This was definitely a tricky question.
My initial thought was to find the area of rectangle and circle and divide them.
Giving me an answer of 8 times.

But I realised that the question is asking for how many times we can cut a circle from a rectangular piece of paper.

I believe this approach is the correct answer rather than dividing the two areas. Try this exact question using real paper and scissors, you should be able to understand how to tackle this question easier.

I have tried including diagrams to hopefully explain the thought process better.