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 vendor buys pens at the rate of 4 for Rs 5 and sells at the rate of 4 for Rs 3. What will be the result?

A) 40 percent gain B) 66.6 percent loss
C) 66.66 percent gain D) 40 percent loss
 
Answer & Explanation Answer: D) 40 percent loss

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Q:

If the rice is sold at Rs 56 per kg, there would be a 40% loss. To earn a profit of 20% what should be the price of rice (per kg)?

A) 112 B) 108
C) 116 D) 124
 
Answer & Explanation Answer: A) 112

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Q:

A shopkeeper purchased 510 eggs at the rate of Rs. 20 per dozen. 30 eggs were broken on the way. In order to make a gain of 20%, he must sell the remaining eggs at the rate of

A) Rs. 22.50 per dozen B) Rs. 25.50 per dozen
C) Rs. 26 per dozen D) Rs. 26.50 per dozen
 
Answer & Explanation Answer: B) Rs. 25.50 per dozen

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Q:

A shopkeeper by selling 21 items earns a profit equal to the selling price of 1 item. What is his profit percentage?

A) 5.5 B) 2.2
C) 2 D) 5
 
Answer & Explanation Answer: D) 5

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Q:

When a discount of 20% is given on a monthly train pass, the profit is 44%. If the discount is 29%, then the profit is _____.

A) 73 percent B) 118.2 percent
C) 17.4 percent D) 27.8 percent
 
Answer & Explanation Answer: D) 27.8 percent

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Q:

A wholesaler sold a water purifier at a loss of 40%. If the selling price has been increased by Rs. 125, then wholesaler will get the profit of 10%. What was the cost price of the purifier?

A) Rs. 250 B) Rs. 225
C) Rs. 275 D) Rs. 300
 
Answer & Explanation Answer: B) Rs. 225

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Q:

A person sells wheat at a profit of 30%. If he reduces its selling price by Rs 60, then he suffers a loss of 10%. What was the initial selling price (in Rs)of the wheat?

 

A) 195 B) 210
C) 180 D) 130
 
Answer & Explanation Answer: A) 195

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Q:

A shopkeeper buys a product of Rs 150 per Kg. 15% of product was damaged. At what price (per Kg) should he sell the remaining so as to earn a profit of 20%?

A) Rs. 207 B) Rs. 207 11/180
C) Rs. 211 13/17 D) Rs. 204 7/13
 
Answer & Explanation Answer: C) Rs. 211 13/17

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