FOUNDATION EXAMINATION

MODEL QUESTION PAPER TERM – JUNE 2024

PAPER - 3
FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

Time Allowed: 1 Hour Full Marks: 100

Answer all questions. Each question carries 2 marks.

1. The ratio of the number of faces to the number of edges of a box is :

(a) 3:8 О
(b) 8:3 O
(c) 1:2 O
(d) 2:1 O

2. What will be the value of (93)2 ?

(a) 59004 × 9 О
(b) 59049 × 9 O
(c) 49005 × 9 O
(d) 49059 × 9 O

3. Find the value of the logarithm of 2nd number (b) for 3 consecutive numbers (a, b, c).

(a) log(1+ ac) О

(b) × 2×log(1+ ac) O
(c) ×log(1+ ac) O
(d) 2×log(1+ ac) O

4. A loan of ₹20,000 has been issued for 5 years. Compute the amount to be repaid to the
lender if simple interest is charged @ 8% per year.

(a) ₹ 28,000 О
(b) ₹ 25,000 O
(c) ₹ 27,000 O
(d) ₹ 24,000 O

5. If log(7y −5) = 2 , find the value of y.

(a) 15 О
(b) 10 O
(c) 8 O

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 FOUNDATION EXAMINATION
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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(d) 7 O

6. the First term is 748, Last Term is 28, and the value between two consecutive terms is 9
deducted, find the number of terms in the series.

(a) 9 О
(b) 8 O
(c) 10 O
(d) None of these O

7. When a Bike had travelled for 78 km in 3 hours 45 minutes in the evening, how much
distance would the Bike travelled in 2 hours?

(a) 41.60 km О
(b) 48.88 km O
(c) 52 km O
(d) 55 km O

8. If A takes 3 hours to cover a distance of 60 km, B takes 2 hours to cover a distance of 50

km, how much time would A take more than B to cover 300 km?

(a) 6 hours О
(b) 12 hours O
(c) 15 hours O
(d) 3 hours O

9.
Compute
(a) 3960 О
(b) 495 O
(c) 99 O
(d) 440 O

10. Find the number of permutations for 15 scooters if 3 scooters are to be considered at a
time.

(a) 2730 О
(b) 2370 O

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 FOUNDATION EXAMINATION
MODEL QUESTION PAPER TERM – JUNE 2024
PAPER - 3
FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(c) 2184 O
(d) 2814 O

11. A cycle travels a distance of 300 m in every second. What is the distance covered in an
hour by the cycle?

(a) 3000 km О
(b) 1080 km O
(c) 1800 km O
(d) 2160 km O

12. In Venn diagram, Universal Set is represented by ______.

(a) Stars О
(b) Squares O
(c) Rectangle O
(d) Circles O

13. How many ways can 8 people get vaccinated from 8 vaccinators, assuming no vaccinator
is idle?

(a) 40320 ways О

(b) 5040 ways O
(c) 5760 ways O
(d) 35280 ways O

14. Identify the type of series: 1+2+3+4+5 :

(a) H.P. О
(b) G.P. O
(c) Either of ‘a’ or ‘b’ O
(d) A.P O

15. If b2 – 4ac > 0, is a perfect square, the nature of roots would be ________________.

(a) Real and Equal О

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 FOUNDATION EXAMINATION
MODEL QUESTION PAPER TERM – JUNE 2024
PAPER - 3
FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(b) Imaginary O
(c) Unreal O
(d) Real and Unequal O

16. When are nature of roots real rather than imaginary?

(a) If Discriminant is negative О

(b) If Discriminant is less than zero O
(c) If Discriminant is not a perfect square O
(d) If Discriminant is more than or equal to zero O

17. In how many different ways can 4 different cars, one of each of the 4 manufacturers, be
parked in a parking lane?

(a) 20 ways О
(b) 22 ways O
(c) 24 ways O
(d) 26 ways O

18. The demand function is given by: P = 1400 – 25Q and the cost function is given by C =
10Q2. Find the value of Q at the equilibrium point.

(a) 10 О
(b) 20 O
(c) 30 O
(d) 40 O

19. Which one of the following has synonymous words?

(a) Status, Staistik, Statista О

(b) Staistik, Statista, Stats O
(c) Statistic, Statistia, Stats O
(d) Statistic, Statistia, Status O

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20. A firm has a fixed production cost of ₹ 90 and a marginal variable production cost of
₹ 9. The price of the product is ₹18. Find the cost function, revenue function, and the
value of Q at the Break Even point.

