 If a price is reduced by 20%, then it has gone down by 15

# Solving Problems - Money 2 (Difficult)

This is the second of our Difficult quizzes on Solving Money Problems. Just as in the first (if you haven’t played that one yet, please do so!) we shall present you with a list of calculations or statements and ask you to find the correct one. It is not as difficult as you might expect, and it is all good practice for that all important Eleven Plus maths exam.

The questions will be the same kind of problems you will have to deal with in real life, especially when you have left school and started work. Can you convert one form of currency into another, calculate the amount of interest on a loan or work out the price of an item that has been reduced by a certain percentage?

If you can do all these, then this quiz will be a doddle. If not, then you’ve come to the perfect place to learn. So, try this quiz, and all the others in this section until you always score a perfect ten-out-of-ten. Good luck!

1.
Which one of the following statements is correct?
If you buy something for £100 and later sell it at £75, you have made a profit of 25%
If you buy something for £100 and later sell it at £75, you have made a loss of 25%
If you buy something for £100 and later sell it at £75, you have made a profit of 75%
If you buy something for £100 and later sell it at £75, you have made a loss of 75%
Profit = Selling Price - Cost Price = £75 - £100 = -£25. You have made a loss of £25. £25 is 25% of £100
2.
Which one of the following calculations is correct?
£2,700 + £330.00 - £11.03 = £3,018.97
£2,700 + £330.00 - £11.03 = £3,041.03
£2,700 + £330.00 - £11.03 = £3,108.97
£2,700 + £330.00 - £11.03 = £3,180.97
Just do the maths to solve it!
3.
Which one of the following statements is correct?
If £1 = \$1.7, then £350 = \$205.88
If £1 = \$1.7, then £350 = \$335.59
If £1 = \$1.7, then £350 = \$541.47
If £1 = \$1.7, then £350 = \$595.00
£350 = 1.7 × 350 = \$595
4.
Which one of the following statements is correct?
There are two hundred 5 p coins in £1,000
There are two thousand 5 p coins in £1,000
There are twenty thousand 5 p coins in £1,000
There are two hundred thousand 5 p coins in £1,000
There are twenty 5 p coins in £1 ∴ in £1,000 there are 1,000 × 20 = 20,000
5.
Which one of the following statements is correct?
If 45% of £35,000 profit was spent on investments and the rest went to shareholders, the shareholders received £15,750
If 45% of £35,000 profit was spent on investments and the rest went to shareholders, the shareholders received £16,916
If 45% of £35,000 profit was spent on investments and the rest went to shareholders, the shareholders received £18,082
If 45% of £35,000 profit was spent on investments and the rest went to shareholders, the shareholders received £19,250
45% of £35,000 = 45100 × 35,000 = 920 × 35,000 = 0.45 x 35,000 = £15,750 which was spent on investments ∴ £35,000 - £15,750 = £19,250 went to the shareholders
6.
Which one of the following statements is correct?
If you buy something for £2.50 and sell it for £17.50, you have sold it for 7,000% more than it cost you to buy
If you buy something for £2.50 and sell it for £17.50, you have sold it for 700% more than it cost you to buy
If you buy something for £2.50 and sell it for £17.50, you have sold it for 600% more than it cost you to buy
If you buy something for £2.50 and sell it for £17.50, you have sold it for 500% more than it cost you to buy
17.50 as a percentage of 2.50 is given by 17.52.5 × 100 = 71 × 100 = 700%. What's the percentage profit?
7.
Which one of the following statements is correct?
If you owe £12,500 and pay back £2,000, you have paid back 12% of what you owed
If you owe £12,500 and pay back £2,000, you have paid back 18% of what you owed
If you owe £12,500 and pay back £2,000, you have paid back 10% of what you owed
If you owe £12,500 and pay back £2,000, you have paid back 16% of what you owed
2,000 as a percentage of 12,500 is given by 2,00012,500 × 100 = 20125 × 100 = 0.16 x 100 = 16%
8.
Which one of the following statements is correct?
If £1 = €1.2, then €1,800 = £1,500
If £1 = €1.2, then €1,800 = £1,720
If £1 = €1.2, then €1,800 = £1,940
If £1 = €1.2, then €1,800 = £2,160
If £1 = €1.2, then €1,800 = 1,800 ÷ 1.2 = £1,500. You have to divide 1,800 by 1.2 because you want to find out how many 'lots' of 1.2 there are in 1,800: each 'lot' equals £1: this is the same as adding 'lots' of 1.2 to itself until you get to 1,800
9.
Which one of the following statements is correct?
If there is a 12.5% discount on the sale/cost price, it means that the sale/cost price has been reduced by one twelfth
If there is a 12.5% discount on the sale/cost price, it means that the sale/cost price has been reduced by one sixteenth
If there is a 12.5% discount on the sale/cost price, it means that the sale/cost price has been reduced by one eighth
If there is a 12.5% discount on the sale/cost price, it means that the sale/cost price has been reduced by one sixth
12.5% = 12.5100 = 12.5 ÷ 100 = 0.125 = 18
10.
Which one of the following statements is correct?
If you sell something at twice the price it cost you to buy it, then you make a 50% profit
If you sell something at twice the price it cost you to buy it, then you make a 100% profit
If you sell something at twice the price it cost you to buy it, then you make a 200% profit
If you sell something at twice the price it cost you to buy it, then you make a 400% profit
For example: if Selling Price = £10 and Cost Price = £5, Profit = £10 - £5 = £5: a profit of £5. Now £5 as a percentage of £5 = 55 × 100% = 100%. Yes! Don't fall into the trap of thinking that if you sell it at twice its cost, then you will make a 200% profit: you have to subtract the original cost from your selling price before you can call it profit
Author:  Frank Evans