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
1. A watch costing Rs. 120 was sold at a loss of 15%. At what price was it sold?
| A. |
| B. |
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| D. |
Correct Answer : D. Rs. 102
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2. 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
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| B. |
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Correct Answer : B. 16
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
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3. A milkman sells such milk which contains 5% water. What amount of pure milk should be added to 5 litres milk so that the percentage of water be reduced to 2% ?
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| D. |
Correct Answer : B. 7.5 litres
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4. A person sold 3/5 of a consignment at a profit of 35% and the rest at a loss of 25%. If there was an overall profit of 715, what is the actual cost of the consignment?
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| B. |
| C. |
| D. |
Correct Answer : D. 6500
Description :
Let the total CP = 'x'
Then first SP = 3x/5 × 135/100 = 81x/100
And the second SP = 2x/5 × 75/100 = 30x/100
:. Total SP = 81x/100 + 3x/100 = 111x/100.
SP – CP = profit, So, 111x/100 – x = 715
i.e 11x = 71500 and so, x = 71500/11 = 6500
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5. A fruit seller sells mangoes at the rate of Rs.9 per kg and thereby loses 20%. At what price per kg, he should have sold them to make a profit of 5%
| A. |
| B. |
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| D. |
Correct Answer : C. Rs. 11.81
Description :
85 : 9 = 105 : x
x= (9?(105/85))
= Rs 11.81
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6. Sonika spent Rs. 45760 on the interior decoration for her home, Rs.27896 on buying Air conditioner and the remaining 28% of the total amount she had as cash with her. What was the total amount?
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| B. |
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Correct Answer : D. 102300
Description :
The Total expense = 45760 + 27896 = 73656 = 72% of the Total amount.
:. Total amount = 73656 ? 100/72 = 102300.
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7. By selling 36 oranges, a vendor loses the selling price of 4 oranges. His loss per cent is:
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| B. |
| C. |
| D. |
Correct Answer : C. 10 %
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8. A man sold a bag at a loss of 8%. Had he been able to sell it at a gain of 7%, it would have fetched Rs 75 more than it did. What is the cost price ?
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| B. |
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| D. |
Correct Answer : B. Rs. 500
Description :
107% of cost - 92% of cost = 75
or 15% of cost = 75
Therefore, cost = 75 x 100/15 = 500
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9. Sadhna bought a watch at 24% discount on the selling price. If the watch cost her Rs 779, what is the original selling price of the watch ?
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| B. |
| C. |
| D. |
Correct Answer : D. Rs. 1025
Description :
Let the original selling price = x
Therefore, x x 76/100 = 779
Therefore, x = 77900/76 = 1025
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10. A shopkeeper bought an item at 10% discount on its original price. He sold it at 35% increase on the original price. What percentage profit did he get ?
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| B. |
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Correct Answer : B. 50%
Description :
Let the original price be 100.
After discount it is 100 - 10 = 90
He sells it on 35% profit of original price.
So SP = 135
∴ % profit = 135-90/90 x 100 = 4500/90 = 50%
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