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:

Deepak marks the price of his table 60% above the cost price. He gives some discount on it and earns profit of 15.2%. What is the discount percentage?

A) 36.4 B) 28
C) 44.8 D) 38.9
 
Answer & Explanation Answer: B) 28

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Q:

Mukesh sells two shirts. The cost price of the first shirt is equal to the selling price of the second shirt. The first shirt is sold at a profit of 30% and the second shirt is sold at a loss of 30%. What is the ratio of the selling price of the first shirt to the cost price of the second shirt?

A) 91 : 100 B) 100 : 91
C) 31 : 50 D) 50 : 31
 
Answer & Explanation Answer: A) 91 : 100

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Q:

By selling a table for Rs. 16,870, a shopkeeper suffers a loss of Rs. 1080. His loss percentage (rounded off to one decimal place) is

A) 6.4% B) 6.1%
C) 6.2% D) 6.0%
 
Answer & Explanation Answer: D) 6.0%

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Q:

If the profit is 20%, then what will be the ratio of cost price to selling price respectively?

A) 4 : 5 B) 5 : 6
C) 2 : 5 D) 3 : 4
 
Answer & Explanation Answer: B) 5 : 6

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Q:

Vinay professes to lose 4% on sugar and uses a weight of 620 gm instead of 1 kg. What is the total profit percentage?

 

A) 44.24   B) 34.14  
C) 35.41   D) 54.84
 
Answer & Explanation Answer: D) 54.84

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Q:

Dealer purchased an article for Rs. 900 and fixes the list price in such a way that he gains 20% after allowing 10% discount, then the list price is

A) Rs.1180 B) Rs.1080
C) Rs.1200 D) Rs.1100
 
Answer & Explanation Answer: C) Rs.1200

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Q:

U starts a business by investing Rs 45000 and V join him after one year with an amount of Rs 33000. After two years from the starting of business, they earned profit of Rs 16400. What will be the U’s share (in Rs) in the profit?

A) 11200 B) 9600
C) 10000 D) 12000
 
Answer & Explanation Answer: D) 12000

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Q:

The line passing through point (-3,1) and point (x,5) is parallel to the line passing through point (-2,-1) and point (6,3). What is the value of x?

A) -5 B) -2
C) 2 D) 5
 
Answer & Explanation Answer: D) 5

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