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 vendor sells a coconut at Rs 24 and suffers 24% loss. If he wants to make 14% profit, then at what price (in Rs) should he sell?

A) 32 B) 30
C) 36 D) 28
 
Answer & Explanation Answer: C) 36

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Q:

If a merchant offers a discount of 4% on the list price, then she makes a loss of 10%. What % profit or % loss will she make if she sells at a discount of 20% of the list price?

A) 25 percent loss B) 4 percent loss
C) 50 percent profit D) 26 percent profit
 
Answer & Explanation Answer: A) 25 percent loss

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Q:

A man gains 15% by selling a calculator for a certain price. If he sells it at the triple the price, then what will be the profit percentage?

A) 125 B) 175
C) 225 D) 245
 
Answer & Explanation Answer: D) 245

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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:

70% of the cost price of a article is equal to the 40% of its selling price. What is the profit or loss percentage?

A) 63% loss B) 70% loss
C) 75% profit D) 80% profit
 
Answer & Explanation Answer: C) 75% profit

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Q:

A trader had 1200 kgs of rice. He sold a part of it at 5% profit and the rest at 11% profit, so that he made a total profit of 7%. How much (in kg) wheat did he sell at 5% profit?

A) 900 B) 600
C) 400 D) 800
 
Answer & Explanation Answer: D) 800

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Q:

A trader had 630 kgs of rice. He sold a part of it at 15% profit and the rest at 8% profit, so that he made a total profit of 12%. How much rice (in kgs) did he sell at 8% profit?

A) 270 B) 300
C) 280 D) 290
 
Answer & Explanation Answer: A) 270

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Q:

A trader buys 500 kgs of cotton for Rs 9,000. 10% of this cotton is spoiled due to rain. At what rate (Rs/Kg) should he sell the rest to earn 10% profit?

A) 25 B) 30
C) 22 D) 20
 
Answer & Explanation Answer: C) 22

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