Practice MCQ Questions and Answer on Profit and Loss

Left pan of a faculty balance weighs 100 grams more than its right pan. A shopkeeper keeps the weight measure in the left pan while buying goods but keeps it in the right pan while selling his goods. He uses only 1 kg weight measure. If he sells his goods at the listed cost price, what is his gain ?

(A) $\frac{100}{11}$ %
(B) $\frac{200}{11}$ %
(C) $\frac{100}{9}$ %
(D) $\frac{200}{9}$ %

Solution: Let the C.P. of 1 kg goods be Rs. 1 Then, He buys 1100 g goods for Rs. 1 and sells 900 g goods for Rs. 1 ∴ C.P. of 1100 g goods = Rs. 1 ⇒ C.P. of 900 g goods $\begin{aligned} = Rs . (\frac{1}{1100} \times 900) \\ = Rs . \frac{9}{11} \end{aligned}$ S.P. of 900 g goods = Rs. 1 $\begin{aligned} Gain = Rs . (1 - \frac{9}{11}) \\ = Rs . \frac{2}{11} \\ ∴ Gain % \\ = (\frac{2}{11} \times \frac{11}{9} \times 100) % \\ = \frac{200}{9} % \end{aligned}$

A sells a car priced at Rs. 36000. He gives a discount of 8% on the 1^st Rs. 20000 and 5% on the remaining Rs. 16000 B also sells a car of the same make, period at Rs. 36000. He gives a discount of 7% on the total price. Calculate the actual price charged by A and B for the cars =

(A) A = Rs. 33500, B = Rs. 33400
(B) A = Rs. 33450, B = Rs. 33650
(C) A = Rs. 33480, B = Rs. 33600
(D) A = Rs. 33600, B = Rs. 33480

Solution: $\begin{aligned} Total discount by A \\ = 20000 \times \frac{8}{100} + 16000 \times \frac{5}{100} \\ = 1600 + 800 \\ = Rs . 2400 \\ Selling price of A \\ = 36000 - 2400 \\ = Rs .33600 \\ Selling price of B \\ = 36000 \times \frac{100 - 7}{100} \\ = 36000 \times \frac{93}{100} \\ = Rs . 33480 \end{aligned}$

A tradesman gives 4% discount on the marked price and gives 1 article free for buying every 15 articles and thus gains 35%. The marked price is above the cost price by -

(A) 20%
(B) 39%
(C) 40%
(D) 50%

Solution: Let the C.P. of each article be Rs. 100 Then, Cost Price of 16 articles = Rs. (100 × 16) = Rs. 1600 Selling Price of 15 articles $\begin{aligned} = Rs . (1600 \times \frac{135}{100}) \\ = Rs . 2160 \\ S .P . of each article \\ = Rs . \frac{2160}{15} \\ = Rs . 144 \end{aligned}$ If S.P. is Rs. 96, marked price = Rs. 100 If S.P. is Rs. 144, marked price $\begin{aligned} = Rs . (\frac{100}{96} \times 144) \\ = Rs . 150 \end{aligned}$ ∴ Marked price = 50% above C.P.

Find the difference of amount if 40% discount is given on Rs. 500 and two consecutive discount 30% and 10% are given on the same amount.

(A) Rs. 15
(B) Rs. 0
(C) Rs. 20
(D) Rs. 10

Solution: 40% discount on 500 = $\frac{40 \times 500}{100}$ = Rs. 200 Two successive discount on 500, = 30% of 500 + 10% of (500 - 30% of 500) = 150 + 10% of 350 = 150 + 35 = Rs. 185 Difference in Discount = 200 - 185 = Rs. 15

Krishna purchased a number of articles at Rs. 10 for each and the same number for Rs. 14 each. He mixed them together and sold them for Rs. 13 each. Then his gain or loss percent is = ?

