fig3
Which of the following represents the smallest amount?
Step 1 - Calculate each figure as follows; 77.8 – 72.2 = £5.6 million 76.5 x 0.07 = £5.355 million 78.2 – 72.7 = £5.5 million 50.5 / 6 = £8.42 million 60.5 / 6 = £10.08 million
Tip: Remember to quickly re-scan the question because some people will put down the LARGEST value (E) not the SMALLEST (B). Thus the correct answer is (B) 7% of Product D’s US sales (Jan-June)
How much US and EU annual sales tax is due for Products B, C and D combined (to the nearest £million)?
Answer : C
Explanation
Step 1 - Calculate the US sales tax for Products B, C, D combined.
Step 2 - Calculate the European sales tax
Step 3 – calculate the total sales tax 31.2 + 117.414 = 148.614
Tip: notice as long as you check the US sales are over £130 million, you don’t actually have to calculate the total because there is no tax on sales over £130 million.
Thus the correct answer is £149 million
If the annual EU sales for Products B and C both comprise online: offline sales in a ratio of 2:3 then what are the online EU sales for Products B and C combined?
Step 1 – Calculate the EU sales for Products B and C 88.0 + 92.2 + 72.2 + 77.8 = 330.2 (£million) Step 2 – Use the ratio to find online sales. online: offline = 2:3 330.2 = 2x + 3x = 5x x = 330.2/5 = 66.04 online sales = 2x = 132.08 Tip - In practice it’s quicker to just multiply 330.2 by (2/5) to obtain the ratio. Thus the correct answer is (D) £132,080,000
For the five products combined there was a difference between total annual Sales and the total annual Sales Target. How did this difference compare for the US and the EU?
Step 1 – Sum the Jan-June sales (US) and the July-Dec sales (US) 325.3 + 320 = £645.3 million Step 2 – Calculate the difference compared to the US target (£650 million) 650 –645.3 = £4.7 million Step 3 – Sum the Jan-June
Step 4 – Calculate the difference compared to the European target (£910 million) 910 – 899.6 = £10.4 million
Tip - In this question, it would have been possible to answer the question after working out just the US difference, but this is often not the case.
Thus the correct answer is (C) £4.7 million (US); £10.4 million (EU)
If worldwide sales comprise US sales, EU sales and Far Eastern sales, which products had the highest annual Far Eastern Sales?
Answer : A
Step 1 - Sum the half-yearly US and the EU sales to get the annual sales for each product:
US annual sales EU annual sales US annual sales + EU annual sales Product A 105 181.9 286.9 Product B 120.3 150 270.3 Product C 118.5 180.2 298.7 Product D 150.6 203.5 354.1 Product E 150.9 184 334.9
Step 2 – Calculate Far Eastern sales for each product (= worldwide sales - US annual sales + EU annual sales)
Product A 320 - 286.9 = 33.1 Product B 300 - 270.3 = 29.7 Product C 330 - 298.7 = 31.3 Product D 380 - 354.1 = 25.9 Product E 350 - 334.9 = 15.1
Tip: in practice, when the time is ticking, you wouldn’t bother writing down the sums; you’d just enter the numbers for each product straight into your calculator and write down the Far Eastern Sales. You’re also less likely to make a data-entry mistake this way. Thus the correct answer is (A) Product