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 Profit and Loss Questions

Popular Latest Rated Important Formulae

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=(x10)2

 

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 shopkeeper professes to sell his groceries at his cost price but uses a false weight of 900 grams for each kilogram. Find his gain percentage.

A) 91/9 % B) 100/9%
C) 100/11 % D) 95/9%
 
Answer & Explanation Answer: B) 100/9%

Explanation:

Shopkeeper sells at CP using weight of 900 gm instead of1 kg

So, 1000gm –900 gm = 100gm

⇒100/900 X 100

⇒100/9 %

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5 7328
Q:

Every year before the festive season, a brand store increases the price of the product by 42% and then introduce two successive discount of 10% and 11% respectively. What is percentage loss and percentage gain ?

A) 3.25% loss B) 13.742% loss
C) 3.25% gain D) 13.742% gain
 
Answer & Explanation Answer: D) 13.742% gain

Explanation:

Let CP = 100,
42 % increase => SP = 142
10 % discount in SP => ((142 x 10)/100) = 14.2
So 1st SP = (142 - 14.2) = 127.8, again 12 % discount in 1st SP ((127.8 x 11)/100) = 14.058
2nd SP = (127.8 - 14.058) = 113.742,
So finally CP = 100, SP = 113.742, => gain = 13.742%.

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11 7312
Q:

Mahesh bought 100 kg of rice for Rs. 1040 and sold it at a loss of as much money as he received for 30 kg rice. At what price did he sell the rice?

A) Rs. 7.46/kg B) Rs. 8/kg
C) Rs. 8.74/kg D) Rs. 8.56/kg
 
Answer & Explanation Answer: B) Rs. 8/kg

Explanation:

Let the selling price of the rice = Rs.P/kg

Now, according to the question,

1040 - 100p = 30p

=> p = 8/kg

 

Hence, the selling price of the rice = Rs. 8/kg

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16 6942
Q:

A shopkeeper gives 20% discount on the marked price of a book. He provides 1 pair of books free with the sale of 9 pair of books. In the whole transaction, he gets profit of 26%. Find the percentage increase in marked price from the cost price.

A) 35% B) 65%
C) 75% D) 26%
 
Answer & Explanation Answer: C) 75%

Explanation:

Given,Let the cost price of single book be Rs. 100.

The cost price of (9 + 1) = 10 pair i.e. 20 books = Rs. (100 × 20) = Rs. 2000.He gets profit of 26%.

So, the selling price of 9 pair i.e. 18 books = Rs. 2000 × (126/100) = Rs. 2520

Then,the selling price of single book = Rs. 2520/18 = Rs. 140

He gives 20% discount on the marked price of a book.

That means, when the selling price is Rs. 80 then the marked price is Rs. 100.

∴When the selling price of single book is Rs. 140, the marked price = Rs. 140 × (100/80) = Rs. 175

∴The percentage increase in marked price from the cost price = (175 –100)% = 75%

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7 6784
Q:

Cost Price of 22 articles is same as the Selling Price of 18 articles, find the profit percentage?

A) 33.33% B) 22.22%
C) 11.11% D) 1%
 
Answer & Explanation Answer: B) 22.22%

Explanation:

Let the cost price of 1 article = Rs. 1

From the given data,

Then, the selling price of 1 article = 22/18 = 11/9

Then, Profit = SP - CP = 11/9 - 1 = 2/9

Required, profit % = Profit/CP x 100

= [(2/9)/1] x 100

= 200/9

= 22.222%.

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11 6481
Q:

If the labour cost 20% of the cost of production and raw material cost 10% of the cost of production and the price on which article is sold is 20% above the cost of production. If the price of labour is increased by 40% and the price of raw material increased by 20% and rest other expenditure of cost remain constant. The industry thus decide to increase the selling price by 10%. Find the new profit percent  ?

A) 18% B) 20%
C) 22% D) 24%
 
Answer & Explanation Answer: B) 20%

Explanation:

Let the Cost of Production of the article = 100

Then, Labour Cost = 20

Raw Material = 10

Other Expenditure = 100 - 10 – 20 = 70

Selling Price of the article  = 120

After increasing Labour and Raw material cost by 40% & 20% respectively,

New Labour cost = 28

New Raw material cost = 12

New Cost of Production = 70 + 28 + 12 = 110

Then, New SP = 110% of 120 = 120 x 110/100 = 132

=> New Gain = 132 - 110 = 22

=> New Profit % = 22 x 100/110 = 20%

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12 6480
Q:

Raju sold an article by giving a discount of 8% for Rs. 17,940 and earn profit of 19.6 %. If he did not give discount then how much profit percentage he gets ?

A) 27% B) 30%
C) 32% D) 25%
 
Answer & Explanation Answer: B) 30%

Explanation:
Let the M.R.P of an article be 100 %
 
Selling price of article =Rs. 17940
 
If he give a discount of 8 % then S.P = 92 %
92 % = 17490
100 % = 19500
 
Now C.P of the article is 
 
17490 x 100/119.6 = 15000
 
If he did not give the discount, then 
 
Required profit percentage = 
 
SSC Quiz : Quantitative Aptitude | 03 - 08 - 17
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15 6405
Q:

A sold an article to B at 40% profit and B sold it to C at 50% profit, then what will be profit percent with respect to A ?

A) 97 % B) 110 %
C) 135 % D) 115 %
 
Answer & Explanation Answer: B) 110 %

Explanation:

% Profit with respect to A = 40 + 50 + (40 x 50)/100 = 90 + 20 = 110 %.

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