Business Mathematics & Statistics #3

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  • 1/27 Questions

    Which of the following is linear equation?  

    • 2x-3y=-6
    • X+x+x
    • 520x²y²
    • Y^2 -3=0
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About This Quiz

Engage with Business Mathematics & Statistics #3 to enhance your skills in financial calculations and statistical analysis. This quiz covers topics like gratuity calculations, percentage decrease, accumulated value, taxable income, and markdowns, providing practical insights for business professionals.

Business Mathematics & Statistics #3 - Quiz

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  • 2. 

    The Basic salary of an employee is Rs 7,000.  What is the contribution of the company on account of gratuity to the Gratuity Trust Fund?

    • Rs 636.36

    • Rs 6363.6

    • Rs 63.636

    • Rs 6363

    Correct Answer
    A. Rs 636.36
    Explanation
    The contribution of the company on account of gratuity to the Gratuity Trust Fund is Rs 636.36. This is calculated as 4.81% of the basic salary, which is Rs 7,000. Therefore, 4.81% of Rs 7,000 is Rs 336.70. However, since the contribution is made on a monthly basis, we need to divide this amount by 12 to get the monthly contribution. So, Rs 336.70 divided by 12 is equal to Rs 28.06. Finally, we multiply this monthly contribution by 22.72 to get the yearly contribution, which is Rs 28.06 multiplied by 22.72, equal to Rs 636.36.

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  • 3. 

     Discounts that are deducted one after the other from the list price are called ____ .

    • Series trade discount

    • Inconsequential trade discounts

    • Spontaneous trade discounts

    • Earned trade discounts

    Correct Answer
    A. Series trade discount
    Explanation
    Series trade discounts refer to the discounts that are applied one after the other from the list price. This means that multiple discounts are deducted sequentially to calculate the final price. In contrast, inconsequential trade discounts are small discounts that have little impact on the overall price. Spontaneous trade discounts are unplanned discounts offered on the spot, while earned trade discounts are discounts given based on a customer's loyalty or volume of purchases.

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  • 4. 

    Markup is an amount added to:

    • Get accumulated interest

    • A cost price while calculating a selling price.

    • The principal amount of the loan.

    • Accumulation factor.

    Correct Answer
    A. A cost price while calculating a selling price.
    Explanation
    Markup is an amount added to the cost price while calculating a selling price. This means that when determining the selling price of a product or service, the cost price is increased by a certain percentage or fixed amount. The markup is the additional amount that the seller includes to cover expenses, overheads, and to make a profit. By adding the markup to the cost price, the seller ensures that they can cover their costs and make a profit when selling the item.

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  • 5. 

     Suppose that you are spending 1500 dollars in an investment and Accumulated factor is 15 then Accumulated Value will be ........

    • 22550

    • 22500

    • 21000

    • 22510

    Correct Answer
    A. 22500
    Explanation
    The accumulated value can be calculated by multiplying the initial investment amount with the accumulated factor. In this case, the accumulated value would be 1500 * 15 = 22500.

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  • 6. 

    Given Net price of shirt = $20, Discount =  10%, List price will ....

    • $22

    • $24

    • $26

    • $30

    Correct Answer
    A. $22
    Explanation
    The list price will be $22 because the net price of the shirt is $20 and there is a 10% discount applied. To find the list price, we can use the formula: List price = Net price / (1 - Discount). Plugging in the values, we get: List price = $20 / (1 - 0.10) = $20 / 0.90 = $22.

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  • 7. 

    Find x if 3x + 7 – x = 17.       

    • 5

    • 4

    • 12

    • -5

    Correct Answer
    A. 5
    Explanation
    To find x, we need to solve the equation 3x + 7 - x = 17. Combining like terms, we get 2x + 7 = 17. Subtracting 7 from both sides, we have 2x = 10. Finally, dividing both sides by 2, we find x = 5.

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  • 8. 

     The sequence of payments at equal interval of time is called:

    • Annuity

    • Accumulated value

    • Discounted value

    • None of these

    Correct Answer
    A. Annuity
    Explanation
    An annuity refers to a sequence of payments made at equal intervals of time. It can be a series of payments made monthly, quarterly, annually, or at any other consistent interval. Annuities are commonly used in financial planning and investment strategies, such as retirement savings or insurance policies. The payments can be either fixed or variable, depending on the terms of the annuity contract. The concept of annuity helps individuals and businesses in managing their cash flow and planning for future financial needs.

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  • 9. 

     45% of what is 9?

    • 20

    • 40

    • 30

    • 10

    Correct Answer
    A. 20
    Explanation
    To find 45% of a number, we multiply the number by 0.45. In this case, we are looking for a number that, when multiplied by 0.45, equals 9. Dividing 9 by 0.45 gives us the number 20. Therefore, the answer is 20.

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  • 10. 

    To add numbers based on criteria stored in a separate range we use:

    • IF and SUM functions.

    • DSUM function.

    • AVERAGE function.

    • all functions in above given choices.

