practice question on profit and loss

profit and loss

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Question no. 1

If the manufacturer gains 10%, the wholesale dealer 15% and the retailer 25%, then find the cost of production of a table, the retail price of which is $ 1265?

looks_one $800

looks_two $1000

looks_3 $900

looks_4 $600

Option looks_one $800

Solution :
the cost of production of a table is x 110 % of x = wholesale cost price
115% of 110% of x = retailer cost price
125 % 115% of 110% of x = retailer selling price

Question no. 2

If the cost price is 96% of the selling price, then what is the profit percent?

looks_one 4.5 %

looks_two 4 %

looks_3 4.2 %

looks_4 None of these

Option looks_3 4.2 %

Solution :
CP = 0.96 SP

Question no. 3

A man buys 50 pencils for Rs 100 and sells 45 pencils for Rs 90. Find his gain or loss %.

looks_one 20 %

looks_two 35 %

looks_3 25 %

looks_4 none of these

option looks_4 none of these

Solution :
cost of one pencil = 100/50 = 2
selling price of one pencil = 90/45 = 2
SP = CP
no gain and no loss

Question no. 4

If 15 oranges are bought for a rupee, how many must be sold for a rupee to gain 25%?

looks_one 12

looks_two 10

looks_3 20

looks_4 18

Option looks_one 12

Solution :
CP of 15 orange = 1
profit % = 25 %

Question no. 5

By selling an article for $ 45, a shopkeeper loses 20%. For how much should he sell it to gain 20% on it?

looks_one $ 150

looks_two $ 67.50

looks_3 $ 60.50

looks_4 None of these

Option looks_two $ 67.50

Solution :
SP = $ 45

Question no. 6

A dealer sold a mixer for Rs 420 at a loss of 12.5%. At what price should he have sold it to gain 12.5%.

looks_one Rs 620

looks_two Rs 540

looks_3 Rs 650

looks_4 None of these

Option looks_two Rs 540

Solution :
SP = 420
loss(%) = 12.5 %

Question no. 7

A man sold 10 eggs for 5 rupees and gained 20%.How many eggs did he buy for 5 rupees?

looks_one 10

looks_two 12

looks_3 14

looks_4 16

Option looks_two 12

Solution :
S.P. of one egg = 5/10 = 0.5

Question no. 8

A man buys milk at Rs 6 per litre and adds one third of water to it and sells mixture at Rs 7.20 per litre. The gain is

looks_one 40 %

looks_two 80 %

looks_3 25 %

looks_4 60 %

Option looks_two 80 %

Solution :
CP of 1 litre = 6 Rs
SP of 2/3 litre of milk = 7.2
SP of 1 litre of milk = 7.2*3/2 = 10.8

Question no. 9

A shopkeeper marks up his goods to gain 35%. But he allows 10% discount for cash payment. His profit on the cash transaction therefore, in percentage, is

looks_one 27/2

looks_two 25

looks_3 21.5

looks_4 31.5

Option looks_3 21.5

Solution :
Markup cost = 1.35CP
discount = 0.1 * 1.35CP = 0.135 CP
SP = 1.35CP - 0.135CP = 1.215CP

Question no. 10

A man bought a horse and a carriage for Rs 3000. He sold the horse at again of 20% and the carriage at a loss 10%, thereby gaining 2% on the whole. Find the cost of the horse.

looks_one Rs 1000

looks_twoRs 1200

looks_3 Rs 1500

looks_4None of these

Option looks_twoRs 1200

Solution :
CP of horse(CP_H) + CP of carriage(CP_C) = 3000 = CP_T
Case 1 :

Case 2 : Gain 20 %

Case 3 : 10% loss

Question no. 11

By selling 66 metres of cloth a man loses the selling price of 22 metres. Find the loss per cent.

looks_one 25 %

looks_two 20 %

looks_3 30 %

looks_4 35 %

Option looks_one 25 %

Solution :
CP of 1 meter = x
SP of 1 meter = y
loss = 66x - 66y = 22y
66x = 88 y ⇒ 3x = 4y

Question no. 12

A man sold two steel chairs for Rs 500 each. On one he gains 20% and on other, he loses 12%. How much does he gain or lose in the whole transaction?

looks_one 1.5 % gain

looks_two 2 % gain

looks_3 1.5 % loss

looks_4 2 % loss

Option looks_one 1.5 % gain

Solution :
CP of first chair = x
CP of second chair = y
SP of each chair = 500
Case 1 :

Case 2 :

Question no. 13

A dishonest fruit seller professes to sell his goods at the cost price but weighs 800 grams for a kg weight. Find his gain percent.

looks_one 20 %

looks_two 25 %

looks_3 80 %

looks_4 None of these

Option looks_two 25 %

Solution :
CP of 100 gram = x

Question no. 14

A shopkeeper’s price is 50% above the cost price. If he allows his customer a discount of 30% what profit does he make?

looks_one 5 %

looks_two 10 %

looks_3 15 %

looks_4 20 %

Option looks_one 5 %

Solution :
Shopkeeper price = 1.5 CP
Discount =30 % of shopkeeper price = 0.3 * 1.5CP = .45 CP
SP = 1.5CP - 0.45CP = 1.05 CP

Question no. 15

The cost price of 20 articles is equal to the selling price of 25 articles. The loss percent in the transaction is

looks_one 5

looks_two 25

looks_3 20

looks_4 30

Option looks_3 20

Solution :
let CP of 1 article = x
let SP of 1 article = y
CP of 20 Articles = 20 x
SP of 25 articles = 25y
According to question
20x = 25y ⇒ y = 20x / 25