Unit 11 · Class 8 IB MYP · MCQ Test
Financial Mathematics MCQ Test — Class 8 IB MYP
Practice 3 multiple-choice questions with instant answer reveal and explanations.
Financial Mathematics — MCQ Questions
1A shop offers 'Buy 2 get 1 free' on $30 shirts. What is the effective percentage discount per shirt?
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Answer: 33.3%
Hint: You pay for 2 but get 3. Effective price per shirt = (2 × 30)/3 = $20. Discount = 10/30.
Solution:
Pay for 2: 2 × 30 = $60 for 3 shirts
Effective price per shirt = 60/3 = $20
Discount per shirt = (30 − 20)/30 × 100 = 33.3%
2A businessman sells two items for $600 each. On one he gains 20% and on the other he loses 20%. What is his overall profit or loss?
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Answer: $50 loss
Hint: Find CP for each: CP₁ = 600/1.2, CP₂ = 600/0.8. Compare total CP with total SP.
Solution:
Item 1: CP = 600/1.2 = $500
Item 2: CP = 600/0.8 = $750
Total CP = 500 + 750 = $1250
Total SP = 600 + 600 = $1200
Loss = 1250 − 1200 = $50
3An article is marked 40% above cost price and then a 30% discount is offered. What is the profit or loss percentage?
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Answer: 2% loss
Hint: If CP = 100, MP = 140. After 30% discount: SP = 140 × 0.7 = 98.
Solution:
Let CP = 100
Marked price = 140
After 30% discount: SP = 140 × 0.7 = 98
Loss = 100 − 98 = 2, so 2% loss
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Tips for Financial Mathematics MCQs
- 1Read each question carefully and identify what is being asked before looking at the options.
- 2Try to solve the problem mentally or on paper first, then match your answer with the options.
- 3Use elimination — rule out clearly wrong options to improve your chances even when unsure.
- 4Check units, signs, and edge cases — these are common traps in Financial Mathematics MCQs.
- 5Review your mistakes after completing the test to build lasting understanding.
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