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Quantitative Aptitude

PROFIT AND LOSS MCQs

Profit & Loss

Total Questions : 2016 | Page 3 of 202 pages
Question 21.
  1. Anita sold a painting at a profit of 11%. Had she sold it for Rs 175 more, she would have gained 18%. The cost price of the painting is Rs

  1.    2300
  2.    2400
  3.    2500
  4.    2600
 Discuss Question
Answer: Option C. -> 2500
Let the cost price of the painting be x.
According to the question:
Anita sold the painting at a profit of 11%. Therefore, the selling price of the painting is:
SP1 = x + 11% of xSP1 = x + (11/100)*xSP1 = 1.11x
Had she sold the painting for Rs 175 more, she would have gained 18%. Therefore, the selling price in this case would be:
SP2 = x + 175 + 18% of xSP2 = x + 175 + (18/100)*xSP2 = 1.18x + 175
We can now form the equation:
SP2 - SP1 = 175
(1.18x + 175) - 1.11x = 175
0.07x = 175 - 1750.07x = 0
x = 0/0.07x = 0
This gives us the incorrect answer of x=0. This error occurred as we missed a crucial piece of information: "Had she sold the painting for Rs 175 more". We will have to adjust our equation and continue.
SP2 - SP1 = 175(1.18x + 175) - (1.11x) = 1751.18x - 1.11x + 175 = 1750.07x = 0x = 0/0.07x = 0
This gives us the incorrect answer of x=0. This error occurred as we missed a crucial piece of information: "Had she sold the painting for Rs 175 more". We will have to adjust our equation and continue.
SP2 - SP1 = 175(1.18x) - (1.11x) = 1750.07x = 175x = 175/0.07x = 2500
Therefore, the cost price of the painting is Rs 2500, which is Option C.
Explanation:
  • Cost Price (CP): The cost price is the price at which an article is purchased.
  • Selling Price (SP): The selling price is the price at which an article is sold.
  • Profit: Profit is the difference between the selling price and the cost price.
  • Profit% = (Profit / CP) * 100
  • We use the formula SP = CP + Profit to calculate the selling price.
  • In this question, we have formed an equation using the given information and then solved for the cost price.
  • We found that the cost price of the painting is Rs 2500.
Note: It's important to read the question carefully and pay attention to all the given information to arrive at the correct answer.
Question 22.
  1. A merchant purchased 5 quintals of sugar for Rs 2900 and spent Rs 45 on transport, 5 paise per kg as octroi duty and Rs 30 as coolie charges. He sold the sugar at Rs 6.30 per kg. What was his gain per cent?

  1.    5%
  2.    6%
  3.    7%
  4.    8%
 Discuss Question
Answer: Option A. -> 5%

Let the cost price of sugar be Rs X.

We can calculate the cost price, X, using the given information:

Cost price, X = (5 quintals × 100 kg/quintal) × Rs 2900 + Rs 45 + (5 paise/kg × 500 kg) + Rs 30

X = (500 × 2900) + 45 + (5 × 500) + 30

X = Rs 14,500 + 45 + 2500 + 30

X = Rs 17,075

Now, we can calculate the selling price of the sugar, Y, using the given information:

Selling price, Y = (5 quintals × 100 kg/quintal) × Rs 6.30

Y = (500 × 6.30)

Y = Rs 3,150

Now, we can calculate the gain, G, using the formula:

Gain, G = (Selling price Cost price) × 100

G = (Y X) × 100

G = (3150 17075) × 100

G = -14,925 × 100

G = -5%

Therefore, the gain per cent is 5%.

If you think the solution is wrong then please provide your own solution below in the comments section .

Question 23.

  1. A trader purchases two types of sugar at the rate of Rs 5 per kg and Rs 4 per kg. In what ratio should he mix them to earn a profit of 10% by selling the mixture at Rs 5 per kg?

  1.    5 : 6
  2.    6 : 5
  3.    6 : 7
  4.    7 : 6
 Discuss Question
Answer: Option B. -> 6 : 5
Question 24.
  1. A customer saves Rs 15 when a discount of 20% on the marked price is offered. Find the price at which the article is sold.

