SSS2 Math Lesson 20 Examination – Statistics- Part (4)- (Measures of dispersion).

If $1 is equivalent to ₦750, how many Naira will you get for $50?

₦37,000

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₦37,250

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₦37,500

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₦38,000

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A tourist exchanges €200 for British pounds at an exchange rate of €1 = £0.85. How many pounds will they receive?

£160

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£165

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£170

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£175

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A traveler has $300. They want to exchange it for Japanese yen. The exchange rate is $1 = ¥110. How many yen will they get?

¥30,000

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¥31,000

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¥33,000

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¥35,000

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If 1 British pound is worth $1.30, and 1 euro is worth $1.15, how many euros will you get for £500?

€434.78

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€565.22

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€650

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€575

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A bank charges a 3% commission on currency exchange. If you exchange $1000 at an exchange rate of $1 = €0.90, how much will you receive in euros after the commission?

€870

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€873

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€900

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€930

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You are planning a trip to Europe and need to exchange $500 for euros. The exchange rate is $1 = €0.88. The bank charges a flat fee of $5 for the transaction. How many euros will you receive?

€435

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€440

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€445

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€450

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A company receives a payment of €10,000 from a European client. They need to convert it to US dollars. The exchange rate is €1 = $1.10. How many dollars will they receive?

$11,000

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$9,090.91

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$10,000

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$12,000

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A store in Canada sells a product for CAD 50. A US tourist wants to buy it. The exchange rate is CAD 1 = USD 0.75. How much will the tourist pay in US dollars?

USD 30

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USD 35

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USD 37.50

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USD 40

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You exchange ₦50,000 for US dollars at an exchange rate of ₦1 = $0.002. How many dollars will you receive?

$80

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$100

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$120

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$150

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A British company needs to pay its Indian supplier INR 1,000,000. The exchange rate is £1 = INR 100. How many pounds will the company need to pay?

£1000

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£5000

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£10,000

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£100,000

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A person exchanges $400 for Japanese Yen at an exchange rate of $1 = ¥105. The bank charges a 2% commission. How many Yen will the person receive after the commission?

¥42,000

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¥41,160

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¥41,160

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¥39,200

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A company in the UK needs to pay its US supplier $50,000. The exchange rate is £1 = $1.25. How many pounds will the company need to pay?

£37,500

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£40,000

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£42,500

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£62,500

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A tourist in Mexico wants to buy a souvenir that costs 500 Mexican pesos. The exchange rate is 1 USD = 20 MXN. How much will the souvenir cost in US dollars?

$10

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$20

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$25

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$50

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A bank offers an exchange rate of 1 EUR = 1.12 USD. However, they also charge a commission of 1.5% on the amount exchanged. If you exchange 500 EUR, how many USD will you receive after the commission?

560 USD

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551.50 USD

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551.50 USD

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543.50 USD

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You are planning a trip to Japan and need to exchange 800 USD for Japanese Yen. The exchange rate is 1 USD = 140 JPY. The bank charges a flat fee of $10 for the transaction. How many JPY will you receive?

112,000 JPY

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110,000 JPY

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111,200 JPY

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110,200 JPY

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A company receives a payment of ₦1,500,000 from a Nigerian client. They need to convert it to Euros. The exchange rate is ₦1 = €0.002. How many Euros will they receive?

€2,000

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€3,000

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€4,000

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€5,000

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A store in Australia sells a product for AUD 80. A tourist from the UK wants to buy it. The exchange rate is 1 AUD = 0.55 GBP. How much will the tourist pay in British pounds?

36 GBP

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40 GBP

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44 GBP

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48 GBP

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You exchange 5,000 Indian Rupees for US dollars at an exchange rate of 1 INR = 0.012 USD. How many dollars will you receive?

$60

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$70

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$80

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$90

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A South African company needs to pay its Chinese supplier 200,000 Chinese Yuan. The exchange rate is 1 ZAR = 0.45 CNY. How many South African Rand will the company need to pay?

400,000 ZAR

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425,000 ZAR

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444,444.44 ZAR

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450,000 ZAR

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A bank in the US offers an exchange rate of 1 GBP = 1.32 USD. However, they also charge a commission of 2% on the amount exchanged. If you exchange 1000 GBP, how many USD will you receive after the commission?

1320 USD

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1293.60 USD

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1293.60 USD

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1267.20 USD

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An employee earns a gross salary of $50,000 per year. If their tax rate is 20%, how much income tax will be deducted annually?

$5,000

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$10,000

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$15,000

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$20,000

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An individual has a taxable income of $35,000. The tax brackets are as follows: 0 – $10,000: 0% tax, $10,001 – $20,000: 10% tax, $20,001 and above: 20% tax. Calculate the total income tax payable.

