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 wants to earn 33% profit on an article after offering 30% discount. By how much percentage more he should mark the price of his article above cost price?

A) 90 B) 63
C) 69 D) 72
 
Answer & Explanation Answer: A) 90

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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:

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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Q:

Loss of 20% on selling price is equal to x% loss in cost price. What is x?

A) 20% B) 20
C) 16 2/3% D) 16
 
Answer & Explanation Answer: C) 16 2/3%

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Q:

A milkman buys milk at Rs 24 per litre. He adds 1/5 of water to it and sells the mixture at Rs 32 per litre. What will be his gain (in %)?

A) 50 B) 40
C) 30 D) 60
 
Answer & Explanation Answer: D) 60

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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:

A trader sells two items at the rate of Rs 400 each. If he gains 15% on one and losses 15% on other, then what is the value (in Rs) of loss ?

A) 18.41 B) 22.14
C) 20.25 D) 24.36
 
Answer & Explanation Answer: A) 18.41

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Q:

A dishonest dealer professes to sell his goods at cost price but uses a weight of 875 gms for the kilogram weight. His gain in percentage is

A) 17% B) 14 5/7%
C) 14 2/7% D) 14%
 
Answer & Explanation Answer: C) 14 2/7%

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