Practice Questions
Define the term 'per cent'.
Describe what a discount of on an item means for a customer.
What fraction with a denominator of 100 is equivalent to ?
List the three related mathematical concepts that make up the 'FDP Trio'.
In the context of bank interest, what do the letters 'p.a.' stand for?
Explain the steps to express the fraction as a percentage.
From a retailer's perspective, identify the Cost Price (CP), Marked Price (MP), and Selling Price (SP) in the following scenario: A shopkeeper buys a book for ₹250, puts a price tag of ₹350 on it, and after a discount, sells it to a customer for ₹315.
Describe the steps to calculate the percentage profit a shopkeeper makes. What is the 'base' or 'original amount' that is typically used for this calculation? Use an example where an item is bought for ₹80 and sold for ₹100 to explain.
Define 'principal' in the context of financial interest.
Describe the meaning of the statement: 'The price of an item has increased by '.
Explain what 'depreciation' means. If a machine's value depreciates by in a year, what percentage of its original value remains?
Explain what it means for a company to achieve '120% of its sales target'.
Explain the difference between 'gross profit' and 'net profit'.
Summarize the two methods for calculating the total amount of an investment after 3 years: one with compounding and one without. Use a principal of ₹1,000 and an interest rate of p.a. to describe the process for each year, without performing the final calculation.
Explain the concept of a successive discount, such as '30% + 20% off'. Why is this not the same as a single 50% discount? Use an item with a marked price of ₹100 to illustrate your explanation.