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 shopkeeper sells a table at a discount of 20% and earns a profit of 60%. If he sells the same table at 40% discount, then what will be his new profit percent?

A) 20 B) 30
C) 35 D) 40
 
Answer & Explanation Answer: A) 20

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Q:

If the ratio of cost price and selling price is 4 : 5 ,then the percentage of profit will be

A) 20 B) 0.1
C) 10 D) 25
 
Answer & Explanation Answer: D) 25

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Q:

A used car dealer sells a car for Rs 7.6 lakhs and makes some loss. If he had sold it for Rs 9.2 lakhs his profit would have been thrice his loss. What was the cost price of the car (in Rs lakhs)?

A) 8.5 B) 8.75
C) 8.25 D) 8
 
Answer & Explanation Answer: D) 8

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Q:

Two pens are bought at the rate of Rs 20 each. Shopkeeper sells one at the profit of 25% and other at the loss of 25%. What will be the total profit or loss in the whole transaction?

 

A) No profit/loss B) Profit of Rs 1
C) Loss of Rs 1 D) Loss of Rs 2
 
Answer & Explanation Answer: A) No profit/loss

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Q:

If a vendor sells a coconut at Rs 14.4 he makes 10% loss. If he wants to make 25% profit, then at what price (in Rs) should he sell?

A) 18 B) 20
C) 16 D) 22
 
Answer & Explanation Answer: B) 20

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Q:

Price of a diamond is directly proportional to square of its weight. A man broke the diamond accidently in three pieces in the ratio of 3 : 5 : 7 and thus loses Rs 42600. What was the original price (in Rs) of the diamond?

A) 11786 B) 60000
C) 67500 D) 75000
 
Answer & Explanation Answer: C) 67500

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Q:

A shopkeeper by selling 17 Omega watches, earns a profit equal to the selling price of 7 Omega watches. What is his profit percentage?

A) 41.1 percent B) 82.2 percent
C) 70 percent D) 12.2 percent
 
Answer & Explanation Answer: C) 70 percent

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Q:

Deepak found that he had made a loss of 10% while selling his smartphone. He also found that had he sold it for ` 50more, he would have made a profit of 5%. The initial loss was what percentage of the profit earned, had he sold the smartphone for a 5% profit ?

A) 100% B) 200%
C) 75% D) 85%
 
Answer & Explanation Answer: B) 200%

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