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:

X, Y and Z are partners in a company. In one year X receives 1/4 part of profit, Y receives 1/5 part of profit and Z receives Rs 22000. How much amount (in Rs) will X get as profit?

 

A) 10000 B) 12000
C) 15000 D) 18000
 
Answer & Explanation Answer: A) 10000

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Q:

The marked price of a pencil is 35% more than its cost price. What maximum discount percentage can be offered by the shopkeeper to sell his pencil at no profit or no loss?

 

 

A) 34.24   B) 44.44  
C) 25.92   D) 18.18
 
Answer & Explanation Answer: C) 25.92  

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Q:

A vendor buys bananas at 4 for Rs 3 and sells at 3 for Rs 4. What will be the result?

A) 43.75% profit B) 77.7% loss
C) 77.7% profit D) 43.75% loss
 
Answer & Explanation Answer: C) 77.7% profit

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Q:

To dispose of the old stocks, a person sold a tea-set for Rs. 3420, which was 43% below the cost price. In order to make a profit of 10% the seller should have sold the set for Rs. ___ more.

A) Rs. 3180 B) Rs. 2580
C) Rs. 1812.60 D) Rs. 2664.42
 
Answer & Explanation Answer: A) Rs. 3180

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Q:

A and B invest Rs. 3000 and Rs. 2400 respectively in a business. If after one year there is a loss of Rs. 720, how much loss will B bear? (Loss or Profit is in proportion to their investments)

A) Rs. 72 B) Rs. 320
C) Rs..400 D) Rs. 360
 
Answer & Explanation Answer: B) Rs. 320

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Q:

Profit of Rs 728000 has to be divided among three partners Amir, Balaraj and Charan in the ratio 7:5:4. How much share (in Rs) does Charan get?

A) 227500 B) 318500
C) 91000 D) 182000
 
Answer & Explanation Answer: D) 182000

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Q:

A book seller allowed 10% discount on printed price. He gets 30% commission from publisher. His profit in percent will be

A) 20 B) 28 4/7
C) 25 D) 26 3/7
 
Answer & Explanation Answer: B) 28 4/7

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Q:

By what fraction selling price (S.P.) must be multiplied to get the cost price (C.P.) if the loss is 20% ?

A) 4/5 B) 8/5
C) 5/4 D) 6/5
 
Answer & Explanation Answer: C) 5/4

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