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 Profit and Loss Questions

Popular Latest Rated Important Formulae

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:

If a trader sold two cars each at Rs. 325475 and gains 12% on the first and loses 12% on the second, then his profit or loss percent on the whole is ?

A) 1.44% loss B) 14.4% loss
C) 0% D) 14.4% profit
 
Answer & Explanation Answer: A) 1.44% loss

Explanation:

SP of each car is Rs. 325475, he gains 12% on first car and losses 12% on second car.
In this case, there will be loss and percentage of loss is given by

= [(profit%)(loss%)]/100 = (12)(12)/100 % = 1.44%

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2 7208
Q:

Every year before the festive season, a brand store increases the price of the product by 42% and then introduce two successive discount of 10% and 11% respectively. What is percentage loss and percentage gain ?

A) 3.25% loss B) 13.742% loss
C) 3.25% gain D) 13.742% gain
 
Answer & Explanation Answer: D) 13.742% gain

Explanation:

Let CP = 100,
42 % increase => SP = 142
10 % discount in SP => ((142 x 10)/100) = 14.2
So 1st SP = (142 - 14.2) = 127.8, again 12 % discount in 1st SP ((127.8 x 11)/100) = 14.058
2nd SP = (127.8 - 14.058) = 113.742,
So finally CP = 100, SP = 113.742, => gain = 13.742%.

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11 6666
Q:

The price of an article has been reduced by 35%. In order to restore the original price the new price must be increased by ?

A) 51.8 % B) 49.25 %
C) 47.2 % D) 53.84 %
 
Answer & Explanation Answer: D) 53.84 %

Explanation:

100
65
-------
65 ------- 35
100 ------ ? => 53.84 %

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6 6567
Q:

A dishonest shopkeeper professes to sell his groceries at his cost price but uses a false weight of 900 grams for each kilogram. Find his gain percentage.

A) 91/9 % B) 100/9%
C) 100/11 % D) 95/9%
 
Answer & Explanation Answer: B) 100/9%

Explanation:

Shopkeeper sells at CP using weight of 900 gm instead of1 kg

So, 1000gm –900 gm = 100gm

⇒100/900 X 100

⇒100/9 %

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5 6434
Q:

Mahesh bought 100 kg of rice for Rs. 1040 and sold it at a loss of as much money as he received for 30 kg rice. At what price did he sell the rice?

A) Rs. 7.46/kg B) Rs. 8/kg
C) Rs. 8.74/kg D) Rs. 8.56/kg
 
Answer & Explanation Answer: B) Rs. 8/kg

Explanation:

Let the selling price of the rice = Rs.P/kg

Now, according to the question,

1040 - 100p = 30p

=> p = 8/kg

 

Hence, the selling price of the rice = Rs. 8/kg

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16 6013
Q:

Raju sold an article by giving a discount of 8% for Rs. 17,940 and earn profit of 19.6 %. If he did not give discount then how much profit percentage he gets ?

A) 27% B) 30%
C) 32% D) 25%
 
Answer & Explanation Answer: B) 30%

Explanation:
Let the M.R.P of an article be 100 %
 
Selling price of article =Rs. 17940
 
If he give a discount of 8 % then S.P = 92 %
92 % = 17490
100 % = 19500
 
Now C.P of the article is 
 
17490 x 100/119.6 = 15000
 
If he did not give the discount, then 
 
Required profit percentage = 
 
SSC Quiz : Quantitative Aptitude | 03 - 08 - 17
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15 5932
Q:

If books bought at prices ranging from Rs 200 to Rs 350 are sold at prices ranging from Rs 300 to Rs 425, what is the greatest possibleprofit that might be made in selling eight books.

A) 800 B) 1200
C) 1600 D) 1800
 
Answer & Explanation Answer: D) 1800

Explanation:

least cost price      = 200*8 = 1600
greatest sold price = 425 * 8 = 3400
profit required = 3400- 1600 = 1800

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8 5602
Q:

If the labour cost 20% of the cost of production and raw material cost 10% of the cost of production and the price on which article is sold is 20% above the cost of production. If the price of labour is increased by 40% and the price of raw material increased by 20% and rest other expenditure of cost remain constant. The industry thus decide to increase the selling price by 10%. Find the new profit percent  ?

A) 18% B) 20%
C) 22% D) 24%
 
Answer & Explanation Answer: B) 20%

Explanation:

Let the Cost of Production of the article = 100

Then, Labour Cost = 20

Raw Material = 10

Other Expenditure = 100 - 10 – 20 = 70

Selling Price of the article  = 120

After increasing Labour and Raw material cost by 40% & 20% respectively,

New Labour cost = 28

New Raw material cost = 12

New Cost of Production = 70 + 28 + 12 = 110

Then, New SP = 110% of 120 = 120 x 110/100 = 132

=> New Gain = 132 - 110 = 22

=> New Profit % = 22 x 100/110 = 20%

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12 5537