Problems on profit and loss Questions and Answers

Problems on profit and loss Formulas:

IMPORTANT Formulas:

Cost Price:

The price, at which an article is purchased, is called its cost price, abbreviated as C.P.

Selling Price:

The price, at which an article is sold, is called its selling prices, abbreviated as S.P.

Profit or Gain:

If S.P. is greater than C.P., the seller is said to have a profit or gain.

Loss:

If S.P. is less than C.P., the seller is said to have incurred a loss.

IMPORTANT FORMULAE

1. Gain = (S.P.) - (C.P.)
2. Loss = (C.P.) - (S.P.)
3. Loss or gain is always reckoned on C.P.
4. Gain Percentage: (Gain %)

Gain % =		Gain x 100
		C.P.

5. Loss Percentage: (Loss %)

Loss % =		Loss x 100
		C.P.

6. Selling Price: (S.P.)

SP =		(100 + Gain %)	x C.P
		100

7. Selling Price: (S.P.)

SP =		(100 - Loss %)	x C.P.
		100

8. Cost Price: (C.P.)

C.P. =		100	x S.P.
		(100 + Gain %)

9. Cost Price: (C.P.)

C.P. =		100	x S.P.
		(100 - Loss %)

10. If an article is sold at a gain of say 35%, then S.P. = 135% of C.P.
11. If an article is sold at a loss of say, 35% then S.P. = 65% of C.P.
12. When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss given by:

Loss % =		Common Loss and Gain %		2	=		x		2	.
		10					10

13. If a trader professes to sell his goods at cost price, but uses false weights, then

Gain % =		Error	x 100	%.
		(True Value) - (Error)

Problems on profit and loss Questions and Answers:

1).Jatin bought a refrigerator with 20% discount on the labeled price. Had he bought it with 25% discount, he would have saved Rs, 500. At what price did he buy the refrigerator?

1.  Rs 12,500
2.  10,000
3.  5000
4.  15,ooo

2).A man buys an article for 10% less than its value and sells it for 10% more than its value. His gain or loss percent is:

1. No profit, no loss
2. Less than 20% profit
3. 20% profit
4. More than 20% profit

3).Samant bought a microwave oven and paid 10% less than the original price. He sold it with 30% profit price he had paid. What percentage of profit did Samant earn on the original price?

1. a) 17%
2. b) 20%
3. c) 32%
4. d) 27%

4).If 5% more is gained by selling an article for Rs. 350 than by selling it for Rs. 340, the cost of the article is:

1. 50
2. 225
3. 200
4. 160

5).If a man reduces the selling price of a fan from Rs. 400 to Rs. 380, his loss increases by 2%. The cost price of the fan is:

1. 480
2. 600
3. 500
4. None of these

6).An article when sold at a gain of 5% yields Rs. 15 more than when sold at a loss of 5%. Its cost price would be:

1. 150
2. 200
3. 250
4. Rs 300

7).A shopkeeper sells an article at a loss of 12 1/2%. Had he sold it for Rs. 51.80 more, he would have earned a profit of 6%. The cost price of the article is:

1. 280
2. 380
3. 300
4. 400

8).The difference between the cost price and sale price of an article is Rs. 240. If the profit is 20%, the selling price is:

1.  1240
2.  1400
3.  1600
4.  None of these

9).A dealer sold an article at a loss of 2 1/2 %. Had he sold it for Rs. 100 more, he wouldhave gained 7 1/2 %. To gain 12 1/2 %, he should sell it for:

1) Rs. 850

2) 1080

3) Rs. 925

4) 1125

10).The cash difference between the selling prices of an article at a profit of 4% and 6% is Rs. 3. The ratio of the two selling prices is

1.  51 : 52
2.  52 : 53
3.  51 : 53
4.  52 : 55       

11).A shopkeeper sells two watches for Rs. 308 each. On one he gets 12% profit and on the other 12% loss. His profit or loss in the entire transaction was:

1. Neither profit, not loss
2. 1  11/25 % loss
3. 1  11/25 % profit
4. 3  2/25 % loss

12).A man sells two flats at the rate of Rs. 1,995 lakhs each. On one he gains 5% and on the other, he loses 5%. His gain or loss percentage in the whole transaction is:

1. 25% loss
2. 25% gain
3. 5 loss
4. 25% loss

13).A man sells two commodities for Rs. 4000 each, neither losing nor gaining in the deal. If he sold one commodity at a gain of 25%, the other commodity is sold at a loss of:

1. None of these
2. 16  2/3 %
3. 18  2/9 %
4. 25 %

14).A house and a shop were sold for RS. 1 lakh each. In this transaction, the house sale resulted into 20% loss whereas the shop sale resulted into 20% profit. The entire transaction resulted in

1. No loss, no gain
2. Loss of Rs 1/12 lakh
3. Loss of Rs  1/8 lakh
4. Gain of Rs 1/2 lakh

Problems on profit and loss Questions and Answers click here below:

15).Ranjan purchased 120 tables at a price of Rs. 110 per table. He sold 30 tables at profit of Rs. 12 per table and 75 tables at a profit of Rs. 14 per table. The remaining tables were sold at a loss of Rs. 7 per table. What is the average profit per tables

1.Rs. 12.80

2..Rs 10.875

3. .Rs 10.04

4..Rs 12.875

16).Hemant sold 10 sarees for a total profit of Rs. 460 and 12 sarees for a total profit of Rs. 144. At what profit per saree should he sell the remaining 20 sarees so that he gets an average profit of Rs. 18 per saree?

1.Rs. 7.80

2..Rs 7.60

3. .Rs 7.40

4..Rs 8.0

17).Sanket purchased 20 dozen notebooks at Rs. 48 per dozen. He sold 8 dozen at 10% profit and the remaining 12 dozen with 20% profit. What is his profit percentage in the transaction?

1. 19.2
2. 15
3. 16
4. 7.68

18).A trader purchases a watch and a wall clock for Rs. 390. He sells them making a profit of 10% on the watch and 15% on the wall clock. He earns a profit of Rs. 5250. The difference between the original prices of the wall clock and the watch is equal to:

1) Rs. 100 2) Rs. 80 3) Rs. 110 4) Rs. 120

19).If a company sells a car with a market price of Rs. 2, 72,000 and gives a discount of 4% on Rs. 2, 00,000 and 2.5% on the labeled price. If the labeled price charged by the company for the car is:

1.  2, 60,100
2.  2, 55,000
3. 2, 50,000
4.  2, 62, 200

20).A discount of 15% on one article is the same as a discount of 20% on another article. The cost of the two articles can be:

1. 60,  40
2.  60, 40
3.  80, 60
4. 40, 20

See Also:Problems on Percentages Questions and Answers

1). 2  2). 4  3). 1  4). 3  5). 4  6). 1  7). 1  8). 4  9). 4    10). 2

11).2   12).1   13).1  14).2  15).2 16).2   17).3    18).3 19).4 20).3

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