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:

On selling 30 caps, a shopkeeper earns profit equal to the selling price of 3 caps. What is the profit percentage?

A) 12.5 B) 11.11
C) 10 D) 14.28
 
Answer & Explanation Answer: B) 11.11

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Q:

A merchant marks the price of his articles 20% above the cost price. If he allows 20% discount, then what is the profit or loss percentage?

A) 2% loss B) 4% profit
C) 4% loss D) No profit/loss
 
Answer & Explanation Answer: C) 4% loss

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Q:

The marked price of an article is 60% more than its cost price. If the article is sold for Rs 300 after offering a discount of Rs 20, then what will be the profit percentage?

A) 45 B) 50
C) 25 D) 45
 
Answer & Explanation Answer: B) 50

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Q:

A vendor buys apples at the rate of 21 for Rs 7 and sells at the rate of 5 for Rs 2. What will be the result?

A) 20 percent loss B) 20 percent gain
C) 16.66 percent gain D) 16.6 percent loss
 
Answer & Explanation Answer: B) 20 percent gain

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Q:

The marked price is 10% higher than the cost price . A discount of 10% is given to the marked price . In this kind of sale the seller

A) bears no gain , no loss B) gains
C) loses 1% D) None of these
 
Answer & Explanation Answer: C) loses 1%

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Q:

A wholesaler sells a watch to a retailer at a profit of 33% and the retailer sells it to a customer at a loss of 20%. If the customer pays Rs 2,181.2, what had it cost the wholesaler?

A) Rs 2050 B) Rs 2320
C) Rs 2712 D) Rs 1780
 
Answer & Explanation Answer: A) Rs 2050

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Q:

If 70% of total articles are sold at a profit of 20% and remaining articles are sold at a loss of 20%, then what will be the overall profit percentage?

A) 8 B) 12
C) 16 D) 6
 
Answer & Explanation Answer: A) 8

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Q:

To dispose of the old stocks, a person sold a tea-set for Rs. 3420, which was 43% below the cost price. In order to make a profit of 10% the seller should have sold the set for Rs. ___ more.

A) Rs. 3180 B) Rs. 2580
C) Rs. 1812.60 D) Rs. 2664.42
 
Answer & Explanation Answer: A) Rs. 3180

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