    Correct Answer
    A. DSUM function.
    Explanation
    The DSUM function is used to add numbers based on criteria stored in a separate range. It allows you to specify the criteria in the form of a database table and then sum up the values that meet the specified criteria. This function is specifically designed for working with databases and is commonly used in Excel to perform calculations on large sets of data.

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  • 11. 

    If the price of an English novel decreases from Rs 255.50 to Rs 230.25. What is the percentage decrease?

    • 8.9 %

    • 9.9 %

    • 10.9%

    • 11.9 %

    Correct Answer
    A. 9.9 %
    Explanation
    The percentage decrease can be calculated by finding the difference between the original price and the new price, dividing it by the original price, and then multiplying by 100. In this case, the difference is Rs 255.50 - Rs 230.25 = Rs 25.25. Dividing this by the original price Rs 255.50 gives 0.0989. Multiplying by 100 gives 9.89%. Rounding it to the nearest whole number, the percentage decrease is 9.9%.

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  • 12. 

    The point at which no profit is made and no losses are incurred is said to be:

    • Fixed Cost point

    • Contribution Margin

    • Break even point

    • Contribution Rate

    Correct Answer
    A. Break even point
    Explanation
    The break even point is the point at which a company's total revenue equals its total costs, resulting in no profit or loss. At this point, the company is able to cover all of its expenses, including fixed costs and variable costs, but does not generate any additional profit. It is an important metric for businesses as it helps determine the minimum level of sales or units that need to be sold in order to cover costs and start making a profit.

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  • 13. 

      Which statement is true?      

    • Social charges comprise the leaves, group insurance and medical.

    • Social charges comprise House rent and conveyance allowance.

    • Social charges comprise gratuity and provident funds.

    • Social charges comprise employee’s children’s education, club membership only.

    Correct Answer
    A. Social charges comprise the leaves, group insurance and medical.
  • 14. 

     Sale price is the selling price less the ________.

    • Markdown

    • Revenue

    • Cost

    • Profit

    Correct Answer
    A. Markdown
    Explanation
    The sale price is the price at which a product is sold to the customer. The markdown is the reduction in price from the original selling price. Therefore, the correct answer is "Markdown" because it represents the amount by which the selling price is reduced.

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  • 15. 

    To convert a number in percent (%) from a fraction, we do which of the following operation:

    • Add by 100

    • subtract by 100

    • Multiply by 100

    • Divide by 100

    Correct Answer
    A. Multiply by 100
    Explanation
    To convert a number in percent from a fraction, we multiply the fraction by 100. This is because percent is a way to express a fraction as a portion out of 100. Multiplying the fraction by 100 scales it up to be out of 100, effectively converting it into a percent.

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  • 16. 

    If  4/7of a tank can be filled in 2 minutes, how many minutes will it take to fill the whole tank?

    • 4/7 : 2 = 1 : X

    • X = 2 / (4/7)

    • X = 14 / 4

    • X = 3.5 Minutes

    Correct Answer
    A. X = 3.5 Minutes
    Explanation
    The given question states that 4/7 of a tank can be filled in 2 minutes. To find out how many minutes it will take to fill the whole tank, we can set up a proportion. Let X represent the number of minutes it will take to fill the whole tank. The proportion can be set up as 4/7 : 2 = 1 : X. To solve for X, we can cross multiply and divide. Cross multiplying gives us 4X = 7 * 2, which simplifies to 4X = 14. Dividing both sides by 4 gives us X = 14 / 4, which simplifies to X = 3.5 minutes. Therefore, it will take 3.5 minutes to fill the whole tank.

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  • 17. 

     To add numbers based on multiple conditions we use:

    • IF and SUM functions

    • DSUM function.

    • AVERAGE function.

    • All functions given in above choices .

    Correct Answer
    A. IF and SUM functions
    Explanation
    The IF and SUM functions are used to add numbers based on multiple conditions. The IF function allows us to specify a condition and return a value if the condition is true or false. The SUM function then adds up the values that meet the specified condition. By combining these two functions, we can add numbers based on multiple conditions.

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  • 18. 

       3x2 + 5x – 7 is ---------------   expression.       

    • Monomial

    • Binomial

    • Trinomial

    • Linear

    Correct Answer
    A. Binomial
    Explanation
    The given expression, 3x2 + 5x - 7, is a binomial. A binomial is an algebraic expression that consists of two terms connected by either addition or subtraction. In this case, the expression has two terms, 3x2 and 5x, connected by addition. Therefore, it is classified as a binomial.

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  • 19. 

      …….. Arithmetic operations provide the foundation for all mathematical operations are:

    • 4

    • 5

    • 3

    • 6

    Correct Answer
    A. 5
    Explanation
    Arithmetic operations such as addition, subtraction, multiplication, and division are fundamental operations in mathematics. These operations are used to perform calculations and solve mathematical problems. They provide the basis for more complex mathematical operations and concepts. Therefore, the correct answer is 5 because arithmetic operations are the foundation for all mathematical operations.

