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Quantitative Aptitude

PROFIT AND LOSS MCQs

Profit & Loss

Total Questions : 2016 | Page 8 of 202 pages
Question 71.

John bought 15 apples for Rs.10 and sold them at the rate of 12 apples for Rs.12. What is the percentage of profit made by him?

  1.    50%
  2.    60%
  3.    65%
  4.    100%
  5.    None of these
 Discuss Question
Answer: Option A. -> 50%

 -   He got profit ⇒ profit % = 15/10 x 12/12 = 1.5 ⇒ 50%.

To calculate the percentage of profit made by John, we need to first determine the cost price (CP) of each apple and the selling price (SP) of each apple.

Given:

John bought 15 apples for Rs. 10, therefore, CP of each apple = Rs. 10/15 = Rs. 0.67

John sold 12 apples for Rs. 12, therefore, SP of each apple = Rs. 12/12 = Rs. 1

Now, we can calculate the profit made by John using the formula:

Profit = SP - CP

Profit = Rs. 1 - Rs. 0.67 = Rs. 0.33

Therefore, John made a profit of Rs. 0.33 on each apple.

To calculate the percentage of profit, we use the formula:

Profit percentage = (Profit/CP) * 100

Profit percentage = (0.33/0.67) * 100 = 49.25 ≈ 50%

Therefore, the correct answer is option A, which is 50%.

Explanation of terms and formulas used:

  1. Cost Price (CP): The price at which an article is purchased is known as its cost price.
  2. Selling Price (SP): The price at which an article is sold is known as its selling price.
  3. Profit: The difference between the selling price and the cost price is known as the profit.
  4. Profit percentage: The percentage of profit is the profit expressed as a percentage of the cost price.
  5. Formula for profit: Profit = SP - CP
  6. Formula for profit percentage: Profit percentage = (Profit/CP) * 100
  7. The percentage of profit can be calculated only when the cost price and selling price are known.

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

Question 72.

30% loss on cost price is what percent loss on selling price?

  1.    28.44 %
  2.    38 %
  3.    40.35 %
  4.    42.85 %
  5.    None of these
 Discuss Question
Answer: Option D. -> 42.85 %
 -    Loss = 30% on CP i.e., 0.3CP
  ⇒ SP = 0.7CP Loss % on SP = loss/SP x 100
  = 0.3CP/0.7CP x 100 = 42.85%.
Question 73.

A person, by selling an article at three-fourths of the list price incurs a loss of 20%. Find the profit percentage if he sells at the list price?

  1.    25 %
  2.    6.66 %
  3.    5.45 %
  4.    30 %
  5.    None of these
 Discuss Question
Answer: Option B. -> 6.66 %

 -   0.75 MP = 0.8 CP (since 20% loss) So, MP = 1.0666CP ⇒ 6.66% gain.

Given:
List Price (LP) = 100
Selling Price (SP) = 3/4 LP
Loss = 20%

We need to find the Profit Percentage (P%) if he sells at the List Price (100).

We can use the following formula to calculate the Profit Percentage (P%):

P% = (SP - CP)/CP × 100

where, SP is the Selling Price and CP is the Cost Price.

Since, the person incurs a loss of 20%, we can say that the Cost Price (CP) = (1.2 × SP).

Therefore, the Profit Percentage (P%) = (SP - 1.2 × SP)/(1.2 × SP) × 100

Substituting the values, we get

P% = (3/4 LP - 1.2 × 3/4 LP)/(1.2 × 3/4 LP) × 100

= (3/4 LP - 9/10 LP)/(9/10 LP) × 100

= (LP/40)/(9/10 LP) × 100

= 40/9 × 100

= 6.66 %

Hence, the Profit Percentage (P%) if he sells at the List Price (100) is 6.66 %.

Therefore, the correct answer is Option B 6.66 %.

Question 74.

Padam purchased 30 kg of rice at the rate of Rs. 17.50 per kg and another 30 kg. rice at a certain rate. He mixed the two and sold the entire quantity at the rate of Rs.18.60 per kg and made 20% overall profit. At what price per kg did he purchase the lot of another 30 kg rice?

  1.    Rs 12.50
  2.    Rs 13.50
  3.    Rs 14.50
  4.    Rs 15.50
  5.    None of these
 Discuss Question
Answer: Option B. -> Rs 13.50
 -   Let the required price per kg Rs.a .  Then,
 C.P. of 60 kg rice = Rs.(30x17.50+30x a) 
                              =Rs.(525+30a)
       S.P.  of 60 kg rice= Rs.(60x18.60) =Rs.1116.
116-(525 + 30a) x 100 = 20 525 + 30a           591 - 30a = 1     525 + 30a 5           
 
        
 
 
 
 
             
  = 2955 – 150a = 525 + 30a
  = 180a = 2430
 
  a = (2430/180)
 
  =(27/2)
  =13.50
Question 75.

Samant bought a microwave oven and paid 10% less than its original price. He sold it with the 30% profit on the price he had paid. What percentage of profit did samant earn on the original price?

  1.    17%
  2.    20%
  3.    27%
  4.    32%
  5.    None of these
 Discuss Question
Answer: Option A. -> 17%
 -    Let the original price = 100
  Then, C.P = Rs. 90, S.P = 130% of Rs.90 = Rs.(130/100 x 90) = 117.
  ∴ required percentage = (117-100)% =17%
Question 76.

