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 Profit and Loss Questions

Popular Latest Rated Important Formulae

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:

Every year before the festive season, a brand store increases the price of the product by 42% and then introduce two successive discount of 10% and 11% respectively. What is percentage loss and percentage gain ?

A) 3.25% loss B) 13.742% loss
C) 3.25% gain D) 13.742% gain
 
Answer & Explanation Answer: D) 13.742% gain

Explanation:

Let CP = 100,
42 % increase => SP = 142
10 % discount in SP => ((142 x 10)/100) = 14.2
So 1st SP = (142 - 14.2) = 127.8, again 12 % discount in 1st SP ((127.8 x 11)/100) = 14.058
2nd SP = (127.8 - 14.058) = 113.742,
So finally CP = 100, SP = 113.742, => gain = 13.742%.

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11 7187
Q:

A dishonest shopkeeper professes to sell his groceries at his cost price but uses a false weight of 900 grams for each kilogram. Find his gain percentage.

A) 91/9 % B) 100/9%
C) 100/11 % D) 95/9%
 
Answer & Explanation Answer: B) 100/9%

Explanation:

Shopkeeper sells at CP using weight of 900 gm instead of1 kg

So, 1000gm –900 gm = 100gm

⇒100/900 X 100

⇒100/9 %

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5 7162
Q:

Mahesh bought 100 kg of rice for Rs. 1040 and sold it at a loss of as much money as he received for 30 kg rice. At what price did he sell the rice?

A) Rs. 7.46/kg B) Rs. 8/kg
C) Rs. 8.74/kg D) Rs. 8.56/kg
 
Answer & Explanation Answer: B) Rs. 8/kg

Explanation:

Let the selling price of the rice = Rs.P/kg

Now, according to the question,

1040 - 100p = 30p

=> p = 8/kg

 

Hence, the selling price of the rice = Rs. 8/kg

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16 6768
Q:

A shopkeeper gives 20% discount on the marked price of a book. He provides 1 pair of books free with the sale of 9 pair of books. In the whole transaction, he gets profit of 26%. Find the percentage increase in marked price from the cost price.

A) 35% B) 65%
C) 75% D) 26%
 
Answer & Explanation Answer: C) 75%

Explanation:

Given,Let the cost price of single book be Rs. 100.

The cost price of (9 + 1) = 10 pair i.e. 20 books = Rs. (100 × 20) = Rs. 2000.He gets profit of 26%.

So, the selling price of 9 pair i.e. 18 books = Rs. 2000 × (126/100) = Rs. 2520

Then,the selling price of single book = Rs. 2520/18 = Rs. 140

He gives 20% discount on the marked price of a book.

That means, when the selling price is Rs. 80 then the marked price is Rs. 100.

∴When the selling price of single book is Rs. 140, the marked price = Rs. 140 × (100/80) = Rs. 175

∴The percentage increase in marked price from the cost price = (175 –100)% = 75%

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7 6305
Q:

Raju sold an article by giving a discount of 8% for Rs. 17,940 and earn profit of 19.6 %. If he did not give discount then how much profit percentage he gets ?

A) 27% B) 30%
C) 32% D) 25%
 
Answer & Explanation Answer: B) 30%

Explanation:
Let the M.R.P of an article be 100 %
 
Selling price of article =Rs. 17940
 
If he give a discount of 8 % then S.P = 92 %
92 % = 17490
100 % = 19500
 
Now C.P of the article is 
 
17490 x 100/119.6 = 15000
 
If he did not give the discount, then 
 
Required profit percentage = 
 
SSC Quiz : Quantitative Aptitude | 03 - 08 - 17
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15 6280
Q:

If the labour cost 20% of the cost of production and raw material cost 10% of the cost of production and the price on which article is sold is 20% above the cost of production. If the price of labour is increased by 40% and the price of raw material increased by 20% and rest other expenditure of cost remain constant. The industry thus decide to increase the selling price by 10%. Find the new profit percent  ?

A) 18% B) 20%
C) 22% D) 24%
 
Answer & Explanation Answer: B) 20%

Explanation:

Let the Cost of Production of the article = 100

Then, Labour Cost = 20

Raw Material = 10

Other Expenditure = 100 - 10 – 20 = 70

Selling Price of the article  = 120

After increasing Labour and Raw material cost by 40% & 20% respectively,

New Labour cost = 28

New Raw material cost = 12

New Cost of Production = 70 + 28 + 12 = 110

Then, New SP = 110% of 120 = 120 x 110/100 = 132

=> New Gain = 132 - 110 = 22

=> New Profit % = 22 x 100/110 = 20%

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12 6238
Q:

Cost Price of 22 articles is same as the Selling Price of 18 articles, find the profit percentage?

A) 33.33% B) 22.22%
C) 11.11% D) 1%
 
Answer & Explanation Answer: B) 22.22%

Explanation:

Let the cost price of 1 article = Rs. 1

From the given data,

Then, the selling price of 1 article = 22/18 = 11/9

Then, Profit = SP - CP = 11/9 - 1 = 2/9

Required, profit % = Profit/CP x 100

= [(2/9)/1] x 100

= 200/9

= 22.222%.

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11 6218
Q:

The profit earned by selling an article for Rs.753 is equal to the loss incurred when the same article is sold for Rs.455.What should be the sale price for making 50% profit ?

A) Rs.855 B) Rs.955
C) Rs.906 D) Rs.896
 
Answer & Explanation Answer: C) Rs.906

Explanation:

Let C.P =Rs. x

 

Then as given, (753 - x ) = (x - 455)

=>2x = 1208 => x = 604

 There fore S.P= 150% of 604 => Rs. 150100×604= Rs.906

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