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 trader marks his goods in such a way that after allowing a discount of 10% he gains 15%. If an article costs him Rs. 720, his marked price is

A) Rs.920 B) Rs.900
C) Rs.820 D) Rs.950
 
Answer & Explanation Answer: A) Rs.920

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Q:

If a wholesaler, sells a tin of coffee at Rs 528 he faces a loss of 12%. Now if he decides to sell it at Rs 636, what will be the profit (in %)?

A) 7 B) 5
C) 6 D) 4
 
Answer & Explanation Answer: C) 6

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Q:

A vendor buys pens at the rate of 4 for Rs 5 and sells at the rate of 4 for Rs 3. What will be the result?

A) 40 percent gain B) 66.6 percent loss
C) 66.66 percent gain D) 40 percent loss
 
Answer & Explanation Answer: D) 40 percent loss

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Q:

If a shop keeper marks his goods for a certain amount so as to get 25% gain after allowing a discount of 20%, then his marked price is

A) Rs.156.25 B) Rs.146.25
C) Rs.166.25 D) Rs.150.25
 
Answer & Explanation Answer: A) Rs.156.25

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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:

Mohit sells a table at a profit of 25%. If he reduces its selling price by Rs 240, then he suffers a loss of 5%. What was the initial selling price (in Rs) of the table?

A) 800 B) 1000
C) 1040 D) 1120
 
Answer & Explanation Answer: B) 1000

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Q:

A used two-wheeler dealer sells a scooter for Rs 46,000 and makes some loss. If he had sold it for Rs 58,000 his profit would have been double his loss. What was the cost price (in Rs) of the scooter?

A) 52000 B) 54000
C) 48000 D) 50000
 
Answer & Explanation Answer: D) 50000

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Q:

A wholesaler had 200 dozens of mangoes. He sold some of these mangoes at 20% profit and the rest at 10% profit, so that he made 13% profit on selling all the mangoes. How many mangoes (in dozens) did he sell at 20% profit?

A) 140 B) 60
C) 80 D) 120
 
Answer & Explanation Answer: B) 60

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