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Profit and Loss Questions Answers

  • 1. A man buys an article for Rs. 27.50 and sells it for Rs 28.60. Find his gain percent

    1. 1%
    2. 2%
    3. 3%
    4. 4%
    Answer And Explanation

    Answer: Option D

    Explanation:

    So we have C.P. = 27.50
    S.P. = 28.60

    Gain = 28.60 - 27.50 = Rs. 1.10

    \begin{aligned}
    Gain\% = \left( \frac{Gain}{Cost} * 100 \right)\% \\
    = \left( \frac{1.10}{27.50} * 100 \right)\% = 4\%
    \end{aligned}

  • 2. A TV is purchased at Rs. 5000 and sold at Rs. 4000, find the lost percent.

    1. 10%
    2. 20%
    3. 25%
    4. 28%
    Answer And Explanation

    Answer: Option B

    Explanation:

    We know, C.P. = 5000
    S.P. = 4000
    Loss = 5000 - 4000 = 1000
    \begin{aligned}
    Loss\% = \left( \frac{Loss}{Cost} * 100 \right)\% \\
    = \left( \frac{1000}{5000} * 100 \right)\% = 20\%
    \end{aligned}

  • 3. In terms of percentage profit, which among following the best transaction.

    1. C.P. 36, Profit 17
    2. C.P. 50, Profit 24
    3. C.P. 40, Profit 19
    4. C.P. 60, Profit 29
    Answer And Explanation

    Answer: Option D

    Explanation:

    Hint: Calculate profit percent as

    Profit% = (profit/cost) * 100

  • 4. A person incurs a loss of 5% be selling a watch for Rs. 1140. At what price should the watch be sold to earn 5% profit.

    1. Rs.1200
    2. Rs.1230
    3. Rs.1260
    4. Rs.1290
    Answer And Explanation

    Answer: Option C

    Explanation:

    Let the new S.P. be x, then.
    (100 - loss%):(1st S.P.) = (100 + gain%):(2nd S.P.)

    \begin{aligned}
    =>\left( \frac{95}{1140} = \frac{105}{x} \right) \\

    => x = 1260
    \end{aligned}

  • 5. A book was sold for Rs 27.50 with a profit of 10%. If it were sold for Rs. 25.75, then would have been percentage of profit and loss ?

    1. 2% Profit
    2. 3% Profit
    3. 2% Loss
    4. 3% Loss
    Answer And Explanation

    Answer: Option B

    Explanation:

    Please remember
    \begin{aligned}
    S.P. = \left( \frac{100+gain\%}{100} * C.P \right)\\
    \text{So, C.P. = }\left( \frac{100}{110} * 25.75 \right)\\
    \text{When S.P. = 25.75 then } \\
    Profit = 25.75 - 25 = Re. 0.75 \\

    Profit\% = \frac{0.75}{25} * 100 = 3\%

    \end{aligned}

  • 6. Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent is

    1. \begin{aligned} \frac{6}{19}\% \end{aligned}
    2. \begin{aligned} \frac{6}{17}\% \end{aligned}
    3. \begin{aligned} 5\frac{5}{11}\% \end{aligned}
    4. \begin{aligned} 3\frac{5}{11}\% \end{aligned}
    Answer And Explanation

    Answer: Option C

    Explanation:

    Whenever we get this type of question, we should have formula in mind that,
    Gain% = (gain/cost)*100

    Cost = 4700 + 800 = Rs. 5500
    S.P. = Rs. 5800

    Profit = 5800 - 5500 = 300
    \begin{aligned}
    Gain\% = \frac{300}{5500}*100 \\
    = 5\frac{5}{11}\%
    \end{aligned}

  • 7. If the cost price is 25% of selling price. Then what is the profit percent.

    1. 150%
    2. 200%
    3. 300%
    4. 350%
    Answer And Explanation

    Answer: Option C

    Explanation:

    Let the S.P = 100
    then C.P. = 25

    Profit = 75

    Profit% = 75/25 * 100 = 3005