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 Profit and Loss Questions

Popular Latest Rated Important Formulae

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 marked price of an article is 10/7 of the cost price and the selling price of that article is 4/5 of the marked price. What is the profit percentage?

A) 17.24 B) 16.66
C) 14.28 D) 15.42
 
Answer & Explanation Answer: C) 14.28

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Q:

A shopkeeper, sold dried apricots at the rate Rs 1210 a kg and bears a loss of 12%. Now if he decides to sell it at Rs 1331 per kg, what will be the result?

A) 6.4 percent loss B) 3.2 percent gain
C) 6.4 percent gain D) 3.2 percent loss
 
Answer & Explanation Answer: D) 3.2 percent loss

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Q:

If the rice is sold at Rs 56 per kg, there would be a 40% loss. To earn a profit of 20% what should be the price of rice (per kg)?

A) 112 B) 108
C) 116 D) 124
 
Answer & Explanation Answer: A) 112

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Q:

A shopkeeper purchased 10 boxes of pencils containing 10 pencils each at Rs. 100 per box and sold each pencil at a profit 12%. What is the total sale price?

A) Rs.1100 B) Rs.1120
C) Rs.1200 D) Rs.1210
 
Answer & Explanation Answer: B) Rs.1120

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Q:

A bookseller bought 500 text books for  20,000. He wanted to sell them at a profit so that he get 50 books free. At what profit percent should he sell them?

A) 10 B) 20
C) 15 D) 10.5
 
Answer & Explanation Answer: A) 10

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Q:

If a person has sold an article for Rs. 1300 and made a profit of 30%, find the cost price of the article.

A) Rs. 1000 B) Rs. 1200
C) Rs. 1250 D) Rs. 1100
 
Answer & Explanation Answer: A) Rs. 1000

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Q:

Raj sells a machine for Rs 51 lakhs at a loss. Had he sold it for Rs 60 lakh, his gain would have been 8 times the earlier loss. What is the cost price of the machine?

A) Rs 59 lakhs B) Rs 52 lakhs
C) Rs 66.375 lakhs D) Rs 45 lakhs
 
Answer & Explanation Answer: B) Rs 52 lakhs

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Q:

If a vendor sells a coconut at Rs 24 he makes 20% loss. If he sells at Rs 36 then what is his profit percentage?

A) 10 B) 20
C) 30 D) 40
 
Answer & Explanation Answer: B) 20

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