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:

Mr. Akbar sold a bus for Rs.20,400 with a loss of 15%. At what price should the price should the bus be sold to get a profit of 15%?

A) Rs.27,400 B) Rs.27,300
C) Rs.27,500 D) Rs.27,600
 
Answer & Explanation Answer: D) Rs.27,600

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Q:

Qamar gained 16% on the resale of a used stereo. If he purchased the item for Rs. 1500, how much did he sell it for?

A) Rs. 1740 B) Rs. 1660
C) Rs. 1600 D) Rs. 1820
 
Answer & Explanation Answer: A) Rs. 1740

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Q:

If the selling price of an article is doubled, then its loss percentage gets converted into the equal profit percentage. What is the loss percentage?

 

A) 16.66   B) 50
C) 33.33   D) 37.5
 
Answer & Explanation Answer: C) 33.33  

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Q:

A sells vegetables at a profit of 35% and for weighing uses a weight which is 10% less than the article weight. What is total profit percentage?

 

A) 50 B) 35
C) 45 D) 55
 
Answer & Explanation Answer: A) 50

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Q:

Dinesh purchases 10 dozens of apples at the rate of Rs 180 per dozen. He sold each one of them at the rate of Rs 19.5. What is the profit (in percentage) of Dinesh?

 

A) 30 B) 15
C) 18 D) 25
 
Answer & Explanation Answer: A) 30

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Q:

Yaman sold an item at a loss of 10%. If he had sold it for Rs.57 more, he would have made a profit of 20%. What should be the selling price of the item to make a profit of 30%?

A) Rs.247 B) Rs.190
C) Rs.228 D) Rs.222.30
 
Answer & Explanation Answer: A) Rs.247

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Q:

Neeraj purchased a few shirts for his shop at cost prices ranging from Rs. 400 to Rs. 550 and sold at prices ranging from Rs. 450 to Rs. 650. What is the maximum profit that might be made in selling 10 shirts?

A) Rs. 2800 B) Rs. 2500
C) Rs. 2400 D) Rs. 2000
 
Answer & Explanation Answer: B) Rs. 2500

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Q:

A person bought an item for Rs. 1500 and sold it at a profit of 12%. What was the selling price of the item?

A) Rs. 1800 B) Rs. 1620
C) Rs. 1662 D) Rs. 1680
 
Answer & Explanation Answer: D) Rs. 1680

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