Practice MCQ Questions and Answer on Profit and Loss

91.

The marked price of a radio is 20% more than its cost price. If a discount of 10% is given on the marked price, the gain per cent is:

(A) 15
(B) 12
(C) 10
(D) 8

Solution: Let CP = 100 Then, MP = 100 + 20% of 100 = 120 Now, SP = 120 - 10% of 120 = 108 Gain = 108 - 100 = 8 %Gain = $\frac{8 \times 100}{100}$ = 8% Short-cut 100(CP) == 20%(up) ⇒ 120(MP) == 10%(disc.) ⇒ 108 % gain = 8%

92.

The cost of raw materials of a product increases by 30%, the manufacturing cost increases by 20% and the selling price of the product increases by 60%. The raw material and the manufacturing cost originally formed 40% and 60% of the total cost respectively. If the original profit percentage was one - fourth the original manufacturing cost, find the approximate new profit percentage.

(A) 48.39%
(B) 54.76%
(C) 63.85%
(D) 66.75%

Solution: Let the total initial cost of production be Rs. 100 Then, manufacturing cost = Rs. 60 Cost of raw materials = Rs. 40 Original Selling Price $\begin{aligned} = Rs . (100 + \frac{60}{4}) \\ = Rs . 115 \end{aligned}$ New cost of raw materials = 130% of Rs. 40 = Rs. 52 New Manufacturing cost = 120% of Rs. 60 = Rs. 72 New cost of the product = Rs. (52 + 72) = Rs. 124 New S.P. = 160% of Rs. 115 $\begin{aligned} = Rs . (\frac{160}{100} \times 115) \\ = Rs . 184 \end{aligned}$ New profit = Rs. (184 - 124) = Rs. 60 $\begin{aligned} ∴ New profit % \\ = (\frac{60}{124} \times 100) % \\ = 48.39 % \end{aligned}$

93.

Oranges are bought at 5 for Rs. 10 and sold at 6 for Rs. 15. The gain percentage is = ?

(A) 50%
(B) 40%
(C) 35%
(D) 25%

Solution: Let the (LCM of 5 and 6 = 30) oranges be bought. $\begin{aligned} ∴ CP of 30 oranges \\ = \frac{10}{5} \times 30 \\ = Rs . 60 \\ Their Selling price \\ = \frac{15}{6} \times 30 \\ = Rs . 75 \\ Profit = Rs . (75 - 60) \\ = Rs . 15 \\ ∴ Profit percent \\ = (\frac{15}{60}) \times 100 \\ = 25 % \end{aligned}$

94.

A man bought 25 crates of oranges for 10000. He lost 5 crates. In order to earn a total profit of 25% of the total cost, he would have to sell each of the remaining crates at = ?

(A) Rs. 650
(B) Rs. 625
(C) Rs. 600
(D) Rs. 575

Solution: Remaining creates = 25 - 5 = 20 So, $\begin{aligned} Cost Price \\ = \frac{10000}{20} = 500 / crates \\ 25 % = \frac{1 \leftarrow Profit}{4 \leftarrow Cost price} \\ CP SP \\ {↓ \times 125}_{500}^{4} {↓ \times 125}_{625}^{5} \end{aligned}$ Sell each of the remaining crates = Rs. 625

95.

A person buys an article for Rs. p and sells it for Rs. q thereby gaining r% . The selling price in terms of cost price may be written as -

(A) $\frac{pr}{100}$
(B) $\frac{r (100 + p)}{100}$
(C) $\frac{p (100 + r)}{100}$
(D) $\frac{p (100 - r)}{100}$

Solution: $\begin{aligned} C .P . = Rs . p \\ Gain = r % \\ ∴ S .P . = q \\ = (100 + r) % of Rs . p \\ = \frac{p (100 + r)}{100} \end{aligned}$

96.

A shopkeeper expects a gain of $22 \frac{1}{2}$ % on his cost price. If in a week, his sale was of Rs. 392, what was his profit ?

(A) Rs. 18.20
(B) Rs. 70
(C) Rs. 72
(D) Rs. 88.25

Solution: $\begin{aligned} C .P . = Rs . (\frac{100}{122.50} \times 392) \\ = Rs . (\frac{1000}{1225} \times 392) \\ = Rs . 320. \\ ∴ Profit = Rs . (392 - 320) \\ = Rs . 72 \end{aligned}$

97.

If selling price of an article is reduced by 60%, then there is a loss of 10% on cost price. The initial profit percent was = ?

(A) 70%
(B) 80%
(C) 100%
(D) 125%

Solution: Let the initial SP = 100 After reducing 60% SP = 100 - 60 = 40 According to the question if the product is sold on 40 there is a loss of 10%. Then CP = $\frac{40}{90} \times 100 = \frac{400}{9}$ Profit = $100 - \frac{400}{9} = \frac{500}{9}$ ∴ Profit % = $\frac{\frac{500}{9}}{\frac{400}{9}} \times 100 = 125 %$

98.

Cost price of 28 articles is equal to selling price of 21 articles, then percentage of profit is = ?

(A) 12%
(B) $33 \frac{1}{3}$ %
(C) 20%
(D) 22%

Solution: Cost price of 28 articles = Selling price of 21 articles $\frac{CP}{SP} = \frac{21}{28} = \frac{3}{4}$ Profit = Selling price - Cost price = 4 - 3 = 1 $\begin{aligned} Profit % = \frac{1}{3} \times 100 \\ = 33 \frac{1}{3} % \end{aligned}$

99.

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 $\begin{aligned} Profit % = \frac{1}{12} \times 100 \\ = \frac{25}{3} \\ = 8 \frac{1}{3} % \end{aligned}$

100.

A got 30% concession on the label price of an article and sold for Rs. 8750 with 25% profit on the price he bought. The label price was = ?

(A) Rs. 13000
(B) Rs. 16000
(C) Rs. 12000
(D) Rs. 10000

Solution: $\begin{aligned} CP = Rs . (\frac{100}{125} \times 8750) \\ = Rs . 7000 \end{aligned}$ Let the labelled price be Rs. x Then, $\begin{aligned} \frac{70}{100} \times x = 7000 \\ ∴ x = Rs . (\frac{7000 \times 100}{70}) \\ = Rs . 10000 \end{aligned}$

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Practice MCQ Questions and Answer on Profit and Loss

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