Question 48
Business CalculationsUse the following information: Ojo bought a bicycle for ₦20,000, and repaired it at a cost of ₦5,000. He then sold the bicycle for ₦30,000.
What is the percentage of expenses over cost?
- A.50%
- B.33%
- C.25%
- D.17%
Show the answer and explanation
Answer: C (25%)
Explanation
Expenses (repair) ÷ cost price × 100 = 5,000 ÷ 20,000 × 100 = 25%.