Quantitative Aptitude
PROFIT AND LOSS MCQs
Profit & Loss
Total Questions : 2016
| Page 1 of 202 pages
Answer: Option C. -> \(233\frac{1}{3}\)
The given problem can be solved by applying the basic formula for calculating profit percentage.
Profit percentage = [(Profit/Cost Price) x 100]
where,Profit = Selling Price - Cost Price
Cost price is the price at which the man bought the apples and Selling price is the price at which he sold each apple.
Given,Cost price of 5 apples = Rs 3Therefore, Cost price of 1 apple = Rs 3/5
Selling price of 1 apple = Rs 2
Profit = Selling price - Cost price = Rs 2 - Rs 3/5 = Rs 7/5
Therefore,Profit percentage = [(Profit/Cost Price) x 100] = [(7/5) / (3/5) x 100]= (7/3) x 100 = 233 1/3 %
Hence, the correct answer is option C
The given problem can be solved by applying the basic formula for calculating profit percentage.
Profit percentage = [(Profit/Cost Price) x 100]
where,Profit = Selling Price - Cost Price
Cost price is the price at which the man bought the apples and Selling price is the price at which he sold each apple.
Given,Cost price of 5 apples = Rs 3Therefore, Cost price of 1 apple = Rs 3/5
Selling price of 1 apple = Rs 2
Profit = Selling price - Cost price = Rs 2 - Rs 3/5 = Rs 7/5
Therefore,Profit percentage = [(Profit/Cost Price) x 100] = [(7/5) / (3/5) x 100]= (7/3) x 100 = 233 1/3 %
Hence, the correct answer is option C
- In summary, the solution to the given problem involves the following steps:
- Determine the cost price of 1 apple
- Determine the profit made on selling 1 apple
- Use the profit percentage formula to calculate the profit percentage
- Round off the answer to the nearest integer.
Answer: Option B. -> Gain 8 %
Answer: Option D. -> Rs 90
Answer: Option C. -> 212
Answer: Option B. -> Rs 30
Answer: Option B. -> Horse = Rs 750 , Carriage = 1050
Let the cost price of the horse be 'x' and the cost price of the carriage be 'y'. We know that the person purchased both for Rs 1800. So, we can write:
x + y = 1800 --------(1)
Now, he sold the horse at a profit of 20%. So, the selling price of the horse will be:
Selling price of horse = x + 0.2x = 1.2x
Similarly, he sold the carriage at a profit of 30%. So, the selling price of the carriage will be:
Selling price of carriage = y + 0.3y = 1.3y
His total profit was 25 5/6%. So, we can write:
Total profit = (Profit on horse + Profit on carriage)/Total cost price * 100
Or,
25 5/6 = [(1.2x - x) + (1.3y - y)]/1800 * 100
25 5/6 = (0.2x + 0.3y)/18
On simplification, we get:
0.2x + 0.3y = 470 --------(2)
Now, we have two equations (1) and (2) in two variables. We can solve them to get the values of x and y.
Multiplying equation (1) by 0.2, we get:
0.2x + 0.2y = 360 --------(3)
Subtracting equation (3) from equation (2), we get:
0.1y = 110
Or,
y = 1100
Substituting the value of y in equation (1), we get:
x + 1100 = 1800
Or,
x = 700
Therefore, the cost price of the horse is Rs 700, and the cost price of the carriage is Rs 1100.
Checking the answer, we can see that the total cost price is Rs 1800. The selling price of the horse is 1.2x = Rs 840, and the selling price of the carriage is 1.3y = Rs 1430. So, the total selling price is Rs 2270.
The total profit is (2270 - 1800)/1800 * 100 = 26.11%, which is close to 25 5/6%. Therefore, the answer is correct.
Hence, the correct answer is option B, Horse = Rs 750 and Carriage = Rs 1050.If you think the solution is wrong then please provide your own solution below in the comments section .
