Profit and Loss Questions and Answers

Q1 :

A shopkeeper buys a tin for Rs. 50 and sells it for Rs. 46. Find his loss or gain percent.

A

4% gain

B

4% loss

C

8% gain

D

8% loss

Check Answer

Right Answer: D

8% loss

Description:

$= frac{4 times 100}{50} = 8%$

Q2 :

What is the cost of coco when an additional profit of $2frac{1}{2}%$ raises the prices by 9 p. per kg?

A

Rs. 3.20

B

Rs. 3.60

C

Rs. 3.45

D

Rs. 3.65

Check Answer

Right Answer: B

Rs. 3.60

Description:

$2frac{1}{2}%$ of C.P. = 9 P

C.P. = Rs. 3.60

Q3 :

A man buys an article of Rs. 80 and marks it at Rs. 120. He then allows a discount of 40%. What is the percentage of loss or gain?

A

12% loss

B

12% gain

C

10% loss

D

10% gain

Check Answer

Right Answer: C

10% loss

Description:

S.P. of the article = 60% of Rs. 120 = Rs. 72

Difference = Rs. 80 - Rs. 72 = 8

$therefore text{ Loss } % = frac{8}{80} times 100 = 10%$

Q4 :

What profit percent is made by selling an article at a certain price, if by selling it at half price there would be a loss at the rate of $12 frac{1}{2}%$ ?

A

50%

B

40%

C

75%

D

29%

Check Answer

Right Answer: C

75%

Description:

$= frac{1}{2} text{ S.P.} = 87frac{1}{2}% text{ C.P.}$

$therefore text{ S.P. } = 2 times 87frac{1}{2}% text{ C.P. } = 175% text{ C.P.}$

$therefore$ Article should sold at 75% profit

Q5 :

A person sold an article for Rs. 230 and incurred a loss of 8%. In order to earn a profit of 8%, he should sell it for

A

Rs. 238

B

Rs. 248

C

Rs. 254

D

Rs. 270

Check Answer

Right Answer: D

Rs. 270

Description:

$text{C.P. } = frac{230 times 100}{92} = 250$
For 8% profit, S.P. = 250 + 8% of 250 = 270

Q6 :

An article is sold for ₹700, yielding a certain profit. If the same article is sold for ₹500 instead, the seller faces a loss equal to 60% (three-fifths) of the earlier profit. What is the cost price of the article?

A

Rs. 575

B

Rs. 600

C

Rs. 650

D

Rs. 625

Check Answer

Right Answer: A

Rs. 575

Description:

Let c.p. be Rs. $x$ and profit be $y$ by question

$700 - x = y$

$500 - x = frac{3}{5}y$

by solving we get $x = text{ Rs. } 575/-$

Q7 :

A man bought Rs. 5000 stock at 95 and sold it when its price rose to $98frac{1}{2}$ . Find his gain:

A

Rs. 165

B

Rs. 157

C

Rs. 175

D

Rs. 180

Check Answer

Q8 :

A retailer buys 20 pens for Rs. 40 and sells it at the rate Rs. 40 for 15 pens. What is the profit margin?

A

100%

B

50%

C

33%

D

25%

Check Answer

Right Answer: C

33%

Description:

Cost price of 20 pens = Rs. 40

$therefore$ Cost of one pen $= frac{40}{20} = 2$

So, Cost of 15 pens $= 2 times 15 = 30$

and Saling price of 15 pen = 40

Profit = 40 - 30 = 10

$∴$ Profile margin $= frac{10}{30} times 100$

= 33%

Q9 :

Ram started a shop after investing ₹ 30,000. After two months Shyam invested ₹ 45,000 in the shop and became a partner. After the end of year, there was the profit of ₹ 54,000. What was the profit of Ram ?

