Profit and Loss Questions

FACTS  AND  FORMULAE  FOR  PROFIT  AND  LOSS  QUESTIONS

 

 

Selling Price (SP) : The price at which the shopkeeper sells the goods is called the selling price (SP) of the goods sold by the shopkeeper.

 

Profit : If the selling price of an article is more than its cost price, then the dealer (or shopkeeper) makes a profit (or gain)

i.e Profit = SP - CP;       SP > CP

 

Loss : If the selling price of an article is less than its cost price, then the dealer suffers a loss.

i.e loss = CP - SP;        CP > SP

 

IMPORTANT FORMULAE


1. Profit percentage = ProfitC.P×100

 

2. Loss percentage = LossC.P×100

 

3.S.P=100+Gain %100×C.P = 100-Loss%100×C.P

 

4. C.P=100100+Gain %×S.P = 100100-Loss %×S.P 

5. If an article is sold at a gain of say 35%, then SP = 135% of CP

6. If an article is sold at a loss of say 35%, then SP = 65% of CP

7. 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 %10 2=x102

 

8. If a trader Professes to sell his goods at cost price, but uses false weihts, then 

Gain % =ErrorTrue Value - Error×100%

Q:

When a discount of 20% is given on an African safari ticket, the profit is 43%. If the discount is 28%, then the profit is

A) 71 percent B) 113.3 percent
C) 13.6 percent D) 28.7 percent
 
Answer & Explanation Answer: D) 28.7 percent

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Q:

A wholesaler sells a watch to a retailer at a gain of 32% and the retailer sells it to a customer at a loss of 20%. If the customer pays Rs 1,953.6, what had it cost the wholesaler?

A) Rs 2063 B) Rs 2394
C) Rs 1850 D) Rs 1637
 
Answer & Explanation Answer: C) Rs 1850

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5 1659
Q:

A person bought pens at 25 for a rupee and sold at 15 for a rupee. What is his profit percentage?

A) 16 2/3 B) 33 1/3
C) 40 D) 66.6
 
Answer & Explanation Answer: D) 66.6

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4 1651
Q:

A merchant buys 25 litres of milk daily at the rate of Rs.12 per litre. He mixes 5 litres of water in it and sells at the rate Rs.10.40 per litre. His gain/loss is:

A) 8% profit B) 2% profit
C) 4% profit D) 6% profit
 
Answer & Explanation Answer: C) 4% profit

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2 1611
Q:

A man bought 500 metres of electronic wire at 50 paise per metre. He sold 50% of it at a profit of 5%. At what percent should he sell the remainder so as to gain 10% on the whole transaction?

A) 13% B) 12.5%
C) 15% D) 20%
 
Answer & Explanation Answer: A) 13%

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Q:

Selling price of a fan is Rs 4644. If profit percentage is 29%, then what is the cost price (in Rs) of fan?

A) 5900 B) 3500
C) 3800 D) 3600
 
Answer & Explanation Answer: D) 3600

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1 1591
Q:

Deepak found that he had made a loss of 10% while selling his smartphone. He also found that had he sold it for ` 50more, he would have made a profit of 5%. The initial loss was what percentage of the profit earned, had he sold the smartphone for a 5% profit ?

A) 100% B) 200%
C) 75% D) 85%
 
Answer & Explanation Answer: B) 200%

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Q:

If the selling price is tripled and cost price doubled the profit would become 65%. What is the present profit (in %)?

A) 20 B) 15
C) 25 D) 10
 
Answer & Explanation Answer: D) 10

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