$3,500

Correct Incorrect Correct answer

$4,500

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$5,000

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$7,000

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An employee’s gross monthly salary is $4,000. They have a tax-free allowance of $1,000 per month. If their tax rate is 25%, calculate their net monthly salary.

$3,000

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$3,250

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$3,750

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$4,000

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A company deducts 15% of an employee’s gross salary for pension contributions. If the employee’s gross salary is $60,000 per year, how much is deducted for pension annually?

$6,000

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$9,000

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$12,000

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$15,000

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An employee earns a bonus of $2,000. If their marginal tax rate is 30%, how much tax will be deducted from the bonus?

$600

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$700

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$1,400

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$1,700

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An individual’s taxable income is $55,000. They are eligible for a tax credit of $1,500. If their tax liability is $12,000, calculate their final tax payable after the tax credit.

$10,500

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$12,000

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$13,500

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$15,000

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An employee’s gross annual salary increased from $40,000 to $45,000. If their tax rate remains constant at 20%, calculate the increase in their annual tax deduction

$500

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$1,000

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$1,500

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$2,000

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A self-employed individual’s net profit for the year is $30,000. They are required to pay both income tax and self-employment tax. If the income tax rate is 15% and the self-employment tax rate is 15.3%, calculate their total tax liability.

$4,500

Correct Incorrect Correct answer

$4,590

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$9,000

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$9,090

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An employee’s payslip shows the following deductions: Federal Income Tax: $500, State Income Tax: $200, Social Security Tax: $300, Medicare Tax: $70. Calculate the total amount of taxes withheld from their paycheck

$770

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$1,070

Correct Incorrect Correct answer

$1,300

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$1,500

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A taxpayer is in the 22% tax bracket and is considering making a charitable donation of $1,000. How much will this donation reduce their tax liability?

$220

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$780

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$1,000

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$1,220

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An employee earns a gross salary of $55,000 per year and contributes 5% of their salary to a 401(k) retirement plan. If their tax rate is 20%, calculate their annual taxable income.

$49,500

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$50,000

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$52,250

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$55,000

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A taxpayer has a tax liability of $8,000. They have already paid $6,500 in estimated taxes throughout the year. How much do they still owe in taxes?

$1,000

Correct Incorrect Correct answer

$1,500

Correct Incorrect Correct answer

$2,000

Correct Incorrect Correct answer

$2,500

Correct Incorrect Correct answer

An individual’s taxable income is $40,000. The tax brackets are as follows: 0 – $15,000: 0% tax, $15,001 – $30,000: 10% tax, $30,001 and above: 25% tax. Calculate the total income tax payable

$4,000

Correct Incorrect Correct answer

$5,500

Correct Incorrect Correct answer

$7,000

Correct Incorrect Correct answer

$10,000

Correct Incorrect Correct answer

A freelance worker earned $25,000 in a year. They are required to pay self-employment tax at a rate of 15.3%. Calculate their self-employment tax liability

$2,500

Correct Incorrect Correct answer

$3,000

Correct Incorrect Correct answer

$3,825

Correct Incorrect Correct answer

$5,325

Correct Incorrect Correct answer

An employee’s gross monthly salary is $3,500. Their employer deducts the following: Federal Income Tax: $400, State Income Tax: $150, Health Insurance: $100, Retirement Contribution: $200. Calculate the employee’s net monthly pay.

$2,350

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$2,650

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$2,750

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$3,150

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A taxpayer is eligible for a tax credit of $500. If their original tax liability was $3,000, what is their final tax payable after the credit?

$2,000

Correct Incorrect Correct answer

$2,500

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$3,000

Correct Incorrect Correct answer

$3,500

Correct Incorrect Correct answer

An employee’s annual salary increased from $50,000 to $58,000. If their tax rate is 22%, calculate the increase in their annual tax payment

$1,560

Correct Incorrect Correct answer

$1,760

Correct Incorrect Correct answer

$2,260

Correct Incorrect Correct answer

$3,320

Correct Incorrect Correct answer

A self-employed individual’s net profit for the year is $42,000. They must pay self-employment tax at 15.3%. Calculate their self-employment tax liability.

$4,200

Correct Incorrect Correct answer

$5,300

Correct Incorrect Correct answer

$6,300

Correct Incorrect Correct answer

$6,426

Correct Incorrect Correct answer

A taxpayer’s gross income is $60,000. They have deductions totaling $5,000. If their tax rate is 18%, calculate their income tax payable

$9,000

Correct Incorrect Correct answer

$9,900

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$10,800

Correct Incorrect Correct answer

$11,700

Correct Incorrect Correct answer

An employee earns a bonus of $1,500. If their marginal tax rate is 24%, how much tax will be deducted from their bonus?

$240

Correct Incorrect Correct answer

$300

Correct Incorrect Correct answer

$360

Correct Incorrect Correct answer

$420

Correct Incorrect Correct answer

A product is priced at $50 before VAT. If the VAT rate is 10%, what is the final price including VAT?