A

₹ 24,000

B

₹ 30,000

C

₹ 36,000

D

None of the Above

Check Answer

Right Answer: A

₹ 24,000

Description:

Ratio of dividation of profit between Ram & Shyam
$begin{aligned} & text{Ram} hspace{1.5cm} text{Shyam} & 30times12 hspace{1.1cm} 45times 10 & 12 hspace{1.9cm} 15 & 4 hspace{1cm} : hspace{0.8cm} 5 end{aligned}$
Total profit = 54000
Profit of Ram $= 54000 times frac{4}{9} = 24000$

Q10 :

By selling a watch for Rs. 132 a trademan got two successive profits of 10% and 20%, then the resultant profit percentage is

A

22%

B

30%

C

32%

D

34%

Check Answer

Right Answer: C

32%

Description:

Given, the successive profits are 10%, 20%.
So, resultant profit percentage $= bigg(10 + 20 + dfrac{20 times 10}{100} bigg)%$
= 32%

Q11 :

Amit Kumar sold two scooters for Rs. 24,000 each. He made a 20% profit on the first scooter and incurred a 15% loss on the second. What is his overall profit or loss percentage in the transaction?

A

$text{loss } dfrac{20}{41} %$

B

$text{gain } dfrac{20}{41} %$

C

$text{loss } dfrac{32}{73} %$

D

$text{gain } dfrac{32}{73} %$

Check Answer

Right Answer: A

$text{loss } dfrac{20}{41} %$

Description:

Here, $x$ = 20 and $y$ = −15

$therefore$ Overall gain/loss %

$begin{aligned} &= bigg[dfrac{100(x + y) + 2xy}{(100+x) + (100+y)} bigg] % ~ &= bigg[dfrac{100(20 - 15) + 2 times 20 times -15}{(100+20) + (100-15)} bigg] % ~ &=dfrac{-100}{205}% = =dfrac{-20}{41}% end{aligned}$

Which represents loss.

Q12 :

Ajay purchased two boxes for a total of Rs. 1300. He sold one at a 20% profit and the other at a 12% loss. If both boxes were sold for the same price, what was the cost price of each box?

A

Rs. 700 and Rs. 500

B

Rs. 750 and Rs. 550

C

Rs. 800 and Rs. 600

D

None of these

Check Answer

Right Answer: B

Rs. 750 and Rs. 550

Description:

Given, cost of two boxes $S$ = Rs. 1300,
profit on first box $R$ = 20%
and loss on second box $r$ = 12%

Cost price of box sold at loss
$begin{aligned} &= frac{1300 times (100+20)}{(100-12) + (100+20)} ~ &= frac{1300 times 120}{88+120} = text{Rs. } 750 end{aligned}$

Cost price of box sold at gain
$begin{aligned} &= frac{1300 times (100-12)}{(100-12) + (100+20)} ~ &= frac{1300 times 88}{88+120} = text{Rs. } 550 end{aligned}$

Q13 :

A dishonest dealer sell his goods at cost price, but he uses a weight of 960 gm for the kg weight, then the percentage of gain is

A

$2frac{1}{3}%$

B

$4frac{1}{6}%$

C

$6frac{1}{9}%$

D

$3frac{1}{2}%$

Check Answer

Right Answer: B

$4frac{1}{6}%$

Description:

$begin{aligned} text{Gain } % &= frac{text{true weight} - text{ false weight }}{text{ false weight}} times 100 \~\ &= frac{1000-960}{960} times 100 \~\ &= frac{40}{960} times = 4frac{1}{6}% end{aligned}$

Q14 :

A dealer marks his goods 20% above the cost price and offers a 10% discount. What is his profit percentage?

A

2%

B

4%

C

6%

D

8%

Check Answer

Right Answer: D

8%

Description:

Given, $x$ = 20% and $y$ = 10%
Profit/Loss percentage
$begin{aligned} &= bigg(x - y - frac{xy}{100} bigg)% &= bigg(20 - 10 - frac{20 times 10}{100}bigg)% = 8% end{aligned}$

Hence, positive sign shows profit i.e. profit of 8%.

Q15 :

A single discount which is equivalent to two successive discounts of 20% and 5% is

A

20%

B

22%

C

24%

D

25%

Check Answer

Right Answer: C

24%

Description:

Given, $r_1 = 20%, r_2 = 5%$

$therefore$ Single discount equivalent to two successive discount 20% and 5%

$begin{aligned} &= bigg[1 -bigg(1 - dfrac{20}{100} bigg) bigg(1 - dfrac{5}{100} bigg) bigg]times 100% \~\ &= bigg(1 - dfrac{4}{5} times dfrac{19}{20} bigg) times 100% \~\ &= bigg(1 - dfrac{19}{25} bigg) times 100% \~\ &= dfrac{6}{25} times 100% = 24% end{aligned}$

Profit and Loss Questions Answers