  • The price at which a particular item is purchased by a shopkeeper is known as
  • If the sales price is 672 and the profit is 5%, then the cost price should be
  • A trader sold a television for $1500. The price should he sell to get a profit of 20% is
  • If the selling price is the selling price, the cost price is the cost price, we get a loss when
  • A deduction that is offered on the MP or the list price of items by the seller to the purchaser is called
  • A phone was purchased for £4000 and sold for £4800. The profit percentage should be
  • Marked price – sales price is equal to
  • (Profit  ⁄ Cost Price) $\times$ 100 is equal to
  • If the capital of partners is invested for the same length of time, the partnership is said to be none of the above
  • (Cost price – Loss) is equal to
  • The marked price of a fan is £850, it is sold for £800. The percentage discount allowed is
  • (Discount  ⁄  MP) $\times$ 100 is equal to
  • (Loss⁄Cost Price) $\times$ 100 is equal to
  • If the selling price of an item is greater than its cost price, then we earn
  • (Profit + cost) price is equal to
  • The annual income of a person is £530,000 and the exempted amount is £280,000. The income tax payable at the rate of 0.75% would be
Basic Mathematics Quiz

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What is Rounding off?

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Introduction to Rounding Off

The concept and term “rounding off” is the process of simplifying a number by bringing the number closer to the next number and keeping its value.

In most of the everyday situations, we do not need to use highly sensitive measuring devices (instruments). the accuracy of our measurement depends on the purpose for which we use the information.

Rounding off Examples

Example: Suppose someone uses a compass as a guide in going from one end of the school to the other. It would not be a serious error if he/ she is 1o of course. However, 1o of course on a journey to the moon will mean an error of 644000 km.

Besides the error arising from the use of different instruments/ devices, the person taking the measurement is another source of error. For example, in school/ college athletics meets, there are usually two or more time-keepers for the first placing of a (say) 100-meter race, and time-keepers may have slightly different times on their devices (such as sports watch). Therefore, all physical measurements such as mass, length, time, volume, and area can never be accurate. The accuracy depends on the degree of the measuring device (instrument) and the person recording (taking) the measurement. Both of them can never be accurate.

Rules for Rounding off Numbers

Rule 1: Determine what your rounding digit is and look at the digit to the right of it. If the number is 1, 2, 3, or 4, simply drop all digits to the right of the rounding digit. For example,

5.432 may be rounded off to 5.42 nearest to the hundredth place.
5.432 may be rounded off to 5.4 nearest to the tenth place.
5.432 may be rounded off to 5 nearest to the unit’s place.

Rule 2: Determine what your rounding digit is and look at the digit to the right of it. If the number is 5, 6, 7, 8, or 9 add one to the rounding digit and drop all digits to the right of the rounding digits. For example,

3.786 may be rounded off to 3.79 nearest to the hundredth place.
3.786 may be rounded off to 3.8 nearest to the tenth place.
3.876 may be rounded off to 3.9 nearest to the unit place.

Rules for Rounding Off Numbers

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