Comparing Quantities Test

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Comparing Quantities Test - 20

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Weekly Quiz Competition

Question 1
1 / -0

By selling $$8$$ dozen pencils, a shopkeeper gains the selling price of $$1$$ dozen pencils. What is the gain?

A
$$12\dfrac {1}{2}\%$$

B
$$13\dfrac {1}{7}\%$$

C
$$14\dfrac {2}{7}\%$$

D
$$87\dfrac {1}{2}\%$$

Solution

We know that S.P. $$=$$ C.P. $$+$$ Gain
$$\Rightarrow $$ S.P. of $$8$$ dozen $$=$$ C.P. of $$8$$ dozen $$+$$ S.P. of $$1$$ dozen
$$\Rightarrow$$ S.P. of $$7$$ dozen $$=$$ C.P. of $$8$$ dozen
$$\Rightarrow$$ By selling $$7$$ dozen, he gain $$1$$ dozen
Therefore, gain $$\%$$ $$= \dfrac {1}{7}\times 100\%$$ $$= 14\dfrac {2}{7}\%$$
Question 2
1 / -0

Choose the corrrect relation between simple and compound interest.

A
$$C.I > S.I.$$

B
$$C.I < S.I.$$

C
$$C.I=SI$$

D
Can't say

Solution

In simple interest, the principal amount is $$P$$ in compound interest the principal amount is $$P+ I$$ (Interest of the previous year)
Since the principal amount in CI is more, $$\cfrac { PRT }{ 100 } $$ i.e., interest will be more in C.I
Hence, $$CI>SI$$.
Question 3
1 / -0

The selling price of goods which cost Rs.$$10$$ and were sold at a gain of $$10$$% is:

A
Rs. $$12$$

B
Rs. $$10$$

C
Rs. $$11$$

D
Rs. $$15$$

Solution

$$\Rightarrow$$ Cost price pf goods is Rs.$$10$$
$$\Rightarrow$$ Profit = $$10\%\,$$of Rs.$$10=$$Rs. $$1$$
$$\Rightarrow$$ Selling price of goods $$=$$ Cost price +profit
$$\Rightarrow$$ Selling price of good $$= $$Rs. $$10+$$Rs. $$1=$$Rs. $$11$$
Question 4
1 / -0

__________ is calculated on both the amount borrowed and any previous interest.

A
simple interest

B
annual interest

C
compound interest

D
complex interest

Solution

$$\text{Compound interest}$$ is calculated on both the amount borrowed and any previous interest.
Compound interest is the addition of interest to the principal sum of a loan or deposit, or in other words, interest on interest.
It is the result of reinvesting interest, rather than paying it out, so that interest in the next period is then earned on the principal sum plus previously accumulated interest. Compound interest is standard in finance and economics.
$$\Rightarrow$$ $$C.I.=A-P$$
Question 5
1 / -0

A shopkeeper sells some articles at the profit of $$25$$% on the original price. What is the exact amount of profit? To find the answer, which of the following information given in Statements I and II is/are necessary?
I. Sale price of the article
II. Number of articles sold

A
Only I is necessary

B
Only II is necessary

C
Either I or II is necessary

D
Both I and II are necessary

E
None of these

Solution

$$Gain = 25$$% of C.P.
In order to find gain, we must know the sale price of each article and the number of articles sold.
Correct answer is (D).
Question 6
1 / -0

A sum of Rs.$$12,000$$ is invested for $$3$$ years at $$18$$ % per annum compound interest. Calculate the interest for the second year.

A
$$2500$$

B
$$2525$$

C
$$2550$$

D
$$2575$$

Solution

Interest for first year = $$ \cfrac{12000 \times 1 \times 18}{100} = 2160$$
Amount after first year = $$ 12000+2160=14160$$
Interest for second year =$$ \cfrac{14160 \times 1 \times 18}{100} = 2550(approx)$$
Question 7
1 / -0

An example of property tax is:

A
Wealth tax

B
Income tax

C
Sales tax

D
Excise duty

Solution

Property tax is a tax levied directly on the property. Wealth tax comes under property tax
Question 8
1 / -0

Which interest is computed on the sum of an original principal and accrued interest?

A
Simple interest

B
Annual interest

C
Compound interest

D
Complex interest

Solution

$$\text{Compound interest}$$ is computed on sum of original principal and accrued interest.
Conversely, compound interest accrues on the principal amount and the accumulated interest of previous periods; it includes interest on interest, in other words.
It is calculated by multiplying the principal amount by the annual interest rate raised to the number of compound periods, and then minus the reduction in the principal for that year.
$$\Rightarrow$$ $$C.I.=P\left (1+\dfrac{R}{100}\right)^T-P$$
Question 9
1 / -0

A sum of Rs.$$12,000$$ is invested for $$3$$ years at $$18$$ % per annum compound interest. Calculate the interest for the third year.

A
$$2700$$

B
$$2800$$

C
$$2900$$

D
$$3000$$

Solution

Interest for the first year =$$ \cfrac{12000 \times 1 \times 18}{100} = 2160$$
Amount after first year = $$12000+2160 =14160$$
Interest for second year =$$ \cfrac{14160 \times 1 \times 18}{100} = 2550$$
Amount after second year = $$14160+2550 =16708.8$$
Interest for third year =$$ \cfrac{16708.8 \times 1 \times 18}{100} = 3000(approx)$$
Question 10
1 / -0

A sum of Rs.$$25,000$$ is invested for $$3$$ years at $$20$$ % per annum compound interest. Calculate the interest for the third year.

A
$$6000$$

B
$$7200$$

C
$$8400$$

D
$$5000$$

Solution

Interest for the first year =$$ \cfrac{25000 \times 1 \times 20}{100} = 5000$$
Amount after first year = $$25000+5000 =30000$$
Interest for second year =$$ \cfrac{30000 \times 1 \times 20}{100} = 6000$$
Amount after second year = $$30000+6000 =36000$$
Interest for third year =$$ \cfrac{36000 \times 1 \times 20}{100} = 7200(approx)$$

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Re-Attempt Weekly Quiz Competition

Comparing Quantities Test - 20

Result

Comparing Quantities Test - 20

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SHARING IS CARING

Question 1

$$12\dfrac {1}{2}\%$$

$$13\dfrac {1}{7}\%$$

$$14\dfrac {2}{7}\%$$

$$87\dfrac {1}{2}\%$$

Solution

Question 2

$$C.I > S.I.$$

$$C.I < S.I.$$

$$C.I=SI$$

Can't say

Solution

Question 3

Rs. $$12$$

Rs. $$10$$

Rs. $$11$$

Rs. $$15$$

Solution

Question 4

simple interest

annual interest

compound interest

complex interest

Solution

Question 5

Only I is necessary

Only II is necessary

Either I or II is necessary

Both I and II are necessary

None of these

Solution

Question 6

$$2500$$

$$2525$$

$$2550$$

$$2575$$

Solution

Question 7

Wealth tax

Income tax

Sales tax

Excise duty

Solution

Question 8

Simple interest

Annual interest

Compound interest

Complex interest

Solution

Question 9

$$2700$$

$$2800$$

$$2900$$

$$3000$$

Solution

Question 10

$$6000$$

$$7200$$

$$8400$$

$$5000$$

Solution

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