Profit and Loss Questions 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

View Answer
Correct Answer: D

8% loss

Description:

=4×10050=8%= frac{4 times 100}{50} = 8%

Q2 :

What is the cost of coco when an additional profit of 212%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

View Answer
Correct Answer: B

Rs. 3.60

Description:

212%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

View Answer
Correct Answer: C

10% loss

Description:

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

Difference = Rs. 80 - Rs. 72 = 8

∴ Loss %=880×100=10%therefore text{ Loss } % = frac{8}{80} times 100 = 10%

Q4 :

5 mangoes and 4 oranges cost as much as 3 mangoes and 7 oranges. The ratio of cost of one mango to the cost of one orange is

A
  

2 : 3

B
  

3 : 2

C
  

1 : 3

D
  

4 : 3

View Answer
Correct Answer: B

3 : 2

Description:

5 mangoes + 4 oranges = 3 mangoes +  7 oranges

⇒Rightarrow 2 mangoes = 3 oranges ⇒Rightarrow 3 : 2

Q5 :

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 1212%12 frac{1}{2}% ?

A
  

50%

B
  

40%

C
  

75%

D
  

29%

View Answer
Correct Answer: C

75%

Description:

=12 S.P.=8712% C.P.= frac{1}{2} text{ S.P.} = 87frac{1}{2}% text{ C.P.}

∴ S.P. =2×8712% C.P. =175% 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

Q6 :

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

View Answer
Correct Answer: D

Rs. 270

Description:

C.P. =230×10092=250text{C.P. } = frac{230 times 100}{92} = 250
For 8% profit, S.P. = 250 + 8% of 250 = 270

Q7 :

A man sells an item for Rs. 700 and makes some profit. If he sells it for Rs. 500 his loss is 35frac{3}{5} of the earlier profit. The cost price of the item is

A
  

Rs. 575

B
  

Rs. 600

C
  

Rs. 650

D
  

Rs. 625

View Answer
Correct Answer: A

Rs. 575

Description:

Let c.p. be Rs. xx and profit be yy by question

700−x=y700 - x = y

500−x=35y500 - x = frac{3}{5}y

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

Q8 :

A man bought Rs. 5000 stock at 95 and sold it when its price rose to 981298frac{1}{2}. Find his gain:

A
  

Rs. 165

B
  

Rs. 157

C
  

Rs. 175

D
  

Rs. 180

View Answer
Correct Answer: C

Rs. 175

No Description
Q9 :

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%

View Answer
Correct Answer: C

33%

Description:

Cost price of 20 pens = Rs. 40

∴therefore Cost of one pen =4020=2= frac{40}{20} = 2

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

and Saling price of 15 pen = 40

Profit = 40 - 30 = 10

Profile margin =1030×100= frac{10}{30} times 100

= 33%

Q10 :

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

View Answer
Correct Answer: A

₹ 24,000

Description:

Ratio of dividation of profit between Ram & Shyam
RamShyam 30×1245×10 1215 4:5begin{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 =54000×49=24000= 54000 times frac{4}{9} = 24000

Q11 :

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%

View Answer
Correct Answer: C

32%

Description:

Given, the successive profits are 10%, 20%.
So, resultant profit percentage =(10+20+20×10100)%= bigg(10 + 20 + dfrac{20 times 10}{100} bigg)%
= 32%

Q12 :

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
  

loss 2041%text{loss } dfrac{20}{41} %

B
  

gain 2041%text{gain } dfrac{20}{41} %

C
  

loss 3273%text{loss } dfrac{32}{73} %

D
  

gain 3273%text{gain } dfrac{32}{73} %

View Answer
Correct Answer: A

loss 2041%text{loss } dfrac{20}{41} %

Description:

Here, xx = 20 and yy = −15

∴therefore Overall gain/loss %

=[100(x+y)+2xy(100+x)+(100+y)]% =[100(20−15)+2×20×−15(100+20)+(100−15)]% =−100205%==−2041%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.

Q13 :

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

View Answer
Correct Answer: B

Rs. 750 and Rs. 550

Description:

Given, cost of two boxes SS = Rs. 1300,
profit on first box RR = 20%
and loss on second box rr = 12%

Cost price of box sold at loss
=1300×(100+20)(100−12)+(100+20) =1300×12088+120=Rs. 750begin{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
=1300×(100−12)(100−12)+(100+20) =1300×8888+120=Rs. 550begin{aligned} &= frac{1300 times (100-12)}{(100-12) + (100+20)} ~ &= frac{1300 times 88}{88+120} = text{Rs. } 550 end{aligned}

Q14 :

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
  

213%2frac{1}{3}%

B
  

416%4frac{1}{6}%

C
  

619%6frac{1}{9}%

D
  

312%3frac{1}{2}%

View Answer
Correct Answer: B

416%4frac{1}{6}%

Description:

Gain %=true weight− false weight  false weight×100 =1000−960960×100 =40960×=416%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}

Q15 :

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%

View Answer
Correct Answer: D

8%

Description:

Given, xx= 20% and yy = 10%
Profit/Loss percentage
=(x−y−xy100)%=(20−10−20×10100)%=8%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%.

Q16 :

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

A
  

20%

B
  

22%

C
  

24%

D
  

25%

View Answer
Correct Answer: C

24%

Description:

Given, r1=20%,r2=5%r_1 = 20%, r_2 = 5%

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

=[1−(1−20100)(1−5100)]×100% =(1−45×1920)×100% =(1−1925)×100% =625×100%=24%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}