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:

A man buys 3 type-I cakes and 6 type-II cakes for Rs. 900. He sells type-I cakes at a profit of 15% and type-II cakes at a loss of 10%. If his overall profit is Rs.30, the cost price (in Rs.) of a type-I and of a type-II cakes is

A) 100, 100 B) 160, 70
C) 180, 60 D) 120, 90
 
Answer & Explanation Answer: B) 160, 70

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Q:

If a merchant offers a discount of 10% on the list price, then she makes a loss of 25%. What % profit or % loss will she make if she sells at a discount of 20% of the list price?

A) 5 percent profit B) 33.33 percent loss
C) 90 percent profit D) 20 percent profit
 
Answer & Explanation Answer: B) 33.33 percent loss

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Q:

A trader had 630 kgs of rice. He sold a part of it at 15% profit and the rest at 8% profit, so that he made a total profit of 12%. How much rice (in kgs) did he sell at 8% profit?

A) 270 B) 300
C) 280 D) 290
 
Answer & Explanation Answer: A) 270

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Q:

When a discount of 20% is given on a sweater, the profit is 28%. If the discount is 14%, then the profit is

A) 42 percent B) 46.4 percent
C) 33.2 percent D) 37.6 percent
 
Answer & Explanation Answer: D) 37.6 percent

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Q:

A trader sells wire and gains 60% on the cost price. What will be the profit % on selling price?

A) 33.33 B) 40
C) 60 D) 37.5
 
Answer & Explanation Answer: D) 37.5

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Q:

An article is listed at Rs 2375. A man purchases it at two successive discounts of 50% and 25% and spends Rs 165 on repairing of article. If he sells thearticle at a profit of 62.5%, then what is the selling price (in Rs) of the article?

A) 1467.6 B) 1492.6
C) 1715.39 D) 1467.6
 
Answer & Explanation Answer: C) 1715.39

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Q:

A trader sells two items at the rate of Rs 400 each. If he gains 15% on one and losses 15% on other, then what is the value (in Rs) of loss ?

A) 18.41 B) 22.14
C) 20.25 D) 24.36
 
Answer & Explanation Answer: A) 18.41

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Q:

Mohit buys an old bicycle for Rs 2700 and spends Rs 500 on its repairs. If he sells the bicycle for Rs 3520, then what is his profit percentage?

A) 10 B) 12.5
C) 15 D) 20
 
Answer & Explanation Answer: A) 10

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