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:

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:

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:

By selling a bag at Rs. 230, profit of 15% is made. The selling price of the bag, when it is sold at 20% profit would be

A) Rs.250 B) Rs.205
C) Rs.240 D) Rs.200
 
Answer & Explanation Answer: C) Rs.240

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Q:

A vendor buys chikoos at 15 for Rs 8 and then sells at 10 for Rs 6. What will be the result?

A) 12.5 percent loss B) 11.11 percent gain
C) 12.5 percent gain D) 11.1 percent loss
 
Answer & Explanation Answer: C) 12.5 percent gain

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Q:

At a village trade fair a man buys a horse and a camel together for Rs 51,250. He sold the horse at a profit of 25 % and the camel at a loss of 20 %. If he sold both the animals at the same price, then the cost price of the cheaper animal was Rs ____________.

A) 6600 B) 7500
C) 25000 D) 20000
 
Answer & Explanation Answer: D) 20000

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Q:

A wholesaler sells a watch to a retailer at a profit of 8% and the retailer sells it to a customer at a profit of 12%. If the customer pays Rs. 8,448 what had it cost (approximately) to the wholesaler (in Rs)?

A) 6984 B) 6082
C) 7120 D) 7022
 
Answer & Explanation Answer: A) 6984

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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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Q:

If a merchant offers a discount of 30% on the list price, then he makes a loss of 16%. What % profit or % loss will he make if he sells at a discount of 20% of the list price?

A) 14 percent profit B) 4 percent loss
C) 26 percent profit D) 8 percent profit
 
Answer & Explanation Answer: B) 4 percent loss

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