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:

Selling price of a fan is Rs 4644. If profit percentage is 29%, then what is the cost price (in Rs) of fan?

A) 5900 B) 3500
C) 3800 D) 3600
 
Answer & Explanation Answer: D) 3600

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Q:

By selling a used phone for Rs.7260 Sanjan got 34% less than what it cost him to buy it a few years ago.At what price should Sanjan have sold the phone to gain a profit of 5%?

A) ₹ 11,460 B) ₹ 11,480
C) ₹ 11,440 D) None
 
Answer & Explanation Answer: D) None

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Q:

I gain 19% if I sell an article for Rs. 595. What would be my gain or loss percentage if I sell it for Rs. 475?

A) Gain 5% B) Loss 5%
C) Loss 10% D) Gain 10%
 
Answer & Explanation Answer: B) Loss 5%

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Q:

A trader had 960 kgs of rice. He sold a part of it at 20% profit and the rest at 8% profit, so that he made a total profit of 12%. How much rice (in kgs) did he sell at 8% profit?

A) 460 B) 560
C) 540 D) 640
 
Answer & Explanation Answer: D) 640

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Q:

A vendor buys chikoos at 15 for Rs 8 and then sells at 10 for Rs 6. What will be the result?

A) 12.5 percent loss B) 11.11 percent gain
C) 12.5 percent gain D) 11.1 percent loss
 
Answer & Explanation Answer: C) 12.5 percent gain

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Q:

A vendor buys bananas at 9 for Rs 8 and sells at 8 for Rs 9. What will be the profit or loss (in %)?

A) 13.28% profit B) 26.56% loss
C) 26.56% profit D) 13.28% loss
 
Answer & Explanation Answer: C) 26.56% profit

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Q:

The cost price of 60 articles is same as the selling price of x articles. If there is a profit of 20%, then what is the value of x?

A) 15 B) 30
C) 50 D) 80
 
Answer & Explanation Answer: C) 50

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Q:

An item is sold at two successive gains of 30% and 20%. If the final selling price is Rs 31200, then what is the cost price (in Rs)?

 

A) 15000 B) 20000
C) 22250 D) 24000
 
Answer & Explanation Answer: B) 20000

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