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.

11) A material is purchased for Rs. 600. If one fourth of the material is sold at a loss of 20% and the remaining at a gain of 10%, Find out the overall gain or loss percent

  • 1) \begin{aligned} 4\frac{1}{2} \end{aligned}
  • 2) \begin{aligned} 3\frac{1}{2} \end{aligned}
  • 3) \begin{aligned} 2\frac{1}{2} \end{aligned}
  • 4) \begin{aligned} 1\frac{1}{2} \end{aligned}
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Ans.   C
Explanation :
We need to get the Total selling price to solve this question. Because after getting selling price we can get profit or loss, then we can calculate profit% or loss% So lets solve this: Price Received by selling one fourth of the material at a loss of 20% = (1/4) * 600 * (80/100) = Rs. 120 Price Received by remaining material at a gain of 10% = (3/4) * 600 * (110/100) = Rs. 495 [Note: 1-(1/4) = 3/4] Total Selling Price = 120 + 465 = Rs. 615 Profit = 615 - 600 = 15 \begin{aligned} Profit\% = \left( \frac{Gain}{Cost} * 100 \right)\% \\ = \left( \frac{15}{600} * 100 \right)\% \= \frac{5}{2}\% = 2\frac{1}{2}\% \end{aligned}

12) A shopkeeper sold an article for Rs 2564.36. Approximately what was his profit percent if the cost price of the article was Rs 2

  • 1) 4%
  • 2) 5%
  • 3) 6%
  • 4) 7%
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Ans.   D
Explanation :
Gain % = (164.36*100/2400) = 6.84 % = 7% approx

13) A shopkeeper cheats to the extent of 10% while buying and selling, by using false weights. His total gain

  • 1) 20%
  • 2) 21%
  • 3) 22%
  • 4) 23%
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Ans.   B
Explanation :
\begin{aligned} Gain\% = \\ \left( \frac{(100 + \text{common gain}\%)^2}{100} - 100 \right)\% \\ = \left( \frac{(100 + 10)^2}{100} - 100 \right)\% \\ = \left( \frac{12100 - 10000}{100}\right)\% \\ = 21\% \end{aligned}

14) The cash difference between the selling prices of an article at a profit of 4% and 6% is Rs 3. The ratio of two selling prices

  • 1) 51:52
  • 2) 52:53
  • 3) 53:54
  • 4) 54:55
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Ans.   B
Explanation :
Let the Cost price of article is Rs. x Required ratio = \begin{aligned} \frac{104\% \text{ of } x}{106\% \text{ of } x} \= \frac{104}{106} = \frac{52}{53} = 52:53 \end{aligned}

15) A pair of articles was bought for Rs. 37.40 at a discount of 15%. What must be the marked price of each of the article

  • 1) Rs15
  • 2) Rs 20
  • 3) Rs 22
  • 4) Rs 25
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Ans.   C
Explanation :
As question states that rate was of pair of articles, So rate of One article = 37.40/2 = Rs. 18.70 Let Marked price = Rs X then 85% of X = 18.70 => X = 1870/85 = 22

16) A shopkeeper fixes the marked price of an item 35% above its cost price. The percentage of discount allowed to gain 8%

  • 1) 18%
  • 2) 20%
  • 3) 22%
  • 4) 24%
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Ans.   B
Explanation :
Let the cost price = Rs 100 then, Marked price = Rs 135 Required gain = 8%, So Selling price = Rs 108 Discount = 135 - 108 = 27 Discount% = (27/135)*100 = 20%

17) The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, find out the value of

  • 1) 13
  • 2) 14
  • 3) 15
  • 4) 16
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Ans.   D
Explanation :
Let the Cost Price of one article = Rs. 1 CP of x articles = Rs. x CP of 20 articles = 20 Selling price of x articles = 20 Profit = 25% [Given] \begin{aligned} \Rightarrow \left (\dfrac{SP - CP }{CP}\right ) = \dfrac{25}{100} = \dfrac{1}{4} & \Rightarrow \dfrac{\left(20-x \right )}{x} = \dfrac{1}{4} \& \Rightarrow 80 - 4x = x \\ & \Rightarrow 5x = 80 \nonumber \\ & \Rightarrow x = \dfrac{80}{5} = 16 \\ \end{aligned}

18) Akhil purchased 70kg vegetable at Rs. 420, then sold them at the rate of Rs. 6.50 per kg, find the profit percen

  • 1) \begin{aligned} 8\frac{1}{3}\% \end{aligned}
  • 2) \begin{aligned} 7\frac{1}{3}\% \end{aligned}
  • 3) \begin{aligned} 6\frac{1}{3}\% \end{aligned}
  • 4) \begin{aligned} 5\frac{1}{3}\% \end{aligned}
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Ans.   A
Explanation :
Please note in this type of questions, get the value of 1 kg to solve this question, lets solve it. C.P. of 1 Kg = 420/70 = Rs. 6 Selling Price = 6.50 Gain = Rs. 0.50 \begin{aligned} Gain\% = \frac{.50}{6}*100 \\ = 8\frac{1}{3}\% \end{aligned}

19) 100 oranges are bought at the rate of Rs. 350 and sold at the rate of 48 per dozen. The percentage of profit

  • 1) \begin{aligned} 12\frac{2}{7} \% \end{aligned}
  • 2) \begin{aligned} 13\frac{2}{7} \% \end{aligned}
  • 3) \begin{aligned} 14\frac{2}{7} \%\end{aligned}
  • 4) \begin{aligned} 15\frac{2}{7} \% \end{aligned}
View Answer View Explanation
Ans.   C
Explanation :
So before solving this question we will get the C.P. and S.P. of 1 article to get the gain percent. C.P. of 1 orange = 350/100 = Rs 3.50 S.P. of one orange = 48/12 = Rs 4 [note: divided by 12 as 1 dozen contains 12 items] Gain = 4 - 3.50 = Rs 0.50 \begin{aligned} Gain\% = \frac{0.50}{3.50}*100 \\ = \frac{100}{7}\% = 14\frac{2}{7}\% \end{aligned}

20) A man buys an item at Rs. 1200 and sells it at the loss of 20 percent. Then what is the selling price of that i

  • 1) Rs. 660
  • 2) Rs. 760
  • 3) Rs. 860
  • 4) Rs. 960
View Answer View Explanation
Ans.   D
Explanation :
Here always remember, when ever x% loss, it means S.P. = (100 - x)% of C.P when ever x% profit, it means S.P. = (100 + x)% of C.P So here will be (100 - x)% of C.P. = 80% of 1200 = 80/100 * 1200 = 960
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