Practice MCQ Questions and Answer on Profit and Loss

61.

If selling price of an article is $\frac{8}{5}$ times of its cost price, the profit percent on it is = ?

(A) 120%
(B) 160%
(C) 40%
(D) 60%

Solution: According to the question, $\begin{aligned} Selling price \\ = \frac{8}{5} \times Cost price \\ \frac{Selling price}{Cost price} = \frac{8}{5}} 3 gain \\ Gain % = \frac{3}{5} \times 100 = 60 % \end{aligned}$

62.

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

63.

A trader buys some goods for Rs. 150. If the overhead expenses be 12% of cost price, then at what price should it be sold to earn 10% ?

(A) Rs. 184.80
(B) Rs. 185.80
(C) Rs. 187.80
(D) Rs. 188.80

Solution: Total C.P. = Cost + Overhead Expenses = Rs. (150 + 12% of 150) = Rs. (150 + 18) = Rs. 168 $\begin{aligned} ∴ S .P . = Rs . (\frac{110}{100} \times 168) \\ = Rs . 184.80 \end{aligned}$

64.

A cloth merchant sold half of his cloth at 20% profit, half of the remaining cloth at 20% loss and the rest was sold at its cost price. In the total transaction, his gain or loss will be = ?

(A) 5% profit
(B) Neither loss nor gain
(C) 5% loss
(D) 10% profit

Solution: $\begin{aligned} Let CP of whole be Rs . x \\ CP of \frac{1}{2} stock = Rs . \frac{x}{2} \\ CP of \frac{1}{4} stock = Rs . \frac{x}{4} \end{aligned}$ $Total SP$ $= [(120 % of \frac{x}{2}) + (80 % of \frac{x}{4}) + \frac{x}{4}]$ $\begin{aligned} = (\frac{3 x}{5} + \frac{x}{5} + \frac{x}{4}) \\ = Rs . \frac{21 x}{20} \\ Gain = Rs . (\frac{21 x}{20} - x) = Rs . \frac{x}{20} \\ ∴ Gain % = (\frac{x}{20} \times \frac{1}{x} \times 100) % \\ = 5 % \end{aligned}$

65.

A shopkeeper earns a profit of 12% on selling a book at 10% discount on the printed price. The ratio of the cost price and the printed price of the book is -

(A) 45 : 56
(B) 50 : 61
(C) 99 : 125
(D) None of these

Solution: Let the printed price be Rs. 100 S.P. = 90% of Rs. 100 = Rs. 90 $\begin{aligned} C .P . = Rs . (\frac{100}{112} \times 90) \\ = Rs . \frac{4500}{56} \\ ∴ CP : Printed price \\ = \frac{4500}{56} : 100 \\ = 45 : 56 \end{aligned}$

66.

A dishonest dealer sells the goods at 7% loss on cost price but uses 18% less weight. What is his percentage of profit? (Correct to 2 decimal places)

(A) 25.65%
(B) 12.82%
(C) 28.75%
(D) 13.41%

Solution: As, Loss (a) = 7% and Less weight (b) = 18% Then, $\begin{aligned} \frac{Profit %}{Loss %} = \frac{b \pm a}{100 - b} \times 100 \\ \Rightarrow \frac{18 - 7}{100 - 18} \times 100 \\ \Rightarrow \frac{11}{82} \times 100 \\ \Rightarrow 13.4146 \approx 13.41 % \end{aligned}$ ∴ The dealer's profit % is 13.41%.

67.

A reduction of 20% in the price of sugar enables a housewife to purchase 6 kg more for Rs. 240. What is original price per kg of sugar.

(A) Rs. 10 per Kg
(B) Rs. 8 per Kg
(C) Rs. 6 per Kg
(D) Rs. 5 per Kg

Solution: It is based on inverse proportion or product constancy concept. Reduction in price 20% amount of sugar will increase 25% It means, 25% = 6 Kg. So, Initially, total Sugar = 6 × 4 = 24Kg. Thus, Original price of the sugar was, $\frac{240}{24}$ = Rs. 10 per kg. Note: Let initial price of 100 kg Sugar was Rs. 100. Now, 20% decrease in rate then rate of 100 kg sugar would be Rs. 80. So, Rs. 80 = 100 kg sugar. Rs. 1 = $\frac{100}{80}$ kg sugar. Rs. 100 = $\frac{100 \times 100}{80}$ = 125 Kg sugar. Increment in sugar = 25 kg. % increment = $\frac{25 \times 100}{100}$ = 25%. Means 20% rate decrease, 25% of consumption increase.

68.

A grocer professes to sell goods at the cost price but uses false weights. He gains $\frac{100}{9}$ % in this manner. He uses a weight of

(A) 950gms
(B) 900gms
(C) 930gms
(D) 940gms

Solution: $\begin{aligned} Gain % \\ = \frac{True Weight - False Weight}{False Weight} \times 100 \\ \frac{100}{9} = \frac{1 - x}{x} \times 100 \\ \frac{1 - x}{x} = \frac{1}{9} \\ 10 x = 9 \\ x = 0.9 k g = 900 g m s \end{aligned}$

69.

A sells a watch to B and makes a loss of 12%. B makes a profit of $12 \frac{1}{2}$ % by selling the watch to C. If A sells the watch to be at the cost of which C purchased it, then the percentage of loss or profit of A will be = ?

(A) 1% loss
(B) 1% profit
(C) 2% loss
(D) 2% profit

Solution: Let the CPA of Watch = 100 ∴ SPA to B = 100 - 12% of 100 = 100 - 12 = 88 AND SPB to C = 88 + $12 \frac{1}{2}$ % of 88 = 88 + 11 = 99 If A sold the direct to C at price of B sold to C. A got loss = 100 - 99 = 1 % loss $= \frac{1}{100} \times 100 = 1 %$

70.

An article is listed at Rs. 900 and two successive discounts of 8% and 8% are given on it. How much would the seller gain or lose, if he gives a single discounts of 16%, instead of two discounts?

(A) Gain of Rs. 4.76
(B) Loss of Rs. 5.76
(C) Loss of Rs. 4.76
(D) Gain of Rs. 5.76

Solution: $\begin{aligned} Loss = Rs . [(92 % of 92 % of 900) - (84 % of 900)] \\ = Rs . [(\frac{92}{100} \times \frac{92}{100} \times 900) - (\frac{84}{100} \times 900)] \\ = Rs . (761.76 - 756) = Rs .5 .76 \\ = Loss of Rs . 5.76 \end{aligned}$

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Practice MCQ Questions and Answer on Profit and Loss

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