Profit and Loss - Aptitude Questions and Answers

Best Profit and Loss Questions and Answers

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Profit and Loss Aptitude Formulas

Cost Price:

The price, at which an article is purchased, is called its cost price, abbreviated as C.P.

 

Selling Price:

The price, at which an article is sold, is called its selling prices, abbreviated as S.P.

 

Profit or Gain:

If S.P. is greater than C.P., the seller is said to have a profit or gain.

 

Loss:

If S.P. is less than C.P., the seller is said to have incurred a loss.

1. Gain = (S.P.) - (C.P.)

2. Loss or gain is always reckoned on C.P.

3. gain% = [Gain*100/C.P.]

4. Loss = (C.P.) - (S.P.)

5. Loss% = [Loss*100/C.P.]

6. S.P. = (100+Gain%)/100 * C.P.

7. S.P. = (100-Loss%)/100 * C.P.

8. C.P. = 100/(100+Gain%) * S.P.

9. C.P. = 100/(100-Loss%) * S.P.

10. If an article is sold at a gain of say, 35%, then S.P. = 135% of C.P.

11. If an article is sold at a loss of say, 35%, then S.P. = 65% of C.P.

 

PROFIT AND LOSS SOLVED Problems

1. If the cost price is 96% of the selling price, then what is the profit percent?

  Sol. Let S.P. = Rs.100. Then, C.P. = Rs. 96; Profit = Rs.4.

 => Profit% = [4/96 * 100]% = 25/6 % = 4.17%.

 

2. A person incurs 5% loss by selling a watch for Rs.1140. At what price should the watch be sold to earn 5% profit?

  Sol. S.P. = Rs. 27.50, Profit = 10%.

So, C.P. = Rs.[100/110*27.50] = Rs. 25. When S.P. = Rs. 25.75, profit = Rs. (25.75-25) = Re. 0.75.

 => Profit% = [0.75/25*100]% = 3%.

 

3. A person incurs 5% loss by selling a watch for Rs. 1140. At what price should the watch be sold to earn 5% profit?

  Sol.Let the new S.P. be Rs. x. then,

(100 - loss%) : (1st S.P.) = (100 + gain%) : (2nd S.P.)

 => [100-5/1140] = [100+5/x] ? x = [105*1140/95] = 1260.

 

4. Find S.P when C.P=Rs 56.25 and Gain=20%

  Sol.56.25 * 1.2 = 67.5.

 

5.  If a radio is purchased for Rs 490 and sold for Rs 465.50 Find the loss%?

  Sol.Loss = 490 – 465.5 = 24.5 loss in % = 24.5/ 490 *100 = 5%.

 

PROFIT AND LOSS EXERCISE Problems for all Compitative Exams

1. An uneducated retailer marks all his goods at 50% above the cost price and thinking that he will still make 25% profit, offers a discount of 25% on the marked price. What is his actual profit on the sales?

A. 12.50 %

B. 13.50 %

C. 14 %

D. 14.50 %

Ans: A

Explanation:

Let C.P. = Rs. 100. Then, marked price = Rs. 150.

S.P. = 75% of Rs. 150

     = Rs. 112.50.

=> Gain% = 12.50%.

 

2. A retailer buys 40 pens at the marked price of 35 pens from a wholesaler. If he sells these pens giving a discount of 1%, what is the profit percent?

A. 12 %

B. 10 %

C. 15 %

D. 16 %

Ans: B

Explanation:

Let the marked price of each pen be Re. 1.

Then, C.P. of 40 pens = Rs. 36. S.P. of 40 pens = 99% of Rs. 40

                                                = Rs. 39.60.

=> Profit% = [3.60/36 * 100]% = 10%.

 

3. 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?

A. 50 %

B. 60 %

C. 65 %

D. 100 %

Ans: A

4.  30% loss on cost price in what percent loss on selling price?

A. 28.44 %

B. 38 %

C. 40.35 %

D. 42.85 %

Ans: D

Explanation:

Loss = 30% on CP i.e., 0.3CP => SP = 0.7CP Loss % on

SP = loss/SP * 100 = 0.3CP/0.7CP * 100 = 42.85%.

 

5. David purchased a house for Rs.75000 and a site for Rs.15000 respectively, if he sold the house for Rs.83000 and the site for Rs.10000, then find the resultant percentage of gain?

A. 30 %

B. 330/3 %

C. 31/3 %

D. 3.33 %

Ans: D

Explanation:

Total CP = 90000 & total SP = 93000

=> gain = SP/CP = 93000/90000 = 1.0333 = 3.33%.

 

6. 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: 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 = (80/1600x 100)% = 5%.

 

7. When a plot is sold for Rs. 18,700, the owner loses 15%. At what price must that plot be sold in order to gain 15%?

A. Rs. 21,000 

B. Rs. 22,500

C. Rs. 25,300 

D. Rs. 25,800

Answer: C

Explanation:

85 : 18700 = 115 : x

 => x = (18700 x 115/85) = 25300.

