RLJIT - Day 1 Assessments

When someone makes a profit from selling a house, they need to pay taxes on the difference between the selling price and the original purchase price. If the profit is 20% or less of the purchase price, the tax rate is 6%. Any profit exceeding 20% of the purchase price is subject to a 10% tax rate. A business family bought a house for 164,000 dollars and sold it 15 years later for 228,000 dollars. How much tax must they pay on the profit?

• 8000
• 6400
• 5000
• 7200

A shopkeeper prides himself on offering the best deals. He purchases a batch of 40 pens for ₹50 and later sets a price where he sells 30 pens for ₹50. While doing this, he wonders: what is the percentage of profit he’s actually making on each pen?

• 25%
• 33.6%
• 50%
• 10%

A baker sells cupcakes at a price of ₹120 for a dozen. If the cost to make a dozen cupcakes is ₹80, what is the percentage profit the baker makes on each cupcake?

• 25%

• 50%

• 33.33%

• 40%

A car dealer buys a used car for ₹300,000 and sells it for ₹360,000. If the profit is taxed at a rate of 8% for profits up to ₹50,000 and 12% for any profit above that, how much tax does the dealer need to pay on the profit?

• 4800

• 6000

• 9600

• 7200

A clothing store purchases a batch of 100 shirts for ₹2000 and sells them at ₹30 each. What is the total profit made if all shirts are sold?

• ₹2000

• ₹5000

• ₹3000

• ₹4000

Ravi was at a family gathering when he pointed to a woman sitting across the room and said, “She is the daughter of my grandfather’s only son.” Everyone turned to look at the woman. How is the woman related to Ravi?

• Sister
• Cousin
• Aunt
• Niece

While flipping through an old photo album, Raj paused at a photograph of a man and said,, “I have no brothers and sisters, but the man’s father is my father’s son.” His friend looked puzzled. Who is the man in the photograph?

• Raj's son
• The man's uncle
• Raj's brother
• Raj's father

At a wedding, Ramesh pointed to a woman dressed in a bright red saree and said to his friend, “She is the wife of my mother’s only son.” His friend nodded in understanding. How is the woman related to Ramesh?

• Aunt
• Wife
• Cousin
• Sister

During a family reunion, Priya pointed to a man and said, “He is the son of my mother’s only daughter.” Everyone looked at the man. How is the man related to Priya?

• Cousin

• Brother

• Nephew

• Uncle

At a birthday party, Anil pointed to a girl and said, “She is the granddaughter of my father’s only sibling.” How is the girl related to Anil?

• Daughter

• Sister

• Cousin

• Niece