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 man bought 500 metres of electronic wire at 50 paise per metre. He sold 50% of it at a profit of 5%. At what percent should he sell the remainder so as to gain 10% on the whole transaction?

A) 13% B) 12.5%
C) 15% D) 20%
 
Answer & Explanation Answer: A) 13%

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Q:

On a certain item profit is 120%. If the cost price increases by 10% then what will be the new profit margin (in %) if selling price remains the same?

A) 50 B) 60
C) 100 D) 90
 
Answer & Explanation Answer: C) 100

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Q:

A shopkeeper wants to earn 33% profit on an article after offering 30% discount. By how much percentage more he should mark the price of his article above cost price?

A) 90 B) 63
C) 69 D) 72
 
Answer & Explanation Answer: A) 90

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Q:

The marked price of an article is 60% more than its cost price. What maximum discount percentage can be offered by the shopkeeper to sell his article at no profit or no loss?

A) 37.5 B) 62.5
C) 50 D) 25
 
Answer & Explanation Answer: A) 37.5

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Q:

Deepak found that he had made a loss of 10% while selling his smartphone. He also found that had he sold it for ` 50more, he would have made a profit of 5%. The initial loss was what percentage of the profit earned, had he sold the smartphone for a 5% profit ?

A) 100% B) 200%
C) 75% D) 85%
 
Answer & Explanation Answer: B) 200%

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Q:

A milkman buys milk at Rs 24 per litre. He adds 1/5 of water to it and sells the mixture at Rs 32 per litre. What will be his gain (in %)?

A) 50 B) 40
C) 30 D) 60
 
Answer & Explanation Answer: D) 60

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Q:

A wholesaler sells a watch to a retailer at a gain of 37% and the retailer sells it to a customer at a loss of 25%. If the customer pays Rs 2,620.125, what had it cost the wholesaler?

A) Rs 2550 B) Rs 2692
C) Rs 3327 D) Rs 2408
 
Answer & Explanation Answer: A) Rs 2550

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Q:

A villager buys a goat and a sheep together for Rs 14,250. He sold the sheep at a profit of 10% and the goat at a loss of 20%. If he sold both the animals at the same price , then what was the cost price of the cheaper animal?

A) 8250 B) 6600
C) 7500 D) 6000
 
Answer & Explanation Answer: D) 6000

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