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:

Dipali bought a set of cups for Rs. 375, but then had to sell it later to clear old stocks for Rs. 345. What is the percentage of loss that she incurred?

A) 14 B) 7
C) 16 D) 8
 
Answer & Explanation Answer: D) 8

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Q:

A shopkeeper by selling 13 Titan watches, earns a profit equal to the selling price of 3 Titan watches. His profit percentage is

A) 30 percent B) 23.0 percent
C) 46 percent D) 16 percent
 
Answer & Explanation Answer: A) 30 percent

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Q:

By selling an item for Rs. 696 Unnati incurred a loss of 13%. By how much should she have raised the price to gain a profit of 10%?

A) Rs. 160.08 B) Rs. 104
C) Rs. 84 D) Rs. 184
 
Answer & Explanation Answer: D) Rs. 184

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Q:

The selling price of an item inclusive of a 10% profit was Rs.440. What would be the percentage loss if the item was sold for Rs. 370?

A) 7.5 B) 8
C) 6.25 D) 8.4
 
Answer & Explanation Answer: A) 7.5

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Q:

The total cost of a stove with cooker was Rs 13,125. The cooker was sold at a profit of 30% and the stove at a loss of 20%. If the sale price was the same in both the items, then the cost price of the cheaper item was

A) Rs 8125 B) Rs 5000
C) Rs 6562.5 D) Rs 6175
 
Answer & Explanation Answer: B) Rs 5000

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Q:

A trader buys 500 kgs of cotton for Rs 9,000. 10% of this cotton is spoiled due to rain. At what rate (Rs/Kg) should he sell the rest to earn 10% profit?

A) 25 B) 30
C) 22 D) 20
 
Answer & Explanation Answer: C) 22

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Q:

A retailer gets a discount of 40% on the printed price of an article. The retailer sells it at the printed price. His gain percent is

A) 40 B) 55
C) 66 2/3 D) 75
 
Answer & Explanation Answer: C) 66 2/3

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Q:

Deepak marks the price of his table 60% above the cost price. He gives some discount on it and earns profit of 15.2%. What is the discount percentage?

A) 36.4 B) 28
C) 44.8 D) 38.9
 
Answer & Explanation Answer: B) 28

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