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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=x102

 

8. If a trader Professes to sell his goods at cost price, but uses false weihts, then 

Gain % =ErrorTrue Value - Error×100%

Q:

Selling price of a watch is Rs 966 and profit percentage is 15%. If selling price is Rs 798, then what will be the loss percentage?

A) 5 B) 8
C) 7.21 D) 6.26
 
Answer & Explanation Answer: A) 5

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1 1992
Q:

Selling price of an article is Rs 1144. If loss percentage is 12%, then what is the cost price (in Rs) of article?

A) 1300 B) 1006
C) 1242 D) 1440
 
Answer & Explanation Answer: A) 1300

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5 1990
Q:

A grocer had 1600 kgs of wheat. He sold a part of it at 20% profit and the rest at 12% profit, so that he made a total profit of 17%. How much wheat (in kg) did he sell at 20% profit?

A) 600 B) 1000
C) 800 D) 1200
 
Answer & Explanation Answer: B) 1000

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3 1988
Q:

The ratio of selling price to the cost price is 13 : 17. What is the loss percentage?

A) 23.52 B) 27.74
C) 18.62 D) 19.45
 
Answer & Explanation Answer: A) 23.52

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1 1986
Q:

A shopkeeper cheats to the extent of 11% while buying and selling fruits, by using tampered weights. His total gain in percentage is

A) 23.25 B) 23.21
C) 23.75 D) 23.5
 
Answer & Explanation Answer: B) 23.21

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1 1985
Q:

A wholesaler sells a good to a retailer at a profit of 5% and the retailer sells it to a customer at a profit of 10%. If the customer pays Rs. 2,000, what had it cost (in Rs) the wholesaler?

A) 1731.6 B) 3210.6
C) 1931.6 D) 2310.6
 
Answer & Explanation Answer: A) 1731.6

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2 1983
Q:

A miner sells a diamond to a trader at a profit of 40% and the trader sells it to a customer at a profit of 25%. If the customer pays Rs 56 lakhs to buy the diamond, what had it cost the miner (in Rs lakhs)?

A) 30 B) 28
C) 25 D) 32
 
Answer & Explanation Answer: D) 32

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3 1978
Q:

A vendor buys 6 bananas for Rs 25 and sells them at 3 for Rs 20. What is his profit percentage?

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

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1 1975