A web-based tool in Microsoft 365 that enables users to quickly create surveys, quizzes, polls, and feedback forms.
Microsoft Forms is not calculating that 23% as 93 ÷ 204. Because your question allows respondents to select up to three answers, Forms is calculating the percentage based on the total number of selections/responses to that question, rather than the total number of respondents.
In your example, there were 204 respondents, but if respondents could select up to three options, there could be considerably more than 204 total selections. If there were approximately 404 total selections, Forms would calculate:
93 ÷ 404 × 100 = 23.0%
That is why the percentages you see do not add up to 100% in the way you expected.
If you want the percentage of respondents who selected each option, your calculation is exactly what you thought it should be:
Percentage = Number of respondents selecting the option ÷ Total respondents × 100
For Option 1:
93 ÷ 204 × 100 = 45.59%
So you would report that as 45.6% (or 46% rounded) of respondents selected Option 1.
The important distinction is "percentage of all selections" versus "percentage of respondents." For a question allowing multiple selections, the Microsoft Forms percentage is based on the former.
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hth
Marcin