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:

The marked price of an article is 40% more than its cost price. If 15% discount is given on the marked price, then what will be the profit percentage?

A) 25 B) 15
C) 21 D) 19
 
Answer & Explanation Answer: D) 19

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2 1729
Q:

Rajeev sells a machine for Rs 55 lakhs at a loss. Had he sold it for Rs 67 lakh, his gain would have been 5 times the former loss. Find the cost price of the machine.

A) Rs 65 lakhs B) Rs 57 lakhs
C) Rs 78 lakhs D) Rs 49 lakhs
 
Answer & Explanation Answer: B) Rs 57 lakhs

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4 1725
Q:

If a wholesaler, sells a tin of coffee at Rs 528 he faces a loss of 12%. Now if he decides to sell it at Rs 636, what will be the profit (in %)?

A) 7 B) 5
C) 6 D) 4
 
Answer & Explanation Answer: C) 6

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4 1719
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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0 1718
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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4 1717
Q:

Mohit buys an old bicycle for Rs 2700 and spends Rs 500 on its repairs. If he sells the bicycle for Rs 3520, then what is his profit percentage?

A) 10 B) 12.5
C) 15 D) 20
 
Answer & Explanation Answer: A) 10

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4 1714
Q:

On a certain item profit is 150%. If the cost price increases by 25% what will be the new profit margin (in %)?

A) 25 B) 50
C) 100 D) 75
 
Answer & Explanation Answer: C) 100

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0 1711
Q:

If a merchant offers a discount of 10% on the list price, then she makes a loss of 25%. What % profit or % loss will she make if she sells at a discount of 20% of the list price?

A) 5 percent profit B) 33.33 percent loss
C) 90 percent profit D) 20 percent profit
 
Answer & Explanation Answer: B) 33.33 percent loss

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