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Profit and Loss Questions Answers

Profit and Loss Questions Answers (MCQ) listings with explanations includes questions on Gain, Gain Percent, Loss, Loss Percent, determining different values etc which are important for many competitive exams.

1) A shopkeeper sells a transistor at Rs. 840 at a gain of 20% and another for Rs. 960 at the loss of 4%. Find his total gain perce

  • 1) \begin{aligned} 5\frac{12}{17}\% \end{aligned}
  • 2) \begin{aligned} 5\frac{13}{17}\% \end{aligned}
  • 3) \begin{aligned} 5\frac{14}{17}\% \end{aligned}
  • 4) \begin{aligned} 5\frac{15}{17}\% \end{aligned}
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Ans.   D
Explanation :
In this type of question, we will first find total C.P. of items, then total S.P. of items, then we will get gain or loss. From which we can easily calculate its percentage. So lets solve it now. \begin{aligned} \text{So, C.P. of 1st transistor = }\ \left( \frac{100}{120} * 840 \right) = 700 \\ \text{C.P. of 2nd transistor = }\ \left( \frac{100}{96} * 960 \right) = 1000 \\ \text{Total C.P. = 1700 }\\text{Total S.P. = 1800 }\\text{Gain = 1800 - 1700 = 100}\\text{Gain% = } \left( \frac{100}{1700} * 100 \right) \= 5\frac{15}{17}\% \end{aligned}

2) The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25% then determine the value of

  • 1) 14
  • 2) 15
  • 3) 16
  • 4) 17
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Ans.   C
Explanation :
Let the cost price 1 article = Re 1 Cost price of x articles = x S.P of x articles = 20 Gain = 20 -x \begin{aligned} => 25 = \left( \frac{20-x}{x} * 100 \right) \\ => 2000 - 100x = 25 x \=> x = 16 \end{aligned}

3) In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the pro

  • 1) 70%
  • 2) 80%
  • 3) 90%
  • 4) None of above
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Ans.   A
Explanation :
Let C.P.= Rs. 100. Then, Profit = Rs. 320, S.P. = Rs. 420. New C.P. = 125% of Rs. 100 = Rs. 125 New S.P. = Rs. 420. Profit = Rs. (420 - 125) = Rs. 295 Required percentage = (295/420) * 100 = 70%(approx)

4) If the cost price of 12 items is equal to the selling price of 16 items, the loss percent

  • 1) 20%
  • 2) 25%
  • 3) 30%
  • 4) 35%
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Ans.   B
Explanation :
Let the Cost Price of 1 item = Re. 1 Cost Price of 16 items = 16 Selling Price of 16 items = 12 Loss = 16 - 12 = Rs 4 Loss % = (4/16)* 100 = 25%

5) A man bought an article and sold it at a gain of 5 %. If he had bought it at 5% less and sold it for Re 1 less, he would have made a profit of 10%. The C.P. of the article

  • 1) Rs 100
  • 2) Rs 150
  • 3) Rs 200
  • 4) Rs 250
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Ans.   C
Explanation :
Let original Cost price is x Its Selling price = 105/100 * x = 21x/20 New Cost price = 95/100 * x = 19x/20 New Selling price = 110/100 * 19x/20 = 209x/200 [(21x/20) - (209x/200)] = 1 => x = 200

6) If the cost price of 12 pens is equal to the selling price of 8 pens, the gain percent i

  • 1) 12%
  • 2) 30%
  • 3) 50%
  • 4) 60%
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Ans.   C
Explanation :
Friends, we know we will need gain amount to get gain percent, right. So lets get gain first. Let the cost price of 1 pen is Re 1 Cost of 8 pens = Rs 8 Selling price of 8 pens = 12 Gain = 12 - 8 = 4 \begin{aligned} Gain\% = \left( \frac{Gain}{Cost} * 100 \right)\% \\ = \left( \frac{4}{8} * 100 \right)\% = 50\% \end{aligned}

7) A man gains 20% by selling an article for a certain price. If he sells it at double the price, the percentage of profit will b

  • 1) 130%
  • 2) 140%
  • 3) 150%
  • 4) 160%
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Ans.   B
Explanation :
Let the C.P. = x, Then S.P. = (120/100)x = 6x/5 New S.P. = 2(6x/5) = 12x/5 Profit = 12x/5 - x = 7x/5 Profit% = (Profit/C.P.) * 100 => (7x/5) * (1/x) * 100 = 140 %

8) A fruit seller sells mangoes at the rate of Rs.9 per kg and thereby loses 20%. At what price per kg, he should have sold them to make a profit of

  • 1) Rs 8.81
  • 2) Rs 9.81
  • 3) Rs 10.81
  • 4) Rs 11.81
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Ans.   D
Explanation :
85 : 9 = 105 : x x= (9×105/85) = Rs 11.81

9) If the manufacturer gains 10 %, the wholesale dealer 15 % and the retailer 25 %, then find the cost of production of a table if the retail price was Rs 1

  • 1) Rs. 750
  • 2) Rs. 800
  • 3) Rs. 850
  • 4) Rs. 900
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Ans.   B
Explanation :
Let the cost of Production = Rs. P Then, as per question, \begin{aligned} => \left( \frac{125}{100} *\frac{115}{100}*\frac{110}{100} * P \right) = 1265\\ => \frac{253}{160}P = 1265 \=> P = 800 \end{aligned}

10) A producer of tea blends two varieties of tea from two tea gardens one costing Rs 18 per kg and another Rs 20 per kg in the ratio 5 : 3. If he sells the blended variety at Rs 21 per kg, then his gain percent

  • 1) 12%
  • 2) 13%
  • 3) 14%
  • 4) 15%
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Ans.   A
Explanation :
Suppose he bought 5 kg and 3 kg of tea. Cost Price = Rs. (5 x 18 + 3 x 20) = Rs. 150. Selling price = Rs. (8 x 21) = Rs. 168. Profit = 168 - 150 = 18 So, Profit % = (18/150) * 100 = 12%
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