Profit and Loss

Question 1

Peter buys a bag at the price of Rs 27.50. After some days, he sells it at the price of Rs 28.90. What is the percentage of his gain?

• A. 7.19%
• B. 5.09%
• C. 5.55%
• D. 6.09%

Answer: (B)

Cost price of the bag is Rs 27.50 and Selling price is Rs 28.90. So, Peter gains Rs (28.90 - 27.50) = Rs 1.40. Percentage of gain = (1.40/27.50 × 100)% = 140/27.5 % = 5.09 %

Question 2

Sam purchases a book at Rs 490 and sells it at Rs 465.50. What is the percentage of his loss?

• A. 6%
• B. 10%
• C. 5%
• D. 4%

Answer: (C)

CP of the book = Rs 490.00. SP of the book = Rs 465.50. Loss = Rs (490.00 - 465.50) = Rs 24.50. Hence, the required percentage = (24.50/490 × 100)% = 5%.

Question 3

A bookseller gains a profit of 10% after selling a book at the price of Rs 27.50. If it is sold at the price of Rs 25.75, find out the percentage of loss or profit on the book.

• A. Profit 3%
• B. Loss 4%
• C. Profit 5%
• D. Loss 2%

Answer: (A)

SP of the book = Rs 27.50 and he gains 10% profit on it. So, CP of the book = Rs (100/110 × 27.50) = Rs 25. If the book is sold at Rs 25.75, the seller will make a profit of Rs (25.75 - 25.00) = Rs 0.75. Therefore, percentage of profit = 0.75/25 × 100% = 3%.

Question 4

A shopkeeper sells an article at the price of Rs 1140 and incurs a loss of 5% on it. For him to gain a profit of 5% on the same article, at what price should the article be sold?

• A. Rs 1200
• B. Rs 1250
• C. Rs 1260
• D. Rs 1245

Answer: (C)

Let the selling price be Rs a. We know, (100 - Percentage of loss):(Original SP) = (100 + Percentage of profit):(New SP). Then, (100-5):1140 = (100+5):a ⇒ 95:1140 = 105:a ⇒ a = (105×1140)/95 = 1260.

Question 5

After selling 33 meters of a cloth, a shopkeeper makes a gain equal to the selling price of 11 meters of the cloth. What is the percentage of his gain?

• A. 50%
• B. 45%
• C. 60%
• D. 55%

Answer: (A)

Here, (SP of 33m)-(CP of 33m) = Gain = SP of 11m. This means, CP of 33m = (SP of 33m)-(SP of 11m) = SP of 22m. Let the CP of each meter be Re 1. Then, CP of 33m = Rs 33. SP of 11m = (SP of 22m)/2 = (CP of 33m)/2 = Rs 33/2. Percentage of Gain = Gain/CP × 100% = (SP of 11m)/(CP) × 100% = (33/2)/(33) × 100% = 50%.

Question 6

A product is sold at two consecutive discounts of 30% and subsequently 40%. If the product is sold for 1500, what is the marked price on product?

• A. 3500
• B. 3600
• C. 3550
• D. 3571

Answer: (D)

Say MP is the marked price => (70.MP/100)*(60/100) =1500 => 7*0.6 MP = 1500 => MP = 1500/0.42 = 3571

Question 7

A product is sold at two consecutive discounts of 30% and subsequently 40%. If the marked price on the product is 1500, What is the selling price of the product?

• A. 420
• B. 360
• C. 600
• D. 630

Answer: (D)

SP = (70*1500/100)*(60/100) = 0.42*1500 = 630

Question 8

For a shirt cost price is Rs. 400. Shopkeeper prints a tag on it with Markup% = 20% to earn a profit of 7.5%. What is markup?

• A. 60
• B. 40
• C. 80
• D. 100

Answer: (C)

Markup :is the addon price to the cost price. MP = CP+ Markup Markup = 20% o CP = .20 * 400 = 80

Question 9

For a shirt cost price = 400Rs. Shopkeeper prints a tag on it with Markup% = 20% to earn a profit of 7.5%. What is marked price

• A. 480
• B. 500
• C. 520
• D. 600

Answer: (A)

MP= CP +Markup = 400+80 = 480

Question 10

For a shirt cost price = 400Rs. Shopkeeper prints a tag on it with Markup% = 20% to earn a profit of 7.5%. How much profit shopkeeper earns?

• A. Rs 40
• B. Rs 50
• C. Rs 60
• D. Rs 30

Answer: (D)

Profit = CP. Profit%/100 = 400 . 7.5/100 = 30