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 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:

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:

The marked price of an article is 40% more than its cost price. If 15% discount is given on the marked price, then what will be the profit percentage?

A) 25 B) 15
C) 21 D) 19
 
Answer & Explanation Answer: D) 19

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Q:

When a discount of 25% is given on a cruise trip, the profit is 41%. If the discount is 26%, then the profit is

A) 39.12 percent B) 67 percent
C) 94.88 percent D) 11.24 percent
 
Answer & Explanation Answer: A) 39.12 percent

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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:

A man buys 3 type-I cakes and 6 type-II cakes for Rs. 900. He sells type-I cakes at a profit of 15% and type-II cakes at a loss of 10%. If his overall profit is Rs.30, the cost price (in Rs.) of a type-I and of a type-II cakes is

A) 100, 100 B) 160, 70
C) 180, 60 D) 120, 90
 
Answer & Explanation Answer: B) 160, 70

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Q:

On a certain item profit is 150%. If the cost price increases by 25% what will be the new profit margin (in %)?

A) 25 B) 50
C) 100 D) 75
 
Answer & Explanation Answer: C) 100

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Q:

Amit donated 20% of his income to a school and deposited 20% of the remainder in his bank. If he is having Rs 12800 now, then what is the income (in Rs) of Amit?

A) 18000 B) 20000
C) 24000 D) 32000
 
Answer & Explanation Answer: B) 20000

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