Hence, S.P. = Rs. 25,300.

 

8. On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. The cost price of a ball is:

A. Rs. 45 

B. Rs. 50

C. Rs. 55 

D. Rs. 60

Answer: D

Explanation:

(C.P. of 17 balls) - (S.P. of 17 balls) = (C.P. of 5 balls)

 C.P. of 12 balls = S.P. of 17 balls = Rs.720.

 C.P. of 1 ball = Rs.(720/12) = Rs. 60.

 

9. A shopkeeper bought an article for Rs 319.60. Approximately, at what price should he sell the article to make 25% profit?. 

A. 400 Rs 

B. 500 Rs

C. 450 Rs 

D. 600 Rs

Answer:  A

Explanation:  

sell price = 125% of 319.60 = (125/100) * 319.60 = 399.50 = 400 Rs

 

10. Two mixers and one T.V. cost Rs. 7000, while two T.V.s and a mixer cost Rs, 9800. The value of one T.V. is:

A. Rs. 2800 

B. Rs. 4200

C. Rs. 2100 

D. Rs. 8400

Answer:  B

Explanation:  

Let C.P. of a mixer be Rs. x and that of a T,V. be Rs. y.

Then, 2x + y = 7000 and 2y + x = 9800.

Multiplying 2nd equatien by 2 and subtracting first from it, we get

3y = 19600 - 7000 = 12600 or y = 4200 C.P. of a T.V. = Rs. 4200

 

11. A retailer buys a radio for Rs 225. His overhead expenses are Rs 15. He sellis the radio for Rs 300. The profit percent of the retailer is:

A. 10% 

B. 50%

C. 25% 

D. 52%

Answer:  C

Explanation:  

cost price = (225 + 15) = 240 sell price = 300

gain = (60/240)*100 = 25%

 

12. Raghu bought 4 dozen oranges at Rs 12 per dozen and 2 dozen oranges at Rs 16 per dozen. He soldthem all to earn 20% profit. At what price per dozen did he sell the oranges ?. 

A. 14.4 

B. 16.8

C. 16 

D. 19.2

Answer:  C

Explanation: 

Total CP = (12*4 + 16 *2) = 80

SP of 6 dozen oranges = [(120/100 )* 80)] = 96

sell price per dozen =16

 

13. A horse and a cow were sold for Rs. 12000 each. The horse was sold at a loss ot 20% and the cow nt gain ot 20% 1 he entire transaction resulted in

A. no loss or gain 

B. gain of Rs. 1000

C. loss of Rs. 1000 

D. gain of Rs. 2000

Answer:  B

Explanation:  

Total S.P. Rs, 24000.

C.P. of horse =Rs. [(100/80) x 12000] = 15000.

C.P. of cow = Rs.[(100/120) x 12000] = 10000

Total C.P. = Rs. 25000.

profit = Rs. (25000—24000)

       = Rs 1000.

 

14. Ajay bought 15 kg of dal at the rate of Rs 14.50 per kg and 10 kg at the rate of Rs 13 per kg. He mixed the two and sold the mixture at the rate of Rs 15 per kg. What was his total gain in this transaction ?

A. Rs 1.10 

B. Rs 11

C. Rs 16.50 

D. Rs 27.50

Answer:  D

Explanation:  

Cost price of 25 kg = Rs. (15 x 14.50 + lOx 13) = Rs. 347.50.

Sell price of 25 kg = Rs. (25 x 15) = Rs. 375.

profit = Rs. (375 — 347.50)

       = Rs. 27.50.

 

15. A shopkeeper sold an article for Rs 2564.36. Approximately what was his profit percent if the cost price of the article was Rs 2400. [Bank P.O. 1993]

A. 7 

B. 12

C. 8 

D. 60

Answer:  A

Explanation:  

Gain % = (164.36*100/2400) = 6.84% = 7% approx

 

16. 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 is:

A. 10 

B. 19

C. 12 

D. 22

Answer:  C

Explanation:  

Suppose he bought 5 kg and 3 kg of tea.

Cost Price = Rs. (5 x 18 + 3 x 20) = Rs. 150.

Sell price = Rs. (8 x 21) = Rs. 168.

profit % = (18/150) * 100 = 12%

 

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

A. 18%

B. 20%

C. 22%

D. 24%

Answer: 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%

 

18. 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 articles ?

A. Rs15

B. Rs 20

C. Rs 22

D. Rs 25

Answer: 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

 

19. 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 is

A. 51:52

B. 52:53

C. 53:54

D. 54:55

Answer: B

Explanation:

Let the Cost price of article is Rs. x

Required ratio = 104% of x / 106% of x

               = 104 / 106

               = 52 / 53

               = 52:53

 

20. A dealer professes to sell his goods at cost price and uses an 880gm weight instead of a kg. What is his percentage of gain?

A. 13.13%

B. 13.33%

C. 13.36%

D. 13.63%

Answer : D

Explanation:

Gain % = 1000/880 => 1. 1363 => 13.63%