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:

If a merchant offers a discount of 4% on the list price, then she makes a loss of 10%. What % profit or % loss will she make if she sells at a discount of 20% of the list price?

A) 25 percent loss B) 4 percent loss
C) 50 percent profit D) 26 percent profit
 
Answer & Explanation Answer: A) 25 percent loss

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2 1973
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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2 1973
Q:

When a discount of 20% is given on a movie ticket, the profit is 34%. If the discount is 15%, then the profit is

A) 49 percent B) 42.375 percent
C) 55.625 percent D) 35.75 percent
 
Answer & Explanation Answer: B) 42.375 percent

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4 1968
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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6 1960
Q:

When a discount of 20% is given on a jacket, the profit is 28%. If the discount is 13%, then the profit is

A) 39.2 percent B) 41 percent
C) 42.8 percent D) 37.4 percent
 
Answer & Explanation Answer: A) 39.2 percent

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9 1950
Q:

Manik marks the price of his toys 40% above the cost price. If he allows 20% discount, then what is the profit or loss percentage?

A) 4% profit B) 12% profit  
C) 8% loss D) 12% loss
 
Answer & Explanation Answer: B) 12% profit  

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1 1938
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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3 1924
Q:

A rice trader buys 16 quintals of rice for Rs 5632. 20% rice is lost in transportation. At what rate should he sell to earn 25% profit?

A) Rs 225.2 per quintal B) Rs 550 per quintal
C) Rs 440 per quintal D) Rs 563.2 per quintal
 
Answer & Explanation Answer: B) Rs 550 per quintal

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5 1912