Q1. A store sells a laptop for $800 after applying a discount of 20%. What was the marked price?
Solution:
Let the marked price be x. After a 20% discount, the selling price is 0.80x = $800. Therefore, x = $800 / 0.80 = $1000.
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Q2. Which of the following best describes the term 'joint venture' in the context of partnerships?
Solution:
A joint venture is a temporary partnership formed for a specific project or goal, distinct from a permanent partnership.
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Q3. If the average of a set of numbers is 50 and the set contains 8 numbers, what is the total of all the numbers in the set? (2023)
Solution:
Total = Average × Number of items = 50 × 8 = 400.
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Q4. A product is marked at $600 and sold at a loss of 10%. What is the selling price?
Solution:
Selling Price = Marked Price - Loss = 600 - (10% of 600) = 600 - 60 = $540.
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Q5. What is a key characteristic of a limited partnership?
Solution:
In a limited partnership, at least one partner has limited liability, while others may have unlimited liability.
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Q6. If a student answered 90% of the questions correctly in an exam and there were 200 questions in total, how many questions did the student answer incorrectly?
Solution:
The number of questions answered correctly is 90% of 200, which is 180. Therefore, the number of questions answered incorrectly is 200 - 180 = 20.
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Q7. A store offers a 25% discount on a jacket originally priced at $120. What is the final price after the discount?
Solution:
Discount = 25% of 120 = 30. Final Price = 120 - 30 = $90.
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Q8. A sum of money invested at compound interest becomes $8000 in 5 years. If the rate of interest is 10% per annum, what was the principal amount?
Solution:
Using A = P(1 + r)^n, we have 8000 = P(1 + 0.10)^5. Solving gives P ≈ $5000.
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Q9. In a mixture of two types of nuts, if the ratio of type A to type B is 2:3, what fraction of the mixture is type A?
Solution:
Total parts = 2 + 3 = 5. Fraction of type A = 2/5.
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Q10. A student scored 75% in Mathematics and 85% in Science. If the weightage of Mathematics is 40% and Science is 60%, what is the overall percentage score of the student? (2023)
