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 a merchant offers a discount of 40% on the list price, then he makes a loss of 10%. What % profit or % loss will he make if he sells at a discount of 20% of the list price?

A) 4 percent loss B) 14 percent profit
C) 5.5 percent loss D) 20 percent profit
 
Answer & Explanation Answer: D) 20 percent profit

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Q:

A shopkeeper offers 2.5% discount on cash purchases . What cash amount would Rohit pay for a cycle , the marked price of which is Rs.3600 ?

A) Rs. 3490 B) Rs. 3500
C) Rs. 3510 D) Rs. 3520
 
Answer & Explanation Answer: C) Rs. 3510

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Q:

A shopkeeper marks his goods 50% more than the cost price and allows a discount of 25%. His profit or loss percentage is:

A) 37.5% B) 25.5%
C) 12.5% D) 25%
 
Answer & Explanation Answer: C) 12.5%

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Q:

While selling an article for Rs 18450, a person suffered a loss of 50%. At what price he should have sold the article (in Rs) to earn a profit of 50%?

A) 13837 B) 52000
C) 55350 D) 56775
 
Answer & Explanation Answer: C) 55350

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Q:

70% of the cost price of a article is equal to the 40% of its selling price. What is the profit or loss percentage?

A) 63% loss B) 70% loss
C) 75% profit D) 80% profit
 
Answer & Explanation Answer: C) 75% profit

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Q:

When a discount of 20% is given on a sweater, the profit is 28%. If the discount is 14%, then the profit is

A) 42 percent B) 46.4 percent
C) 33.2 percent D) 37.6 percent
 
Answer & Explanation Answer: D) 37.6 percent

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Q:

The marked price of an article is 20% more than its cost price. If 5% discount is given on the marked price, then what is the profit percentage?

A) 5 B) 14
C) 15 D) 25
 
Answer & Explanation Answer: B) 14

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Q:

A trader had 9 quintals of wheat. He sold a part of it at 10% profit and the rest at 20% profit, so that he made a total profit of 14 %. How much wheat did he sell at 20% profit?

A) 540 kg B) 360 kg
C) 180 kg D) 720 kg
 
Answer & Explanation Answer: B) 360 kg

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