(a) 2Q + 20; 9Q; 10 О

(b) 9Q + 90; 18Q; 10 O
(c) 4Q + 90; 36Q; 20 O
(d) Q + 10; 5Q; 50 O

21. With respect to accuracy :

(a) Diagrammatic presentation is preferable to Tabular presentation О

(b) Textual presentation is preferable to diagrammatic presentation O
(c) Tabular presentation is preferable to Diagrammatic presentation O
(d) Textual presentation is preferable to Tabular presentation O

22. A manufacturer has a monthly fixed cost of ₹1,00,000 and a production cost of ₹50 per
unit produced. The product is sold at ₹75. Find the cost function and the number of
products be sold by the manufacturer to have break even.

(a) 25x + 50,000; 2000 О

(b) 50x + 1,00,000; 4000 O
(c) 5x + 1,00,000; 3000 O
(d) 2.5x + 10,000; 5000 O

23. Because of heavy rain on Sunday average rainfall of a city for the week increased to 0.6
inch from the average rainfall 0.3 inch measured from Monday to Saturday. The rainfall
on Sunday was-

(a) 2.4 inch; О

(b) 0.3 inch; O
(c) 2.1 inch; O
(d) 1.5 inch O

24. A person walks 8 km at 4km an hour, 6km at 3km an hour and 4km at 2km an hour.
Average speed per hour is _________________.

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 FOUNDATION EXAMINATION
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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(a) 0.33 О
(b) 2 O
(c) 3 O
(d) .5 O

25. The mean daily salary paid to all employees in a certain company was ₹600. The mean
daily salaries paid to the male and female employees were ₹620 and ₹520 respectively.
Male to female employees ratio in the company is :

(a) 3:2; О
(b) 4:5 O
(c) 5:7; O
(d) 4:1; O

26. In a certain factory a unit of work is completed by A in 4 minutes, by B in 5 minutes, by

C in 6 minutes, by D in 10 minutes, and by E in 12 minutes. Average number of units of
work completed per minute is ______________________.

(a) 25/4 О
(b) 5/48 O
(c) 4/25 O
(d) 25/48 O

27. Which one of the following is a feature of Harmonic Mean (HM)?

(a) GM is affected much by the presence of externally small or large observations; О

(b) GM gives the actual value of the series; O
(c) GM is useful when a given phenomenon has a limit for lower value; O
(d) GM is imaginary if any of the observations is zero; O

28. It is the most suitable average when it is desired to give greater weight to smaller
observations and less weight to larger ones. It is __________________.

(a) AM О
(b) HM O
(c) GM O

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 FOUNDATION EXAMINATION
MODEL QUESTION PAPER TERM – JUNE 2024
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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(d) Median O

29. Raw data is :

(a) Information which can be interpreted to take decision О

(b) Information which can’t be put to use directly O
(c) Information which is not amenable to conversion O
(d) Information which are useless O

30. The sum of the deviations of a certain number of observations measured from 4 is 72 and
the sum of the deviations of the observations from 7 is -3. Mean of the observations is

(a) 6.88 О
(b) 25 O
(c) 3.63 O
(d) Cannot be ascertained with given data O

31. If bXY and bYX are regression coefficients of series X on series Y and regression
coefficients of series Y on series X respectively then which one of the following is
correct?

(a) bXY and bYX will be either both positive or both negative О
(b) bXY will be positive and bYX will be negative O
(c) bXY will be negative and bYX will be positive O
(d) Nothing can be said like this, it depends on X & Y values O

32. If r2 = 0.3 & bXY = – 1.5 then bYX is equal to :

(a) +1 О
(b) – 0.2 O
(c) –1 O
(d) – 0.45 O

33. In a bivariate regression analysis for dependent variable if d = Actual value – Predicted
value then at different values of independent variable __________________.

(a) Best fit curve occurs when d12 + d22 + ... ... ... + dn2 is minimum О

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 FOUNDATION EXAMINATION
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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(b) Best fit curve occurs when d12 + d22 + ... ... ... + dn2 is maximum O
(c) Best fit curve occurs when d12 + d22 + ... ... ... + dn2 is zero O
(d) Best fit curve occurs when d12 + d22 + ... ... ... + dn2 is one O

34. In a bivariate regression analysis ΣXY = 1355.25, (ΣX) (ΣY) = 6396, ΣX2 = 591.50 &
ΣX = 52. If there are 5 items then bYX

(a) 1 О
(b) 0.97 O
(c) 0.667 O
(d) 1.5 O

35. If bXY and bYX are regression coefficients of series X on series Y and regression
coefficients of series Y on series X respectively then which one of the following is
correct?

(a) bXY ×bYX = r , where r is the correlation coefficient О

(b) bXY ×bYX = r2 , where r is the correlation coefficient О
(c) bXY ×bYX = −r , where r is the correlation coefficient O
(d) bXY ×bYX =1/ r , where r is the correlation coefficient O

36. In a bivariate regression analysis, the difference between actual value of dependent
variable and the predicted value of the dependent variable is called ______________.

