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:

When a discount of 20% is given on a lunch buffet, the profit is 42%. If the discount is 15%, then the profit is

A) 57 percent B) 50.875 percent
C) 63.125 percent D) 44.75 percent
 
Answer & Explanation Answer: B) 50.875 percent

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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:

A dishonest milkman buys milk at Rs 30 per litre and adds 1/5 of water to it and sells the mixture at Rs 32 per litre. What will be his gain?

A) 33.33 percent B) 50 percent
C) 28 percent D) 25 percent
 
Answer & Explanation Answer: C) 28 percent

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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:

Rohit wants to earn 21% profit on a belt after offering 45% discount. By how much percentage more should he mark the price of his article above the costprice?

A) 75.45 B) 120
C) 66 D) 102.5
 
Answer & Explanation Answer: B) 120

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Q:

Akash starts a business with Rs 85000 and Payal joins him with Rs 102000. If the profit at the end of a year is divided in the ratio 1 : 1, then after how many months did Payal join Akash?

A) 3 B) 2
C) 9 D) 8
 
Answer & Explanation Answer: B) 2

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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:

The marked price of a calculator is Rs 750. It is sold at a discount of 22%. If the cost price of the calculator is Rs 500, then what is the profit (in Rs)?

 

A) 85   B)  105  
C)  95   D) 115
 
Answer & Explanation Answer: A) 85  

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