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 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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3 985
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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3 981
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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1 980
Q:

A wholesaler sells a jacket to a retailer at a profit of 25% and the retailer sells it to a customer at a profit of 20%. If the customer pays Rs. 2,400, what had it cost (in Rs) the wholesaler?

A) 2000 B) 1600
C) 1800 D) 2250
 
Answer & Explanation Answer: B) 1600

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Q:

A dishonest milkman buys milk at Rs 30 per litre and adds 1/5 of water to it and sells the mixture at Rs 32 per litre. What will be his gain?

A) 33.33 percent B) 50 percent
C) 28 percent D) 25 percent
 
Answer & Explanation Answer: C) 28 percent

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3 975
Q:

The ratio of selling price to the cost price is 13 : 17. What is the loss percentage?

A) 23.52 B) 27.74
C) 18.62 D) 19.45
 
Answer & Explanation Answer: A) 23.52

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1 973
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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0 971
Q:

A shopkeeper, sold cocoa seeds at the rate Rs 1330 a kg and bears a loss of 15%. Now if he decides to sell it at Rs 1463 per kg, what will be the result?

A) 13 percent loss B) 6.5 percent gain
C) 6.5 percent loss D) 13 percent gain
 
Answer & Explanation Answer: C) 6.5 percent loss

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0 970