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###### Formulae

1. Gain = (S.P.) - (C.P.)
2. Loss = (C.P.) - (S.P.)
3. Loss or gain is always reckoned on C.P.
4. Gain Percentage = Gain x 100/C.P
5. Loss Percentage = Loss x 100/C.P
6. Selling Price = (100 + Gain %)x C.P/100
7. Selling Price = (100 - Loss %)x C.P/100
8. Cost Price = 100x S.P/(100 + Gain %)
9. Cost Price = 100x S.P/(100 - Loss %)

###### Exercise : Profit and Loss MCQ Questions and Answers

Question 1

A buys oranges at Rs. 2 for 3 oranges and sells them at a rupee each. To make a profit of Rs. 10, he must sell ?

 A.   50 oranges B.   70 oranges C.   10 oranges D.   30 oranges

Correct Answer : D. 30 oranges

Description :
Suppose he sells x oranges
Then, C.P.of x oranges = Rs. 2x/3
S.P. of x oranges = Rs. x
Profit on x oranges = Rs. (x - 2x/3) = Rs. x/3
∵ x/3 = 10 ⇒ x = 30

Question 2

Two successive price increase of 10% and 10% of an article are equivalent to a single price increase of:

 A.   23 % B.   24 % C.   21 % D.   22 %

Correct Answer : C. 21 %

Description :
No answer description available for this question. Let us discuss.

Question 3

The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, find out the value of x

 A.   4 B.   8 C.   16 D.   12

Description :
Let the Cost Price of one article = Rs. 1
CP of x articles = Rs. x
CP of 20 articles = 20
Selling price of x articles = 20
Profit = 25% [Given]
⇒((SP−CP)/CP) = 25/100 = 1/4
⇒(20−x)/x=1/4
⇒80−4x=x
⇒5x=80
⇒x=80/5
=16

Question 4

A profit of Rs.19488/- is distributed amongst three partners X, Y and Z in the ratio of 5 :2: 7 respectively. What is the total of Y's and Z's share?

 A.   Rs.12528 B.   Rs.13528 C.   Rs.10528 D.   Rs.11528

Description :
Let 5x, 2x and 7x be the shares of X, Y and Z respectively.

Then, 5x + 2x + 7x = Rs.19488, i.e. 14x = 19488, => x = 1392

Total share of Y and Z = 2 + 7 = 9,

So the amount = Rs.9x = Rs. 9 ? 1392 = Rs.12528.

Question 5

A man purchases an electric heater whose printed price is Rs. 160. If he received two successive discounts of 20% and 10% he paid ?

 A.   Rs. 134.24 B.   Rs. 115.20 C.   Rs. 120.80 D.   Rs. 118.45

Correct Answer : B. Rs. 115.20

Description :
Price after 1st discount = 80% of Rs. 160 = Rs. 128
Price after 2nd discount = 90% of Rs. 128 = Rs. 115.20

Question 6

Arun bought toffees at 6 for a rupee. How many for a rupee he should sell to gain 20%?

 A.   5 for a rupee B.   3 for a rupee C.   4 for a rupee D.   2 for a rupee

Correct Answer : A. 5 for a rupee

Description :
No answer description available for this question. Let us discuss.

Question 7

A man purchases 12 apples for Rs. 8 and sells 8 apples for Rs.12. How much profit does he make?

 A.   125 % B.   50 % C.   75 % D.   200 %

Correct Answer : A. 125 %

Description :
The Cost price of 1 apple = Rs. 8/12

The Selling Price of 1 apple = 12/8

Profit in 1 apple = 12/8 – 8/12 = 5/6

Per cent profit = 5/6 ÷ 8/12 × 100 = 125%

Question 8

If cost of 15 eggs be 75 rupees, then find out the cost of 5 dozen eggs.

 A.   None of these B.   200 C.   100 D.   300

Description :
Cost of 15 eggs = 75 rupees
Cost of 1 egg = 75/15 = 5 rupees,
Cost of 5 dozens, i.e. 5 x 12 = 60 x 5 = 300

Question 9

The marked price of a pen is Rs.60. After allowing a discount 10%, the merchant makes a profit of 20%. What is the cost price of the pen?

 A.   30 % B.   60 % C.   15 % D.   45 %

Correct Answer : D. 45 %

Description :
The discounted price = Rs. 54 which is 120% of CP; :. CP = 54 ? 100/120 =Rs.45.

Question 10

By selling an article for Rs. 100, one gains Rs. 10. Then the gain percent is ?

 A.   12 1/9% B.   13 1/9% C.   10 1/9% D.   11 1/9%

Correct Answer : D. 11 1/9%

Description :
S.P. = Rs. 100, gain = Rs. 10
∴ C.P. = S.P. - gain = Rs. 90
∴ Gain% = (10 / 90) x 100 % = 11 1/9%