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WAEC Commerce 2003 Question 13

Question 13

Business Calculations

If the turnover of a business is N16,000 and the cost of goods sold is N12,000, what is the percentage of gross profit on sales?

  1. A.75%
  2. B.40%
  3. C.33.3%
  4. D.25%
Show the answer and explanation

Answer: D (25%)

Explanation

Gross profit = 16,000 − 12,000 = 4,000; on sales: 4,000 ÷ 16,000 × 100 = 25%.