# Profit and Loss

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3592 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%

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%

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

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

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%

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

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 %

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%

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%

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

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%

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

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

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

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 %

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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