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:

By selling a used phone for Rs.7260 Sanjan got 34% less than what it cost him to buy it a few years ago.At what price should Sanjan have sold the phone to gain a profit of 5%?

A) ₹ 11,460 B) ₹ 11,480
C) ₹ 11,440 D) None
 
Answer & Explanation Answer: D) None

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Q:

A shopkeeper, sold almonds at the rate Rs 1250 per kg and bears a loss of 7%. Now if he decides to sell it at Rs 1375 per kg, what will be the result?

A) 4.6 percent gain B) 2.3 percent loss
C) 2.3 percent gain D) 4.6 percent loss
 
Answer & Explanation Answer: C) 2.3 percent gain

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Q:

Selling price of a fan is Rs 4644. If profit percentage is 29%, then what is the cost price (in Rs) of fan?

A) 5900 B) 3500
C) 3800 D) 3600
 
Answer & Explanation Answer: D) 3600

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Q:

A vendor buys bananas at 9 for Rs 8 and sells at 8 for Rs 9. What will be the profit or loss (in %)?

A) 13.28% profit B) 26.56% loss
C) 26.56% profit D) 13.28% loss
 
Answer & Explanation Answer: C) 26.56% profit

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Q:

When a discount of 20% is given on an African safari ticket, the profit is 43%. If the discount is 28%, then the profit is

A) 71 percent B) 113.3 percent
C) 13.6 percent D) 28.7 percent
 
Answer & Explanation Answer: D) 28.7 percent

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Q:

A trader allowed a discount of 15% on a trolley bag having list price of Rs 1360 and earns a profit of 15.6%. What is the cost price (in Rs) of the trolley bag?

A) 1000 B) 1005
C) 1050 D) 1156
 
Answer & Explanation Answer: A) 1000

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Q:

A man bought 500 metres of electronic wire at 50 paise per metre. He sold 50% of it at a profit of 5%. At what percent should he sell the remainder so as to gain 10% on the whole transaction?

A) 13% B) 12.5%
C) 15% D) 20%
 
Answer & Explanation Answer: A) 13%

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Q:

Oil equal to 20% of the weight of ground nut is extracted in a mill. The matter left after extraction is sold as cattle feed at the rate of Rs 12.5/kg. The groundnuts are bought at Rs 20/kg. The processing cost is Rs 5/kg. At what price (Rs per kg) should the oil be sold to earn 20% profit on total costs (Total cost = Cost of groundnuts and Processing costs)?

A) 250 B) 150
C) 200 D) 100
 
Answer & Explanation Answer: D) 100

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