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 a pizza, the profit is 32%. If the discount is 18%, then the profit is

A) 50 percent B) 64.7 percent
C) 35.3 percent D) 20.6 percent
 
Answer & Explanation Answer: C) 35.3 percent

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Q:

A trader had 960 kgs of rice. He sold a part of it at 20% 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) 460 B) 560
C) 540 D) 640
 
Answer & Explanation Answer: D) 640

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Q:

Two shirts are bought at the rate of Rs 400 each. Shopkeeper sells one at the profit of 150% and other at the loss of 150%. What will be the total profit or loss in the whole transaction?

A) Loss of Rs 50 B) No profit/loss
C) Profit of Rs 25 D) Loss of Rs 150
 
Answer & Explanation Answer: B) No profit/loss

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Q:

Price of a diamond is directly proportional to square of its weight. A man broke the diamond accidently in three pieces in the ratio of 3 : 5 : 7 and thus loses Rs 42600. What was the original price (in Rs) of the diamond?

A) 11786 B) 60000
C) 67500 D) 75000
 
Answer & Explanation Answer: C) 67500

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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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Q:

Mr. Kiran sold a bus for Rs. 18700 at a loss of 15%. At what price should the bus be sold to get a profit of 15%?

A) Rs. 25523 B) Rs. 25522
C) Rs. 25300 D) Rs. 25521
 
Answer & Explanation Answer: C) Rs. 25300

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Q:

If the selling price of 40 articles is equal to the cost price of 50 articles, the loss or gain percent is

A) 25% gain B) 20% gain
C) 25% loss D) 20% loss
 
Answer & Explanation Answer: A) 25% gain

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