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Quantitative Aptitude

PROFIT AND LOSS MCQs

Profit & Loss

Total Questions : 2016 | Page 1 of 202 pages
Question 1.
  1. A man buys 5 apples for Rs 3 and sells each for Rs 2. What is his gain per cent?

  1.    \(33\frac{1}{3}\)
  2.    \(133\frac{1}{3}\)
  3.    \(233\frac{1}{3}\)
  4.    none of these
 Discuss Question
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 
  • 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.
Question 2.

  1. By selling an article for Rs 450, a man loses 10%. Find his gain or loss per cent if he sells it for Rs 540.

  1.    Loss 8 %
  2.    Gain 8 %
  3.    Loss 9 %
  4.    Gain 9 %
 Discuss Question
Answer: Option B. -> Gain 8 %
Question 3.

  1. For the same article if loss = 20% then selling price = Rs 60 and if gain = 20% then selling price is

  1.    Rs 60
  2.    Rs 70
  3.    Rs 80
  4.    Rs 90
 Discuss Question
Answer: Option D. -> Rs 90
Question 4.

A bicycle when sold for Rs 954 gave a loss of 10%. To earn 10% it should be sold for Rs _________ more

  1.    208
  2.    210
  3.    212
  4.    214
 Discuss Question
Answer: Option C. -> 212
Question 5.

  1. If the profit per cent is numerically equal to the cost price in rupees and the selling price is Rs 39, what is the cost price?

  1.    Rs 20
  2.    Rs 30
  3.    Rs 40
  4.    Rs 50
 Discuss Question
Answer: Option B. -> Rs 30
Question 6.
  1. A person purchased a horse and a carriage for Rs 1800. He sold the horse at a profit of 20% and the carriage at a profit of 30%. His total profit was \(25\frac{5}{6}\)%. Find the cost price of horse and carriage.

  1.    Horse = Rs 850  , Carriage = 950
  2.    Horse = Rs 750  , Carriage = 1050
  3.    Horse = Rs 950  , Carriage = 850
  4.    Horse = Rs 1000  , Carriage = 800
 Discuss Question
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 .
Question 7.

  1. A dealer sold two cycles for Rs 396 each, gaining 10% on one and losing 10% on the other. What is his gain or loss per cent?

  1.    Gain 1%
  2.    Loss 1%
  3.    Gain 2%
  4.    Loss 1%
 Discuss Question
Answer: Option A. -> Gain 1%
Question 8.

  1. A dealer sells two scooters, one at a profit of 15% and the other at a loss of 15%. The selling price of both the scooters is the same as Rs 9775. The gain or loss in the transaction is

  1.    Loss 2 %
  2.    gain 2 %
  3.    Loss 2.25 %
  4.    Gain 2.25 %
 Discuss Question
Answer: Option C. -> Loss 2.25 %
Question 9.

  1. In a transaction a man gained 40% of the list price. His actual gain % was

  1.    30%
  2.    40%
  3.    50%
  4.    none of these
 Discuss Question
Answer: Option D. -> none of these
Question 10.
  1. A student calculates profit percentage on the selling price instead of calculating it on the cost price of an article. The selling price of the article is Rs 312.50. If the actual profit is 20%, the profit calculated by him is

  1.    \(15\frac{2}{3}\)%
  2.    \(16\frac{2}{3}\)%
  3.    \(17\frac{2}{3}\) %
 Discuss Question
Answer: Option B. -> \(16\frac{2}{3}\)%
Given information:
  • Selling price of the article = Rs 312.50
  • Actual profit = 20%
The student has calculated the profit percentage on the selling price instead of the cost price. Let's say the cost price of the article is Rs x. Then, the selling price is Rs (x + 0.2x) = Rs 1.2x.
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 %
Important Definitions:
  • 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.
If you think the solution is wrong then please provide your own solution below in the comments section .

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