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 grocer had 1600 kgs of wheat. He sold a part of it at 20% profit and the rest at 12% profit, so that he made a total profit of 17%. How much wheat (in kg) did he sell at 20% profit?

A) 600 B) 1000
C) 800 D) 1200
 
Answer & Explanation Answer: B) 1000

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Q:

Raj purchased two laptops, first for Rs 42500 and the second for Rs 36200. He sold first laptop at a profit of 12% and the second laptop at a loss of 12%.What is the overall profit or loss?

A) Rs 756 profit B) Rs 756 loss
C) Rs 1512 profit D) Rs 1512 loss
 
Answer & Explanation Answer: A) Rs 756 profit

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2 1804
Q:

The marked price is 10% higher than the cost price . A discount of 10% is given to the marked price . In this kind of sale the seller

A) bears no gain , no loss B) gains
C) loses 1% D) None of these
 
Answer & Explanation Answer: C) loses 1%

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Q:

The shopkeepers announce the same price of Rs. 700 for a sewing machine. The first offers successive discounts of 30% and 6% while the second offers successive discounts of 20% and 16%. The difference in their selling price is

A) Rs. 9.8 B) Rs. 16.8
C) Rs. 22.4 D) Rs. 36.4
 
Answer & Explanation Answer: A) Rs. 9.8

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1 1795
Q:

A wholesaler sells a watch to a retailer at a gain of 35% and the retailer sells it to a customer at a loss of 25%. If the customer pays Rs 2379.375, what had it cost the wholesaler?

A) Rs 2350 B) Rs 2409
C) Rs 2928 D) Rs 2291
 
Answer & Explanation Answer: A) Rs 2350

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2 1794
Q:

A trader had 12 quintals of wheat. He sold a part of it at 13% profit and the rest at 23% profit, so that he made a total profit of 17 %. How much wheat did he sell at 23% profit?

A) 720 kg B) 240 kg
C) 480 kg D) 960 kg
 
Answer & Explanation Answer: C) 480 kg

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Q:

Profit of Rs 104000 has to be divided among three partners Ashok, Bimla and Chirag in the ratio 6:4:3. How much does Chirag get?

A) 24000 B) 32000
C) 48000 D) 12000
 
Answer & Explanation Answer: A) 24000

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1 1785
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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