How Do We Translate Elohim?

When the text says that the lord has made man a little less than god, it uses the word elohem. The translators of the r s v took elohim as a reference to the true god - which is its most common meaning. When the hebrew bible was being translated into greek in the century or two before christ, the septuagent translators looked at elohem in this passage and said, that's a reference to angels. And so they used the word ange loose, translating it to say that the lord made man little lower than the angels.