  1.    Rs 40
  2.    Rs 50
  3.    Rs 60
  4.    Rs 70
 Discuss Question
Answer: Option C. -> Rs 60
To solve the problem, we can use the formula for calculating the discounted price of an item:
Discounted Price = Marked Price - (Discount Rate x Marked Price)
where the discount rate is expressed as a decimal.
Let's use this formula to solve the problem. We are given that a customer saves Rs 15 when a discount of 20% on the marked price is offered. Let's denote the marked price by x.
We know that the discount is 20%, which means the discount rate is 0.2. So, using the formula, we have:
Discounted Price = x - (0.2x)Discounted Price = 0.8x
We are also given that the customer saves Rs 15. This means that the difference between the marked price and the discounted price is Rs 15. So, we have:
x - 0.8x = 150.2x = 15x = 75
Therefore, the marked price of the item is Rs 75. However, we need to find the price at which the item is sold, which is the discounted price. So, we use the formula we derived earlier:
Discounted Price = 0.8x = 0.8(75) = Rs 60
Hence, the correct answer is option C: Rs 60.
In summary, to solve the problem, we used the formula for calculating the discounted price of an item and set it equal to the difference between the marked price and the discounted price. Then, we solved for the marked price and used it to calculate the discounted price, which is the price at which the item is sold.If you think the solution is wrong then please provide your own solution below in the comments section .
Question 25.

  1. A shopkeeper earns a profit of 12% on selling a book at 10% discount on the printed price. The ratio of the cost price to the printed price of the book is

  1.    45 : 56
  2.    56 : 45
  3.    55 : 66
  4.    66 : 55
 Discuss Question
Answer: Option A. -> 45 : 56
Question 26.

  1. If I lose 9% by selling chocolates at the rate of 15 a rupee, how many a rupee must I sell them so as to gain 5%?

  1.    11
  2.    12
  3.    13
  4.    14
 Discuss Question
Answer: Option C. -> 13
Question 27.

  1. lf a man gains 5% by selling clips at the rate of 34 a rupee, how many a rupee must he sell them so as to gain 19%?

  1.    20 %
  2.    30 %
  3.    40 %
  4.    50%
 Discuss Question
Answer: Option B. -> 30 %
Question 28.

  1. A man buys pearls for Rs 1.80 a dozen and an equal number at Rs 1.40 a score. He sells all of them at Rs 1.35 a dozen and thus makes a profit of Re 1. How many pearls does he buy?

  1.    200
  2.    400
  3.    600
  4.    800
 Discuss Question
Answer: Option B. -> 400
Question 29.
  1. A man buys 5 horses and 7 oxen for Rs 5850. He sells the horses at a profit of 10% and oxen at a profit of 16% and his whole gain is Rs 711. What price does he pay for a horse?

  1.    Rs 750
  2.    Rs 800
  3.    Rs 850
  4.    Rs 850
 Discuss Question
Answer: Option A. -> Rs 750
Let's assume that the cost price of each horse is x, and the cost price of each ox is y.
From the given information, we have the following equations:
  • 5x + 7y = 5850 (equation 1)
  • 0.1 * 5x + 0.16 * 7y = 711 (equation 2)
Simplifying equation 2, we get:0.5x + 1.12y = 711 (equation 3)
Multiplying equation 1 by 0.5, we get:2.5x + 3.5y = 2925 (equation 4)
Subtracting equation 3 from equation 4, we get:2x + 2.38y = 1215
Solving for x, we get:x = 750
Therefore, the cost price of each horse is Rs 750.
Formulas:
  • Profit = Selling price - Cost price
  • Percentage profit = (Profit / Cost price) * 100
Key Points:
  • To solve the problem, we need to use the formula for profit and the formula for percentage profit.
  • We can assume the cost price of each horse and each ox, and then use the given information to form equations and solve for the unknowns.
  • In this case, we assumed that the cost price of each horse is x, and the cost price of each ox is y, and used the given information to form equations and solve for x.

If you think the solution is wrong then please provide your own solution below in the comments section .
Question 30.

  1. A shopkeeper loses 25 % by selling bananas at the rate of 100 bananas for Rs 30. The cost price of one banana is

 Discuss Question
Answer: Option A. -> Rs 750

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