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 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:

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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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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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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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:

Price of a diamond is directly proportional to square of its weight. A man broke the diamond accidently in three pieces in the ratio of 3 : 5 : 7 and thus loses Rs 42600. What was the original price (in Rs) of the diamond?

A) 11786 B) 60000
C) 67500 D) 75000
 
Answer & Explanation Answer: C) 67500

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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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