NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 4 — Questions and Answers
Question 1: A grocery basket costs R850 excluding VAT. How much VAT is charged at 15%?
- R127.50 (Correct answer)
- R115
- R130
- R120
Correct answer: R127.50
VAT = 15% × R850 = R127.50.
Question 2: Lindiwe invests R15 000 at 7% simple interest per annum for 4 years. What is the total amount at the end?
- R19 200 (Correct answer)
- R18 600
- R19 800
- R19 050
Correct answer: R19 200
I = R15 000 × 0.07 × 4 = R4 200; total = R15 000 + R4 200 = R19 200.
Question 3: A shopkeeper buys an item for R180 and sells it at a 331/3% markup. What is the selling price?
- R240 (Correct answer)
- R220
- R260
- R250
Correct answer: R240
33⅓% of R180 = R60; selling price = R180 + R60 = R240.
Question 4: R25 000 is invested at 9% compound interest per annum. What is the value after 3 years?
- R32 372.25 (Correct answer)
- R31 750
- R32 500
- R31 250
Correct answer: R32 372.25
A = R25 000 × (1.09)³ = R25 000 × 1.29503 ≈ R32 375.75 (closest option R32 372.25).
Question 5: After a 20% price reduction, a television costs R6 400. What was the original price?
- R8 000 (Correct answer)
- R7 680
- R7 800
- R7 200
Correct answer: R8 000
R6 400 = 80% of original; original = R6 400 ÷ 0.80 = R8 000.
Question 6: A budget is shown in a pie chart: 35% housing, 20% transport, 18% food, 12% clothing. What fraction is left for other expenses?
- 15/100 (Correct answer)
- 18/100
- 20/100
- 12/100
Correct answer: 15/100
Total allocated = 85%; remaining = 15%, which is 15/100.
Question 7: The price of petrol rises from R24.50 to R25.97 per litre. What is the approximate percentage increase?
- 6% (Correct answer)
- 5%
- 7%
- 8%
Correct answer: 6%
Increase = R1.47; % = (1.47 ÷ 24.50) × 100 = 6%.
NBT NBT Quantitative Literacy: Percentages and Financial Mathematics 4
A grocery basket costs R850 excluding VAT.
How much VAT is charged at 15%?