46/48 expressed as a percentage is 95.83%. This tells you that the fraction is just a little short of a whole 100%.
The fraction 46/48 can be simplified to 23/24, which is a very high proportion of a whole. Since 24 is only a little larger than 23, the result is close to 1, or 100 % when viewed as a percentage.
In everyday situations, you might see 95.83% used to describe a score, a completion rate, or any measurement where something is almost finished but not quite perfect. Rounding to two decimal places keeps the figure clear and easy to read without overwhelming detail.