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:

For an article the profit is 190% of the cost price. If the cost price increase by 10% but the selling price remains same, then profit is what percentage of selling price (approximately)?

A) 54 B) 62
C) 73 D) 163
 
Answer & Explanation Answer: B) 62

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2 2054
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 2052
Q:

A wholesaler sells a jacket to a retailer at a profit of 5% and the retailer sells it to a customer at a profit of 10%. If the customer pays Rs. 4158, what had it cost (in Rs) to the wholesaler?

A) 3500 B) 3400
C) 3300 D) 3600
 
Answer & Explanation Answer: D) 3600

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3 2043
Q:

Akash starts a business with Rs 85000 and Payal joins him with Rs 102000. If the profit at the end of a year is divided in the ratio 1 : 1, then after how many months did Payal join Akash?

A) 3 B) 2
C) 9 D) 8
 
Answer & Explanation Answer: B) 2

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3 2043
Q:

A vendor buys bananas at 12 for Rs 50 and sells at 5 for Rs 40. What will be the gain (in %)?

A) 82 B) 72
C) 92 D) 62
 
Answer & Explanation Answer: C) 92

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1 2041
Q:

When a discount of 20% is given on a lunch buffet, the profit is 42%. If the discount is 15%, then the profit is

A) 57 percent B) 50.875 percent
C) 63.125 percent D) 44.75 percent
 
Answer & Explanation Answer: B) 50.875 percent

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3 2040
Q:

A shopkeeper marks up his wares by 80% and offers 20% discount. What will be the selling price (in Rs) if the cost price is Rs 450?

A) 548 B) 748
C) 848 D) 648
 
Answer & Explanation Answer: D) 648

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5 2036
Q:

A shopkeeper cheats to the extent of 11% while buying and selling fruits, by using tampered weights. His total gain in percentage is

A) 23.25 B) 23.21
C) 23.75 D) 23.5
 
Answer & Explanation Answer: B) 23.21

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1 2030