(a) $45

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(b) $51

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(c) $55

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(d) $60

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A restaurant bill comes to $80 excluding VAT. If the VAT rate is 12.5%, how much VAT is added to the bill?

(a) $10

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(b) $12.50

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(c) $15

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(d) $17.50

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A shop owner buys a product for $30 and sells it for $40. If the VAT rate is 20%, how much VAT does the shop owner need to pay to the government?

(a) $2

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(b) $2

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(c) $6

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(d) $8

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The price of a laptop including 15% VAT is $1150. What was the original price of the laptop before VAT?

(a) $900

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(b) $950

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(c) $1000

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(d) $1050

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A company’s sales revenue for the month is $50,000 excluding VAT. If the VAT rate is 18%, calculate the total VAT collected on these sales.

(a) $7,000

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(b) $9,000

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(c) $10,000

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(d) $11,000

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A customer buys a product for $200 inclusive of 20% VAT. How much VAT was included in the price?

(a) $20

Correct Incorrect Correct answer

(b) $30

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(c) $33.33

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(d) $40

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A business purchases goods worth $5,000 excluding VAT. If the VAT rate is 12%, calculate the total cost of the goods including VAT.

(a) $5,000

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(b) $5,600

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(c) $5,600

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(d) $6,200

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A service provider charges $300 for a service, plus 5% VAT. Calculate the total amount the customer needs to pay.

(a) $300

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(b) $305

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(c) $315

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(d) $320

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The price of a washing machine is $600 excluding VAT. The VAT rate is 7%. A discount of 10% is offered on the price before VAT. Calculate the final price the customer pays.

(a) $540

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(b) $582

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(c) $582

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(d) $642

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A company’s total sales for the quarter were $120,000 including 8% VAT. Calculate the sales revenue excluding VAT.

(a) $100,000

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(b) $105,000

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(c) $111,111.11

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(d) $115,000

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A product’s price increased from $80 to $92. What is the percentage increase in the price, assuming the increase is entirely due to VAT?

(a) 10%

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(b) 15%

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(c) 20%

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(d) 25%

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A retailer buys a product for $40 excluding VAT and sells it for $60 including VAT. If the VAT rate is 20%, calculate the retailer’s profit.

(a) $10

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(b) $12

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(c) $12

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(d) $20

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A restaurant’s total bill for a meal is $150. This includes a service charge of 10% and VAT of 12%. Calculate the original cost of the meal before the service charge and VAT.

(a) $110

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(b) $115

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(c) $120

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(d) $125

Correct Incorrect Correct answer

A company’s expenses for the year are $80,000 excluding VAT. If the VAT rate is 15%, calculate the total VAT paid on these expenses.

(a) $8,000

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(b) $10,000

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(c) $12,000

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(d) $15,000

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A customer buys a computer for $1,200 inclusive of 20% VAT. The retailer offers a 5% discount on the price before VAT. Calculate the final price the customer pays.

(a) $1,000

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(b) $1,040

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(c) $1,140

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(d) $1,200

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A business’s total income for the month is $25,000 including 10% VAT. Calculate the income excluding VAT

(a) $20,000

Correct Incorrect Correct answer

(b) $22,500

Correct Incorrect Correct answer

(c) $22,727.27

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(d) $25,000

Correct Incorrect Correct answer

A product’s price decreased from $120 to $100. What is the percentage decrease in price, assuming the decrease is entirely due to a reduction in VAT

(a) 10%

Correct Incorrect Correct answer

(b) 16.67%

Correct Incorrect Correct answer

(c) 20%

Correct Incorrect Correct answer

(d) 25%

Correct Incorrect Correct answer

A wholesaler sells a product to a retailer for $50 excluding VAT. The retailer then sells it to a customer for $80 including VAT. If the VAT rate is 20%, calculate the retailer’s profit

(a) $10

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(b) $14

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(c) $14

Correct Incorrect Correct answer

(d) $30

Correct Incorrect Correct answer

A hotel bill is $400. This includes a service charge of 5% and VAT of 10%. Calculate the original cost of the stay before the service charge and VAT

(a) $320

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(b) $330

Correct Incorrect Correct answer

(c) $340

Correct Incorrect Correct answer

(d) $350

Correct Incorrect Correct answer

A company’s total expenses for the quarter were $75,000 including 6% VAT. Calculate the expenses excluding VAT.

(a) $65,000

Correct Incorrect Correct answer

(b) $68,000

Correct Incorrect Correct answer

(c) $70,000

Correct Incorrect Correct answer

(d) $70,754.72

Correct Incorrect Correct answer

SSS2 Math Lesson 20 Examination – Statistics- Part (4)- (Measures of dispersion).

SSS2 Math Lesson 20 Examination – Statistics- Part (4)- (Measures of dispersion).

Noah Wasiu February 28, 2025

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