(A) Loss $8 \frac{1}{3} %$
(B) Gain $8 \frac{2}{3} %$
(C) Loss $8 \frac{2}{3} %$
(D) Gain $8 \frac{1}{3} %$

Solution: Let article purchased be 1 1 articale = Rs. 10 1 articale = Rs. 14 CP of 2 article = 10 + 14 = Rs. 24 CP of 1 article = $\frac{24}{2}$ = Rs. 12 SP of 1 article = Rs. 13 Profit = 13 - 12 = Rs. 1 $\begin{aligned} Profit % = \frac{1}{12} \times 100 \\ = \frac{25}{3} \\ = 8 \frac{1}{3} % \end{aligned}$

A person sold a TV for Rs. 9400 then he lost a particular amount. When he sold another TV of the same type at Rs. 10600, his gain was double the former loss. What was the cost price of each TV?

(A) Rs. 9800
(B) Rs. 10000
(C) Rs. 10200
(D) Rs. 10400

Solution: According to the question, Given, Loss = Cost price - 9400 = x ......(i) Profit = 10600 - Cost price = 2x .......(ii) Put the value of equation (i) in equation (ii) ∴ 10600 - Cost price = 2 (Cost price - 9400) 10600 - Cost price = 2 Cost Price - 18800 3 Cost price = 29400 $\begin{aligned} Cost price = \frac{29400}{3} \\ = 9800 \\ Cost price = Rs . 9800 \end{aligned}$

By selling an article, a man makes a profit of 25% of its selling price. His profit percent is = ?

(A) 20
(B) 25
(C) $16 \frac{2}{3}$
(D) $33 \frac{1}{3}$

Solution: According to the question, 25% of selling price $= \frac{1 \to Profit}{4 \to Selling price}$ Cost price = Selling price - Profit Cost price = 4 - 1 Cost price = 3 $\begin{aligned} Profit % \\ = \frac{Profit}{Cost price} \times 100 \\ = \frac{1}{3} \times 100 \\ = 33 \frac{1}{3} % \end{aligned}$

A coconut merchant finds that the cost price of 2750 coconuts is the same as the selling price of 2500 coconuts. His loss or gain will be = ?

(A) 5% loss
(B) 10% gain
(C) 15% loss
(D) 20% gain

Solution: According to the question, 2750 Cost Price = 2500 Selling Price $\begin{aligned} \frac{CP}{SP} = \frac{2500}{2750} = \frac{10}{11} ⟩ 1 unit profit \\ Profit % = \frac{1}{10} \times 100 \\ = 10 % gain \end{aligned}$

The cost of servicing of a Maruti car at Maruti care Pvt. Ltd. is Rs. 400. Manager of service centre told me that for the second service within a year a customer can avail a 10% discount and further for third and fourth servicing he can avail 10% discount of the previous amount paid, within a year. Further if a customer gets more than 4 services within a year, he has to pay just 60% of the servicing charges on these services. A customer availed 5 services from the same servicing station, what is the total percentage discount fetched by the customer?

(A) 19.42%
(B) 18.5%
(C) 17.6%
(D) 26%

Solution: 100 == 10%↓ (1st disc.) ⇒ 90 == 10%↓ ⇒ 81 == 10%↓ ⇒ 72.9 == 10%↓ ⇒ 60(After 5th discount.) Alternatively, Amount paid in 1st service = 100 (Assume) Amount paid in 2nd service = 90 Amount paid in 3rd service = 81 Amount paid in 4th service = 72.9 Amount paid in 5th service = 60 Total amount paid, = (100 +90 +81 +72.9 +60) = 403.9 Total Discount = 500 - 403.9 = 96.1 % Discount = $\frac{96.1 \times 100}{500}$ = 19.42%

10.

A person buys 80 kg of rice and sells it at a profit of as much money as he paid for 30 kg. His profit percent is:

(A) $24 \frac{3}{11}$
(B) 35
(C) $37 \frac{1}{2}$
(D) 40

Solution: Let, cost price of 80 kg rice is Rs. 80 Profit = Rs. 30 $Profit % = \frac{30}{80} \times 100 = 37 \frac{1}{2} %$

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Practice MCQ Questions and Answer on Profit and Loss

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