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  • 20. 

     If the basic salary of an employee is 8, 000 Rs. allowances are 6000 Rs. and total cost of leaves per year is equal to 28280 Rs. then the cost of leaves as percent of gross salary is......

    • 29.46%

    • 16.83%

    • 22.23%

    • 28.28%

    Correct Answer
    A. 16.83%
  • 21. 

     If for the next 8 years you save Rs. 20,000 per six months then how much will you have accumulated at the end of 8 years. Payments are to be made at the end of each annuity period, assume an interest of 8% compounded quarterly? Which function can give you correct answer of above question?

    • FV(0.08, 8, 20000, 0,0)

    • FV(0.08, 8, 20000, 0, 1)

    • FV(0.08/2, 8*4, 20000, 0, 0)

    • PV(0.08/2, 8*4, 20000, 0, 0)

    Correct Answer
    A. FV(0.08/2, 8*4, 20000, 0, 0)
    Explanation
    The correct answer is FV(0.08/2, 8*4, 20000, 0, 0). This function calculates the future value of an annuity given an interest rate of 8% compounded quarterly, a total of 8*4 = 32 periods, a payment of Rs. 20,000 made at the end of each period, and no initial investment or additional contributions. By using this function, we can determine the total amount accumulated at the end of 8 years.

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  • 22. 

     If the salary of an employee is as follows:             Basic salary = 12,000 Rs.                                                                  Allowances  =   9,000 Rs.           then the taxable income of employee is ------       

    • Rs. 12,000

    • Rs. 21,000

    • Rs. 15,000

    • Rs. 9000

    Correct Answer
    A. Rs. 15,000
    Explanation
    The taxable income of the employee is Rs. 15,000. This is because the basic salary of Rs. 12,000 and the allowances of Rs. 9,000 are added together to get a total income of Rs. 21,000. However, not all of this income is taxable. The basic salary is always fully taxable, but only a portion of the allowances are taxable. In this case, it is assumed that the entire amount of the allowances is taxable, so the taxable income is equal to the total income of Rs. 21,000 minus the non-taxable portion of the allowances, which is Rs. 6,000. Therefore, the taxable income is Rs. 15,000.

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  • 23. 

     A golf shop pays its wholesaler $40 for a certain club, and then sells it for $75. What is the markup rate?

    • %Markup on cost = Selling price – Cost price ×100% Cost price

    • %Markup on cost = {(75-40)/40} * 100

    • %Markup on cost = 87.5%

    Correct Answer
    A. %Markup on cost = 87.5%
    Explanation
    The markup rate for the golf club is 87.5%. This means that the shop is selling the club for 87.5% more than what they paid the wholesaler for it.

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  • 24. 

     John has 30 marbles, 18 of which are red and 12 of which are blue. Ani has 20 marbles, all of them either red or blue. If the ratio of the red marbles to the blue marbles is the same for both John and Ani, then John has how many more blue marbles than Ani?

    • MARBLES : RED : BLUE 30 : 18 : 12 20 : X? : Y?

    • RED MARBLES 30 : 20 = 18 : X 30 X = 20 x 18 X = (20 x 18)/30 = 12

    • BLUE MARBLES 30 : 20 = 12 : Y Y = (20 x 12)/30 = 8

    • Excess of John Blue marbles than Ani = 12 – 8 = 4

    Correct Answer
    A. Excess of John Blue marbles than Ani = 12 – 8 = 4
    Explanation
    John has 4 more blue marbles than Ani. This is determined by finding the ratio of red marbles to blue marbles for both John and Ani. By setting up a proportion using the given information, it is found that John has 12 blue marbles and Ani has 8 blue marbles. Therefore, John has 4 more blue marbles than Ani.

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  • 25. 

    Percentage of ratio of given number with standard number is...

    • 100

    • Same number

    • 1000

    • 10

    Correct Answer
    A. Same number
    Explanation
    The given answer "Same number" suggests that the percentage of the ratio of the given number with the standard number is equal to the given number itself. In other words, the ratio is 100%.

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  • 26. 

     If A= [a b c] is a matrix then in order to find AB, the number of columns B must have are ....... 

    • 3

    • 1

    • 2

    • Any non zero number

    Correct Answer
    A. 1
    Explanation
    In order to find the product of two matrices, the number of columns in the first matrix must be equal to the number of rows in the second matrix. Since matrix A has 3 columns, the number of columns in matrix B must be 3 in order to perform the multiplication. Therefore, the correct answer is 3.

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  • 27. 

    If cost is half of the selling price S of a goods item, what is the markup of the goods item?

    • S

    • S- ½ Cost

    • ½ Cost

    • ½ S

    Correct Answer
    A. S
    Explanation
    The markup of the goods item is equal to the selling price S. This is because the cost is given to be half of the selling price. Therefore, the markup, which is the amount added to the cost to determine the selling price, is equal to the selling price itself.

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  • Current Version
  • Nov 16, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 19, 2009
    Quiz Created by
    Dashing-khan

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