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:

The cost price of 25 books is equal to the selling price of 20 books. The profit percent is

A) 20% B) 22%
C) 24% D) 25%
 
Answer & Explanation Answer: D) 25%

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3 2055
Q:

To make a profit of 20% the selling price of the good is Rs. 240. The cost price of the good is,

A) Rs. 200 B) Rs. 210
C) Rs. 220 D) Rs. 230
 
Answer & Explanation Answer: A) Rs. 200

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3 2054
Q:

A wholesaler sells a watch to a retailer at a profit of 25% and the retailer sells it to a customer at a loss of 12%. If the customer pays Rs 1045, what had it cost the wholesaler?

A) Rs 950 B) Rs 1149
C) Rs 1244 D) Rs 751
 
Answer & Explanation Answer: A) Rs 950

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0 2049
Q:

Karan purchased one dozen pens for Rs. 120 and sold a pack of 3 pens for Rs.35 each. What is his gain?

A) 16.67% B) 20%
C) 15% D) 33.33%
 
Answer & Explanation Answer: A) 16.67%

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12 2046
Q:

A shopkeeper by selling 20 Timex watches, earns a profit equal to the selling price of 4 Timex watches. His profit percentage is

A) 20 percent B) 25 percent
C) 30 percent D) 50 percent
 
Answer & Explanation Answer: B) 25 percent

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4 2042
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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5 2040
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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3 2035
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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5 2016