Let the cost price of the horse be 'x' and the cost price of the carriage be 'y'. We know that the person purchased both for Rs 1800. So, we can write:
x + y = 1800 --------(1)
Now, he sold the horse at a profit of 20%. So, the selling price of the horse will be:
Selling price of horse = x + 0.2x = 1.2x
Similarly, he sold the carriage at a profit of 30%. So, the selling price of the carriage will be:
Selling price of carriage = y + 0.3y = 1.3y
His total profit was 25 5/6%. So, we can write:
Total profit = (Profit on horse + Profit on carriage)/Total cost price * 100
Or,
25 5/6 = [(1.2x - x) + (1.3y - y)]/1800 * 100
25 5/6 = (0.2x + 0.3y)/18
On simplification, we get:
0.2x + 0.3y = 470 --------(2)
Now, we have two equations (1) and (2) in two variables. We can solve them to get the values of x and y.
Multiplying equation (1) by 0.2, we get:
0.2x + 0.2y = 360 --------(3)
Subtracting equation (3) from equation (2), we get:
0.1y = 110
Or,
y = 1100
Substituting the value of y in equation (1), we get:
x + 1100 = 1800
Or,
x = 700
Therefore, the cost price of the horse is Rs 700, and the cost price of the carriage is Rs 1100.
Checking the answer, we can see that the total cost price is Rs 1800. The selling price of the horse is 1.2x = Rs 840, and the selling price of the carriage is 1.3y = Rs 1430. So, the total selling price is Rs 2270.
The total profit is (2270 - 1800)/1800 * 100 = 26.11%, which is close to 25 5/6%. Therefore, the answer is correct.
Hence, the correct answer is option B, Horse = Rs 750 and Carriage = Rs 1050.If you think the solution is wrong then please provide your own solution below in the comments section .
Answer: Option A. -> Gain 1%
Answer: Option C. -> Loss 2.25 %
Answer: Option D. -> none of these
Answer: Option B. -> \(16\frac{2}{3}\)%
Given information:
We are given that the selling price is Rs 312.50. So, we can write:
1.2x = 312.50x = 312.50/1.2x = 260.4167
Therefore, the cost price of the article is Rs 260.4167.
Now, let's calculate the profit percentage on the selling price as calculated by the student. The profit as calculated by the student is the difference between the selling price and the cost price.
Profit = Selling price - Cost priceProfit = Rs 312.50 - Rs 260.4167Profit = Rs 52.0833
The profit percentage on the selling price as calculated by the student is given by the formula:
Profit percentage = (Profit/Selling price) x 100
Substituting the values, we get:
Profit percentage = (52.0833/312.50) x 100Profit percentage = 16.6667%
Therefore, the profit calculated by the student is 16 2/3 % (Option B).
To summarize:
Given information:
- Selling price of the article = Rs 312.50
- Actual profit = 20%
We are given that the selling price is Rs 312.50. So, we can write:
1.2x = 312.50x = 312.50/1.2x = 260.4167
Therefore, the cost price of the article is Rs 260.4167.
Now, let's calculate the profit percentage on the selling price as calculated by the student. The profit as calculated by the student is the difference between the selling price and the cost price.
Profit = Selling price - Cost priceProfit = Rs 312.50 - Rs 260.4167Profit = Rs 52.0833
The profit percentage on the selling price as calculated by the student is given by the formula:
Profit percentage = (Profit/Selling price) x 100
Substituting the values, we get:
Profit percentage = (52.0833/312.50) x 100Profit percentage = 16.6667%
Therefore, the profit calculated by the student is 16 2/3 % (Option B).
To summarize:
- Cost price of the article = Rs 260.4167
- Selling price of the article = Rs 312.50
- Actual profit = 20%
- Profit calculated by the student = 16 2/3 %
- Cost Price: The amount paid to purchase an item or the cost incurred to produce an item.
- Selling Price: The amount at which an item is sold.
- Profit: The difference between the selling price and the cost price.
- Profit Percentage: The percentage of profit earned on the cost price or the selling price, expressed as a percentage of the cost price or the selling price.