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 shopkeeper increases the price of an object by 40% and then sells it at 25% discount on the marked price. If the selling price of such an object be Rs. 2100, its cost price for the shopkeeper was ?

A) 3000 B) 1500
C) 1750 D) 2000
 
Answer & Explanation Answer: D) 2000

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Q:

How much quantity (in kg) of wheat costing Rs 84 per kg must be mixed with 81 kg of wheat costing Rs 60 per kg so that on selling the mixture at Rs 75.9 per kg, there is a gain of 15%?

 

A) 27 B) 20.5
C) 22.75 D) 24
 
Answer & Explanation Answer: A) 27

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Q:

After buying a toy for Rs. 66, Raghu managed to sell it at a profit of 15%. The selling price of the toy was

A) Rs. 75.90 B) Rs. 70.80
C) Rs. 75.20 D) Rs. 76.90
 
Answer & Explanation Answer: A) Rs. 75.90

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Q:

On selling 120 bottles, Vijay earns profit equal to the cost price of 10 bottles. What is the profit percentage?

 

A) 8.33   B) 9.09  
C) 7.7   D) 12.5
 
Answer & Explanation Answer: A) 8.33  

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Q:

A table was sold at a profit of 10%. If its cost price was 5% less and it was sold for Rs. 7 more, the gain would have been 20%. Find the cost price of the table.

A) Rs. 175 B) Rs. 200
C) Rs. 250 D) Rs. 150
 
Answer & Explanation Answer: A) Rs. 175

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Q:

By selling a used phone for Rs.6,160 Rajan got 44% less than what it cost him to buy it a few years ago. At what price should Rajan have been able to sell it to make a profit of 5%?

 

A) Rs. 12,550 B) Rs. 11,550
C) Rs. 12,000 D) Rs. 10,550
 
Answer & Explanation Answer: B) Rs. 11,550

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Q:

If a person bought an item for Rs. 96 and sold it at a profit of 12.5%, the selling price of the item was

A) Rs. 105 B) Rs. 110
C) Rs. 108 D) Rs. 112
 
Answer & Explanation Answer: C) Rs. 108

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Q:

If the selling price of an article is doubled, then its loss percentage gets converted into the equal profit percentage. What is the loss percentage?

 

A) 16.66   B) 50
C) 33.33   D) 37.5
 
Answer & Explanation Answer: C) 33.33  

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