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 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 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:

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:

Savita sold an item for 6,500 and incurred a loss of 20%. At what price should she have sold the item to have gained a profit of 20%?

A) 10,375 B) 9,750
C) 8,125 D) Cannot be determined
 
Answer & Explanation Answer: B) 9,750

Explanation:

C.P of article = 6500 * (100/80) = Rs. 8125 S.P for a gain of 20% = (8125*120)/100 = Rs. 9750

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Q:

A shopkeeper allows 25% discount on the marked price of an article and he suffered a loss of 15%. What will be the profit percent if the article is sold at marked price?

A) 11.76 B) 12.12
C) 13.33 D) 14.28
 
Answer & Explanation Answer: C) 13.33

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Q:

When a discount of 20% is given on a pizza, the profit is 32%. If the discount is 18%, then the profit is

A) 50 percent B) 64.7 percent
C) 35.3 percent D) 20.6 percent
 
Answer & Explanation Answer: C) 35.3 percent

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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:

A wholesaler sells a watch to a retailer at a gain of 32% and the retailer sells it to a customer at a loss of 20%. If the customer pays Rs 1,953.6, what had it cost the wholesaler?

A) Rs 2063 B) Rs 2394
C) Rs 1850 D) Rs 1637
 
Answer & Explanation Answer: C) Rs 1850

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