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CBSE Class 1  >  Class 1 Test  >  Mathematics Olympiad  >  Olympiad Test Level 2: Money - 1 - Class 1 MCQ

Olympiad Test Level 2: Money - 1 Class 1 Mathematics MCQs & solutions -


MCQ Practice Test & Solutions: Olympiad Test Level 2: Money - 1 (10 Questions)

You can prepare effectively for Class 1 Mathematics Olympiad for Class 1 with this dedicated MCQ Practice Test (available with solutions) on the important topic of "Olympiad Test Level 2: Money - 1". These 10 questions have been designed by the experts with the latest curriculum of Class 1 2026, to help you master the concept.

Test Highlights:

  • - Format: Multiple Choice Questions (MCQ)
  • - Duration: 20 minutes
  • - Number of Questions: 10

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Olympiad Test Level 2: Money - 1 - Question 1
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Direction: On the basis of the below figure, Answer the following question.

Which of the following two items have same price?

Detailed Solution: Question 1

Based on the figure provided:

  • The Pencil costs ₹20.
  • The Ice cream costs ₹20 as well.

Thus, both the Pencil and Ice cream have the same price. Therefore, the correct answer is C: Pencil and Ice cream.

Olympiad Test Level 2: Money - 1 - Question 2
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Rahul has ₹ 35 with him. He gave ₹ 20 to Nehal and another ₹ 10 to Shekhar. How much money is left with Rahul now?

Detailed Solution: Question 2

Rahul has ₹ 35 He gave ₹ 20 to Nehal and ₹ 10 to Shekhar

Amount of money Rahul gave = ₹ 20 + ₹ 10 = ₹ 30
Amount of money left with Rahul = ₹ 35 – ₹ 30 = ₹ 5

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Olympiad Test Level 2: Money - 1 - Question 3
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Direction: On the basis of the below figure, Answer the following question.

Which of the following items can Neha purchase if she has one ₹ 100 note, one ₹ 20 note and one ₹ 10 note?

Detailed Solution: Question 3

Money Neha has = ₹ 100 + ₹ 20 + ₹ 10 = ₹ 130
Neha can buy a doll of ₹ 50 and a toy car of ₹ 80 because ₹ 50 + ₹ 80 = ₹ 130

Olympiad Test Level 2: Money - 1 - Question 4
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Rohan gave ₹ 50 to buy a geometry box. How much money will he get back?

Detailed Solution: Question 4

Rohan gave ₹ 50 to buy a geometry box.
Cost of geometry box = ₹ 20 Money Rohan will get back = ₹  50 – ₹ 20 = ₹ 30

Olympiad Test Level 2: Money - 1 - Question 5
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Asha has ₹ 50. She gave ₹ 30 to her friend Anu and ₹ 15 to her brother Ravi. How much money is left with Asha?

Detailed Solution: Question 5

Asha has ₹ 50. She gave ₹ 30 to Anu and ₹ 15 to Ravi.
Amount of money Asha gave = ₹ 30 + ₹ 15 = ₹ 45
Amount of money left with Asha = ₹ 50 – ₹ 45 = ₹ 5

Olympiad Test Level 2: Money - 1 - Question 6
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A doll costs ₹ 19. Jenny has only ₹ 15 now. How much more money does she need to buy the doll?

Detailed Solution: Question 6

Cost of doll = ₹ 19
Amount of money Jenny has
= ₹ 15
Amount of money Jenny needs
= ₹ 19 – ₹ 15 = ₹ 4

Olympiad Test Level 2: Money - 1 - Question 7
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Rahul has ₹ 100. He bought a toy for ₹ 60 and a book for ₹ 30. How much money is left with Rahul?

Detailed Solution: Question 7

Rahul has ₹ 100. He bought a toy for ₹ 60 and a book for ₹ 30.
Total money spent = ₹ 60 + ₹ 30 = ₹ 90
Amount of money left with Rahul = ₹ 100 – ₹ 90 = ₹ 10

Olympiad Test Level 2: Money - 1 - Question 8
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A pen costs ₹ 12. Ravi has ₹ 8 now. How much more money does Ravi need to buy the pen?

Detailed Solution: Question 8

Cost of pen = ₹ 12
Amount of money Ravi has = ₹ 8
Amount of money Ravi needs = ₹ 12 – ₹ 8 = ₹ 4

Olympiad Test Level 2: Money - 1 - Question 9
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Which one of the following options has the equal value as given in the note?

Detailed Solution: Question 9

The note shown in the image is a ₹2000 note. To match the value of ₹2000:

  • Option A: 5 notes of ₹100 would equal ₹500, which is not correct.
  • Option B: 5 notes of ₹500 would equal ₹2500, which is not correct.
  • Option C: 20 notes of ₹100 would equal ₹2000, which matches the value of the ₹2000 note.

Therefore, the correct answer is C: 20 notes of ₹100.

Olympiad Test Level 2: Money - 1 - Question 10
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If 5 pairs of socks cost ₹1000, then how much would a single pair of socks cost?

Detailed Solution: Question 10

Given that 5 pairs of socks cost ₹1000,
To find the cost of a single pair:
₹1000 ÷ 5 = ₹200

Thus, the cost of a single pair of socks is ₹200. Therefore, the correct answer is B: ₹200.

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About this Class 1 Practice Test

This test contains 10 MCQs on Olympiad Test Level 2: Money - 1 with detailed solutions for each question. It is part of the Mathematics Olympiad for Class 1 course on EduRev, designed to align with the current Class 1 syllabus. Each solution explains not just the correct answer but also gives you an understanding of the topic — not just to attempt the question but also help you prepare for the exam with practice.

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