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 dishonest dealer professes to sell his goods at cost price but uses a weight of 875 gms for the kilogram weight. His gain in percentage is

A) 17% B) 14 5/7%
C) 14 2/7% D) 14%
 
Answer & Explanation Answer: C) 14 2/7%

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Q:

Profit obtained on selling an article for Rs 540 is equal to the loss incurred on selling the article for Rs 370. If selling price is Rs. 910, then what is the profit percentage?

A) 25 B) 33
C) 50 D) 100
 
Answer & Explanation Answer: D) 100

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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:

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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Q:

Karan purchased one dozen pens for Rs. 120 and sold a pack of 3 pens for Rs.35 each. What is his gain?

A) 16.67% B) 20%
C) 15% D) 33.33%
 
Answer & Explanation Answer: A) 16.67%

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Q:

A trader sells wire and gains 60% on the cost price. What will be the profit % on selling price?

A) 33.33 B) 40
C) 60 D) 37.5
 
Answer & Explanation Answer: D) 37.5

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Q:

An article is listed at Rs 2375. A man purchases it at two successive discounts of 50% and 25% and spends Rs 165 on repairing of article. If he sells thearticle at a profit of 62.5%, then what is the selling price (in Rs) of the article?

A) 1467.6 B) 1492.6
C) 1715.39 D) 1467.6
 
Answer & Explanation Answer: C) 1715.39

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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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