(a) Outlier О
(b) Slope O
(c) Residual O
(d) Scattered point O

37. In a regression equation:

(a) Regression coefficient represents the increment in the value of the independent О
variable for a unit change in the value of the dependent variable

(b) Regression coefficient represents the increment in the value of the dependent O
variable for a unit change in the value of the independent variable

(c) Regression coefficient represents the mean value of the independent variable for O
a unit change in the value of the dependent variable

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 FOUNDATION EXAMINATION
MODEL QUESTION PAPER TERM – JUNE 2024
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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(d) Regression coefficient represents the mean value of the dependent variable for O
a unit change in the value of the independent variable

38. In IPL Kolkata Knight Riders plays 70% of their games at night (8 O’clock slot) and
30% during the day (4 O clock slot). The team wins 50% of their night games and 90%
of their day games. According to today’s newspaper they own yesterday. The probability
that the game was played at night is :

(a) 0.4667 О
(b) 0.5645 O
(c) 0.35 O
(d) 0.5 O

39. A bag contains 30 balls numbered from 1 to 30. One ball is drawn at random. The
probability that the number of the drawn ball will be multiple of 3 or 7 is :

(a) 7/15 О
(b) 13/30 O
(c) 1/2 O
(d) None of these O

40. A bag contains 10 red and 10 green balls. A ball is drawn from it. The probability that it
will be green is :

(a) 1/10 О
(b) 1/3 O
(c) 1/2 O
(d) None of these O

41. If an unbiased coin is tossed once, then the two events head and tall are:

(a) Mutually exclusive О

(b) Exhaustive O
(c) Equally likely O
(d) All these O

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 FOUNDATION EXAMINATION
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42. A survey by Air travelers’ association revealed that 60% of its member made airline
reservations last year. Two members are selected at random. The probability that both
the members made airline reservations last year is :

(a) 0.6 О
(b) 0.4 O
(c) 0.36 O
(d) 0.16 O

43. A lot contains 10 items of which 3 are defective. Three items are chosen from the lot at
random one after another without replacement. The probability that all the three are
defective is

(a) 0.008 О
(b) 0.992 O
(c) 0.067 O
(d) 0.05 O

44. Addition rule for mutually exclusive events A & B is :

(a) P(A or B) = P(A) +P(B) О

(b) P(A or B) = P(A+B) O
(c) P(A or B) = P(A) +P(B)-P(AB) O
(d) P(A or B) = P(A+B - AB) O

45. Probability theory is often referred to as :

(a) Science of prediction О

(b) Science of uncertainty O
(c) Science of chance O
(d) Science of decision making O

46. From the following four year centered moving average against year 4 is
Year 1 2 3 4 5 6 7
Import (₹ m) 229 231 206 191 195 184 193

(a) 190.671 О

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Directorate of Studies, The Institute of Cost Accountants of India
 FOUNDATION EXAMINATION
MODEL QUESTION PAPER TERM – JUNE 2024
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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(b) 199.875 O
(c) 192.375 O
(d) 210 O

47. By using arithmetic mean method, the index number from the following data is
Commodity Base price Current price Weight
Rice 30 52 8
Wheat 25 30 6
Fish 130 150 3
Potato 35 49 5
Oil 70 105 7

(a) 144.92 О
(b) 202.34 O
(c) 161.87 O
(d) 115.22 O

48. Consider the following:

Commodity Base Price (₹) Current price (₹) Weight
A 22 40 8
B 15 15 6
C 80 90 7
D 110 130 3
E 25 30 5
Weighted aggregative index number is :

(a) 123.34 О
(b) 156.11 O
(c) 176.52 O
(d) 142.89 O

49. From the following find the Simple average (GM) of Relative Quantity index
Item Base Year Quantity Current Year Quantity
A 8 12
B 10 11
C 15 10

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Directorate of Studies, The Institute of Cost Accountants of India
 FOUNDATION EXAMINATION
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FUNDAMENTALS OF BUSINESS MATHEMATICS AND STATISTICS

(a) 100.23 О
(b) 111.45 O
(c) 190.15 O
(d) 103.23 O

50. From the data given below the wholesale price index number for the year 1 taking year
0 as base using simple arithmetic average of relatives method is :
Commodity Price year 0 Price year 1
A 80 120
B 120 150
C 40 80
D 100 150
E 200 240

(a) 180 О
(b) 112 O
(c) 134 O
(d) 149 O

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Directorate of Studies, The Institute of Cost Accountants of India