Continued…

MIND CHALLENGE

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112

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171

819

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98765432

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These are fractions that express amounts which are less than a unit.

ANSWER: proper fractions

1

The formula to compute for the discount is:

ANSWER: Discount = List Price x Discount Rate

2

Erilen got 45 correct items in her quiz out of 55 items. How many percent of her quiz did she answer correct?

ANSWER: 81.82%

3

The salary of Janice is 3/8 the salary of Katiana. If Janice earns P25,000.00 a month, how much is the difference of their salary?

ANSWER: P15,625.00

4

A company’s total sales is P150,000.00. if the gross profit represents 40%, how much is the company’s cost of sales?

ANSWER: P90,000.00

5

ABM corporation realized a net profit of P175,000.00 for 2015. If the tax rate is 35%, how much income tax should the corporation pay?

ANSWER: P61,250.00

6

If the tax rate is 7% and the total amount paid including tax is

P3,950.00, how much is the price before tax?

ANSWER: P3,691.59

7

Angelo, Joan joy and Precious are partners and agreed to share their profits and losses at a ratio of 3:5:7. Find the share of Precious if they earned a net profit of P625,000.00

ANSWER: P291,666.67

8

A sala set which costs P25,000.00 was granted a discount rate of 4.5%. How much is the discount?

ANSWER: P1,125.00

9

The series of discount rates for an item are 12% and 7%. What

is the NIP rate.

ANSWER: 81.84%

10

Denice borrowed P5,000.00 from Silbeth at 12% per annum. If she pays her debt after 4 months, how much interest did she pay? ANSWER:

P200.00

11

What is 2 ¼ in percentage?

ANSWER: 225%

12

What is the mark-up based on cost if the selling price is P480 and the mark-

up is P120?

ANSWER: 33.33%

13

What is the mark-up based on selling price if the cost is P600

and the mark-up is P230?

ANSWER: 27.71%

14

What is 28% in fraction?

ANSWER: 7/25

15

3/5 as large as P245 is what number?

ANSWER: P147

16

1. 2/3 as large as 144 is what number?

A company’s cost of sales is P150,000.00. if the gross profit

represents 25%, how much is the company’s total sales?

ANSWER: P200,000

17

MNHS corporation realized a net income before tax of

P175,000.00 for 2015. If the net income after tax is P113,750,

what is the tax rate?ANSWER: 35%

18

The tax paid for an item selling for P5,500.00 is

P385.00. Find the tax rate.

ANSWER: 7%

19

If the tax rate is 8% and the total amount paid including tax is P1,674.00, how much is the

price before tax?

ANSWER: P1,550

20

Kevin and Silbeth are partners and agreed to share their profits and

losses at a ratio of 3:5 respectively. Find the share of Kevin if they

earned a net profit of P80,000.00ANSWER: P30,000

21

If the selling price of an office table is P2,500.00 and the tax

paid is P112.50, what is the tax rate?

ANSWER: 4.5%

22

Find the amount of withholding tax on a bank interest if a bank

has paid a total interest of P362,550 and the tax rate is 3%

ANSWER: P10,876.50

23

A motorcycle selling for P75,000.00 is subject to a 3% discount. What is the

net invoice price?ANSWER: P72,750

24

Kathrine lent P30,000.00 at 12% per annum for 8 months.

How much interest did she earn?

ANSWER: P2,400.00

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