Question

16. Jerome is a co-owner of a small company and received 1/3 of the company’s profits this year. What were the company’s overall profits if Jerome made $150,000? Write an equation and solve

Answer 1

Remark
The trick to this question is realizing what you took 1/3 of. Did you take it of the 150000 or is it 1/3 of some total you have to find. I don't think you could come up with a third choice. 

It turns out that the answer is 1/3 of a number you don't know.

Equation
(1/3) x = 150000 Multiply both sides by 3
3*(1/3) x = 150000 * 3
x = 150000 * 3
x = 450000

Conclusion
The amount the company makes is 450000 dollars / year.