Practice MCQ Questions and Answer on Profit and Loss
21.
Sanjay made a profit of 8% by selling a shirt after offering a discount of 12%. If the marked price of the shirt is Rs. 1080, find cost price = ?
(A) Rs. 890
(B) Rs. 780
(C) Rs. 880
(D) Rs. 900
Solution:
22.
A publisher printed 2000 copies of a book at a cost of Rs. 70000. He distributes 400 copies free as specimen copies. He gave 30% discount on marked price of each book which is Rs. 75. What is his gain or loss percentage = ?
(A) 20% gain
(B) 20% loss
(C) 10% loss
(D) 10% gain
Solution:
According to the question, Cost price of 2000 books are = Rs. 70000 Cost price of 1 book is Marked price of 1 book is = Rs. 75 Discount = 30% Selling price of 1 book = Rs. 52.5 He distribute 400 books free Selling price of 1600 books = 52.5 × 1600 = Rs. 84000 Profit = Selling price - Cost price = 84000 - 70000 = Rs. 14000
23.
A shopkeeper allows 23% commission on his advertised price and still makes a profit of 10% . If he gains Rs. 56 on one item, his advertised price of the item, in Rs. is = ?
(A) 820
(B) 780
(C) 790
(D) 800
Solution:
Advertised price of the item = N ∴ Commission on advertised price of the article = Price after commission =
24.
A dealer purchased a washing machine for Rs. 7660. After allowing a discount of 12% on its marked price, he still gains 10% . Find the marked price of the washing machine = ?
(A) Rs. 9575
(B) Rs. 8426
(C) Rs. 8246
(D) Rs. 9755
Solution:
According to the question, Cost Price : Marked Price (100 - Discount) : (100 + Profit) 100 - 12 : 100 + 10 88 : 110
25.
Find the selling price of goods if two salesmen claim to make 25% profit each, one calculating it on cost price while another on the selling price, the difference in the profits earned being Rs. 100 and selling price being the same in both the cases?
(A) Rs. 1200
(B) Rs. 1600
(C) Rs. 2400
(D) Rs. 2500
Solution:
Let CP's be Rs. 1000 each, their respective SP will be, 1000 == 25%↑ ⇒ 1250 [person calculating profit on the CP] 1000 == 33.33%↑ ⇒ 1333.33 [The person calculating his profit on SP: 25% of SP = 33.33% of CP] The difference turned out to be = 83.33. This has occured when we have assumed the CP as 1000. But, we are given difference of Rs. 100 So, on comparing, 83.33 = 1000 1 = 100 = = Rs. 1200
26.
By selling a bicycle for Rs. 2,850, a shopkeeper gains 14%. If the profit is reduced to 8%, then the selling price will be:
(A) Rs. 2600
(B) Rs. 2700
(C) Rs. 2800
(D) Rs. 3000
Solution:
Let Cost Price was X. X + 14% of X = 2850 X + = 2850 X + 0.14X = 2850 1.14X = 2850 X = 2500. So, Cost Price = Rs. 2500. Now, Selling Price When profit remains at 8%, = 2500 + 8% of 2500 = Rs. 2700. Short-Cut CP of bicycle = × 2850 = Rs. 2500 SP for a profit of 8% = × 2500 = Rs. 2700
27.
By mixing two brands of tea and selling the mixture at the rate of Rs. 177 per kg, a shopkeeper makes a profit of 18% . If to every 2 kg of one brand costing Rs. 200 per kg, 3 kg of the other brand is added, then how much per kg does he other brand cost ?
(A) Rs. 110
(B) Rs. 120
(C) Rs. 140
(D) None of these
Solution:
Let the cost of the other brand be Rs. x per kg. C.P. of 5 kg = Rs. (2 × 200 + 3 × x) = Rs. (400 + 3x) S.P. of 5 kg = Rs. (5 × 177) = Rs. 885
28.
A bookseller procures 40 books for Rs. 3200 and sells them at a profit equal to the selling price of 8 books. What is the selling price of one dozen books, if the price of each book is same?
(A) Rs. 720
(B) Rs. 960
(C) Rs. 1200
(D) Rs. 1440
Solution:
Cost price of each book, = = Rs. 80. Now, Selling Price of 40 books = CP of 40 books + SP of 8 books. Selling Price of 40 books - SP of 8 books = CP of 40 books. SP of 32 books = Rs. 3200 SP of 1 book = = Rs. 100. So, Selling price of one dozen (12) book = 12 × 100 = Rs. 1200
29.
A sold a watch to B at a profit of 20%. B sold it to C at 30% profit. C sold it to D at 10% loss. If B's profit is Rs. 80 more than that of A, then D bought it for:
(A) Rs. 700
(B) Rs. 680
(C) Rs. 652
(D) Rs. 702
Solution:
Let A purchased at Rs. 100 ⇒ A sold to B at a 20% profit = 100 × ⇒ A sold to B at a 20% profit = 120 ⇒ A's profit = 120 - 100 ⇒ A's profit = 20 - - - - - - - - (1) ⇒ B sold to C at a 30% profit = 120 × ⇒ B sold to C at 30% profit = 156 ⇒ B's profit = 156 - 120 ⇒ B's profit = 36 - - - - - - - - (2) ⇒ C sold to D at a 10% loss = 156 × ⇒ C sold to D at a 10% loss = 140.4 From equation (1) and (2) The difference in profit of B and A ⇒ B's profit - A's profit = 36 - 20 ⇒ B's profit - A's profit = 16 So. 16x = 80 ⇒ x = 5 ∴ D bought it for 140.4 × 5 = Rs. 702.
30.
A discount series of p% and q% on an invoice is the same as a single discount of -
(A)
(B)
(C)
(D) None of these
Solution:
Let marked price be Rs. 100 Then, S.P. = (100 - q)% of (100 - p)% of Rs. 100