If a man Reduces the selling price of a fan from Rs.400 to Rs.380. his loss increases by 2% the cost price of fan is :

  1.    Rs 480
  2.    Rs 500
  3.    Rs 600
  4.    Rs 800
  5.    None of these
 Discuss Question
Answer: Option D. -> Rs 800
 -    Let C.P be Rs. x 
  Then, 2% of x = (400-380) = 20
 
  => x/50 =20
 
  => x = 1000
Question 77.

An article when sold at a gain of 5% yields Rs.15 more than when sold at a loss of 5% its cost price would be :

  1.    Rs 150
  2.    Rs 200
  3.    Rs 250
  4.    Rs 300
  5.    None of these
 Discuss Question
Answer: Option A. -> Rs 150
 -    Let C.P be Rs. x
 
  Then, 105x/100 – 95x/100 =15
 
  => x = 150
Question 78.

A shopkeeper sells an article at a loss of 12.50 %.  Had he sold it for Rs. 51.80 more, he would have earned a profit of 6%. The cost price of the article is:

  1.    Rs 280
  2.    Rs 300
  3.    Rs 380
  4.    Rs 400
  5.    None of these
 Discuss Question
Answer: Option A. -> Rs 280
 -    Let C.P be Rs. x
 
  Then, (106% of x) -  (87.50% of x) = 51.80
 
  => 18.5% of x = 51.80
 
  => x = (51.80 x 100 x 2)/37
 
  =280
Question 79.

The difference between the cost price and sale price of an article is Rs. 240 if the profit is 20%. The selling price is:

  1.    Rs.1240
  2.    Rs.1400
  3.    Rs.1440
  4.    Rs.1600
  5.    None of these
 Discuss Question
Answer: Option C. -> Rs.1440
 -    Let the C.P be Rs.x
  Then, S.P = 120% of  Rs. x = Rs.(120/100) x = Rs. 6x/5
      ∴6x/5 – x = 240 
            x = 1200
 
       ∴S.P = Rs. (6/5 x 1200) = Rs.1440.
Question 80.

A dealer sold an article at a loss of 2.5%. Had he sold it for Rs. 100 more, he would have gained 7.5%. To gain 12.5% he should sell it for :

  1.    Rs.850
  2.    Rs.925
  3.    Rs.1080
  4.    Rs.1125
  5.    None of these
 Discuss Question
Answer: Option D. -> Rs.1125

 -    Let C.P be Rs.x  then,
  (107.5 % of x) - (97.5 % of x) = 100
  => 10% of x = 100
  => x =1000
  ∴ desired S.P = 112.5 % of Rs. 100
  = Rs.(225/2 x 1/100 x 1000) =Rs. 1125

To gain 12.5%, the dealer needs to sell the article for Rs.1125. To calculate this, we need to use the concepts of profit and loss.

Profit and Loss:
Profit and Loss is a calculation which helps to ascertain the gain or loss made by a person on a particular transaction. Profit is the gain made on the transaction and loss is the amount lost on the transaction.

Formula:
The formula to calculate the profit or loss is given by
Profit/Loss = (SP - CP) / CP * 100
Where SP = Selling Price and CP = Cost Price

Given:
A dealer sold an article at a loss of 2.5%. Had he sold it for Rs. 100 more, he would have gained 7.5%.

Let CP = Cost Price of the article

Loss = 2.5%

Profit = 7.5%

Calculation:
We need to calculate the Selling Price of the article for the dealer to gain 12.5%.

Let SP = Selling Price of the article

For a loss of 2.5%,

Loss = (SP - CP) / CP * 100
2.5 = (SP - CP) / CP * 100
(SP - CP) / CP * 100 = 2.5 / 100
(SP - CP) / CP = 0.025
SP - CP = 0.025 * CP
SP = 0.025 * CP + CP
SP = 1.025 * CP

For a gain of 7.5%,

Profit = (SP - CP) / CP * 100
7.5 = (SP - CP) / CP * 100
(SP - CP) / CP * 100 = 7.5 / 100
(SP - CP) / CP = 0.075
SP - CP = 0.075 * CP
SP = 0.075 * CP + CP
SP = 1.075 * CP

Now,

For a gain of 12.5%,

Profit = (SP - CP) / CP * 100
12.5 = (SP - CP) / CP * 100
(SP - CP) / CP * 100 = 12.5 / 100
(SP - CP) / CP = 0.125
SP - CP = 0.125 * CP
SP = 0.125 * CP + CP
SP = 1.125 * CP

Therefore, the Selling Price of the article for the dealer to gain 12.5% = 1.125 * CP

Since the Cost Price of the article is given to be Rs. 100 more than the Selling Price of the article,

CP = SP + 100
1.125 * CP = SP + 100
1.125 * (SP + 100) = SP + 100
1.125 * SP + 131.25 = SP + 100
0.125 * SP = -31.25
SP = -31.25 / 0.125
SP = Rs.1125

Hence, to gain 12.5%, the dealer needs to sell the article for Rs.1125.

Therefore, the correct answer is Option D. Rs.1125.

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

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