Profit and Loss

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Directions: Each of the questions given below is followed by series of options among which you have to choose the best one. You can also review your choices by clicking into answer section.


1. If the C.P is 90% of SP, find the gain %.

A. 10%

B. 11.11%

C. 9%

D. 10.09%


Answer

                  Ans: Option B

       Explanation:

       CP = 0.9SP

       Gain = 0.1SP

       Gain% = (0.1SP/0.9SP)*100 = 100/9%= 11.11% 


2. Some articles were bought at 6 articles for Rs.5 and sold at 5 articles for Rs.6. Gain percent is:

A. 30%  

B. 33 1/4 %

C. 35%  

D. 44%


Answer

                  Ans: Option D

       Explanation:

       Suppose, number of articles bought = L.C.M. of 6 and 5 = 30.

       C.P. of 30 articles = (Rs.5/6) x 30= Rs.25.

       S.P. of 30 articles = (Rs.6/5) x 30= Rs.36.

       Gain % = (11×25)/ 100 % = 44%. 


3. A shopkeeper sells two kittens for the same price, one at a loss of 10% and the other at a profit of 10%. Find his net profit or loss in the transaction.

A. 1% Loss

B. (1/99)% Gain

C. (1 1/99 )% Loss 

D. No gain, no loss


Answer

                  Ans: Option A

       Explanation:

       Let the SP of a kitten be Rs.x.

       CP of the first kitten = x/0.9

       CP of the second kitten = x/1.1

       Total CP = 2x/0.99

       Total SP = 2x CP > SP

       Loss % = [[(2x/0.99)-2x]/(2x/0.99)]*100

                    = [(0.02x/0.99)/(2x/0.99)]*100

                    = 1% 


4. By selling 45 lemons for Rs.40, a man loses 20 %. How many should he sell for Rs.24 to gain? 20 % in the transaction?

A.16

B.20

C.18

D.22


Answer

                  Ans: Option C

       Explanation:

       Let S.P. of 45 lemons is Rs.x.

       80 : 40 = 120 : x

       or, 80/40 = 120/x

       or, x = 40 * 120 / 80 = 60

       Lemons sold For Rs.60, = 45

       Lemons sold For Rs.24, = (45/60) * 24= 18. 


5. John buys a second-hand car for Rs.1,80,000 and spent Rs.20,000 for repairing it. He sold it for Rs.220,000. Find his gain %.

A. 25%

B. 20%

C. 15%

D. 10% 


Answer

                  Ans: Option D

       Explanation:

       C.P = 180,000+20,000 = 200,000

       S.P = 220,000

       Gain %=[(220,000-200,000)/200,000] * 100 = 10% 


6. The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:

A.15      

B.16

C.18      

D.25


Answer

                  Ans: Option B

       Explanation:

       Let C.P. of each article be Re. 1, then C.P. of x articles = Rs. x.

       S.P. of x articles = Rs. 20.

       Profit = Rs. (20 – x).

      Then, (20 – x) = (25/100 * x)                                  

       2000 – 100x = 25x

      125x = 2000

       x = 16. 


7. A man sold 250 chairs and had a gain equal to selling price of 50 chairs. His profit percent is .

A. 5 %

B.25 %

C.10 %

D.50 %


Answer

                  Ans: Option B

       Explanation:

       Selling price of 200 chairs = cost price of 250 chairs

       Let cost price of each chair is Rs 1

       Cost price of 200 chairs = 200

       Selling price of 200 chairs = 250

       Gain % = (50/200*100) = 25%

       (Since, gain = Selling price of 250 chairs – cost price of 250chairs) 

        Hence, Selling price of 250 chairs – cost price of 250 chairs = SP of 50 chairs 


8. The gain triples when the selling price of an item is doubled. Find the gain %.

A. 100%

B. 75%

C. 50%

D. 25%


Answer

                  Ans: Option A

       Explanation:

       Let the C.P be Rs.x and the S.P be Rs.y.

       Gain = y-x

       2y-x = 3*(y-x)

     Then, y=2x

       Gain = y-x

                = 2x-x

                 = x

       Gain % = (x/x)*100 = 100% 


9. A trader mixes 26 kg of rice at Rs.20 per kg with 30 kg of rice of other variety at Rs. 36 per kg and sells the mixture at Rs.30 per kg. His profit percent is:

A. No profit, no loss        

B. 5%

C. 8%    

D. 10%


           Answer

                  Ans: Option B

       Explanation:

       C.P. of 56 kg rice = Rs. (26 x 20 + 30 x 36)

                                    = Rs. (520 + 1080)

                                    = Rs. 1600.

       S.P. of 56 kg rice = Rs. (56 x 30)

                                    = Rs. 1680.

       Gain =  (80/1600)x 100  % = 5%. 


10. A bought a ratio set and spent Rs110 on its repairs. He then sold it to B at 20% profit, B sold it to C at a loss’ of 10 % and C sold it for Rs.1188 at a profit of 10 %. What is the amount for which A bought the radio set?

A. Rs 850

B. Rs 930

C. Rs 890

D. Rs 950


 Answer

                  Ans: Option C

       Explanation:

       110% of 90% of 120% of A = 1188.

        or, [(110/100)*(90/100)*(120/100)*A] = 1188

         or, A = 1188/1000

     Since A =1188 hence A = 100

     A purchased it for Rs.(1000 – 110) = Rs.890. 


11. 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 profit?

A.30%   

B.70%

C.100%

D.250%


Answer

                  Ans: Option B

       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)x 100 %

                                          =1475/21%

                                          = 70% (approximately). 


12. A man sells two houses at the rate of Rs. 1.995 lakh each. On one he gains 5% and on the other, he loses 5%. His gain or loss percent in the whole transaction Is :. [Income Tax, 198]

A. 0.25% loss

B. 2.5% loss

C. 0.25% gain

D. 25% loss


Answer

                  Ans: Option A

       Explanation:

       Loss%= (common gain or loss % / 10)2

                  = (5/10)%

                  = 0.25%. (approximately). 


13. A man buys a cycle for Rs.1400 and sells it at a loss of 15%. What is the selling price of the cycle?

A. Rs. 1090         

B. Rs. 1160

C. Rs. 1190         

D. Rs. 1202


Answer

                  Ans: Option C

       Explanation:

       S.P. = 85% of Rs.1400

               = (Rs.85/100)x 1400

               = Rs. 1190 


14. 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 was:

A. Rs 100

B. Rs 200

C. Rs 150

D. Rs 500


Answer

                  Ans: Option B

       Explanation:

       Let original cost price is x its cost price = 105/100 * x

                                                                     = 21x/20

       New Cost price = 95/100 * x = 19x/20

       New Sell price = 110/100 * 19x/20 = 209x/200

       [(21x/20) – (209x/200)] = 1

       or, x = 200 


15. A person bought 20 liters of milk at the rate of Rs 8 per liter. He got it churned after spending Rs 10 and got 5 kg of cream and 20 liters of toned milk. If he sold the cream at Rs. 30 per kg and toned milk at Rs 4 per liter, his profit in the transaction is :.

A. 25 %

B. 37.5 %

C. 35.3 %

D. 42.5 %


Answer

                  Ans: Option C

       Explanation:

       Investment Rs. (20*8 + 10) = Rs. 170.

       Receipt = Rs. (30*5 + 20*4) = Rs. 230.

       Profit %=[(60/170) * 100] % = 35.29% = 35.3%. 


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