Practice MCQ Questions and Answer on Profit and Loss

101.

If there is a profit of 20% on the cost price of an article, the percentage of profit calculated on its selling price will be -

(A) $8 \frac{1}{3}$ %
(B) $16 \frac{2}{3}$ %
(C) 20 %
(D) 24 %

Solution: $\begin{aligned} Let C .P . be Rs . x . \\ Then, \\ Profit = 20 % of Rs . x \\ = Rs . \frac{x}{5} \\ S .P . = Rs . (x + \frac{x}{5}) \\ = Rs . \frac{6 x}{5} \\ ∴ Desired profit % \\ = (\frac{x}{5} \times \frac{5}{6 x} \times 100) % \\ = 16 \frac{2}{3} % \end{aligned}$

102.

A merchant marked the price of an article by increasing its production cost by 40%. Now he allows 20% discount and gets a profit of Rs. 48 after selling it. The production cost is = ?

(A) Rs. 320
(B) Rs. 360
(C) Rs. 400
(D) Rs. 440

Solution: $\begin{matrix} CP SP MP \\ 100 112 \leftarrow_{- 20 %}^{} 140 \end{matrix}$ $\begin{aligned} Profit = 112 - 100 \\ = 12 units \\ 12 units = Rs . 48 \\ 1 unit = Rs . 4 \\ So, CP = 100 units = Rs .400 \end{aligned}$

103.

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%

Solution: $\begin{aligned} C .P . of 56 kg rice \\ = R s . (26 \times 20 + 30 \times 36) \\ = R s . (520 + 1080) \\ = R s . 1600 \\ S .P . of 56 kg rice \\ = R s . (56 \times 30) \\ = R s . 1680 \\ ∴ Gain = (\frac{80}{1600} \times 100) % \\ = 5 % \end{aligned}$

104.

A man buys some articles at Rs. P per dozen and sells them at Rs. $\frac{P}{8}$ per price. His profit percent is = ?

(A) 30%
(B) 40%
(C) 50%
(D) 60%

Solution: According to the question, Cost price of 12 articles = Rs. P Selling price of 1 article $= Rs . \frac{P}{8}$ Selling price of 12 articles $\begin{aligned} = \frac{P}{8} \times 12 \\ = \frac{3}{2} P \\ Profit = SP - CP \end{aligned}$ $\begin{aligned} = \frac{3 P}{2} - P \\ = \frac{3 P - 2 P}{2} \\ = \frac{P}{2} \end{aligned}$ $\begin{aligned} Profit % = \frac{P}{\frac{2}{P}} \times 100 \\ = \frac{1}{2} \times 100 \\ = 50 % \end{aligned}$

105.

A lady buys grocery worth Rs. 350 from a shop. The shopkeeper is selling the goods with zero profit.
The lady gives him Rs. 2000 note. The shopkeeper gets the change from the next shop, keeps 350 for himself and returns Rs.1650 to the lady.
Later, the shopkeeper of the next shop comes with Rs. 2000 note saying that it is a duplicate note and takes his money back.
How much loss did the shopkeeper face?

(A) Rs. 3650
(B) Rs. 2350
(C) Rs. 2000
(D) Rs. 4000

106.

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

(A) 20%
(B) 27%
(C) 31%
(D) 43%

Solution: $\begin{aligned} Let C .P . = Rs . 100 \\ Then, \\ M .P . = Rs . 135, \\ S .P . = Rs .108 \\ ∴ Discount % \\ = (\frac{27}{135} \times 100) % \\ = 20 % \end{aligned}$

107.

The C.P. of two watches taken together is Rs. 840. If by selling one at a profit of 16% and the other at a loss of 12% , there is no loss or gain in the whole transaction, then the C.P. of the two watches are respectively.

(A) Rs. 360, Rs. 480
(B) Rs. 480, Rs. 360
(C) Rs. 380, Rs. 460
(D) Rs. 400, Rs. 440

108.

The marked price of a CD is Rs. 250. It is sold for Rs. 225. The rate of discount is = ?

(A) $11 \frac{1}{9}$ %
(B) 25%
(C) 2.5%
(D) 10%

Solution: Marked Price = 250 Selling Price= 225 Difference = 250 - 225 = 25 Discount = $\frac{25}{250} \times 100 = 10 %$

109.

The price of a jewellery, passing through three hands. Rises on the whole by 65%. If the first and the second sellers earned 20% and 25% profit respectively, the profit earned by the third seller is = ?

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

Solution: Lets assume the original price of the jewel = Rs. P and profit earned by the third seller= x% Then, ( 100 + x )% of 125% of 120% of P = 165% of p $[\frac{(100 + x)}{100} \times \frac{125}{100} \times \frac{120}{100} \times P] =$ $[\frac{165}{100} \times P]$ $\begin{aligned} \Rightarrow (100 + x) = \frac{165 \times 100 \times 100}{125 \times 120} \\ \Rightarrow x = 10 % \end{aligned}$

110.

If a company sells a car with a marked price of Rs. 272000 and gives a discount of 4% on Rs. 200000 and 2.5% on the remaining amount of Rs. 72,000, then the actual price charged by the company for the car is -

(A) Rs. 2,50,000
(B) Rs. 2,55,000
(C) Rs. 2,60,000
(D) Rs. 2,62,200

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Practice MCQ Questions and Answer on Profit and Loss

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