###### 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 trader marks his product 40% above its cost. He sells product on credit & allows 10% trade discount.In order to prompt payment,he gives 10% discount on the reduced price. If he earn profit 67 Rs.

A. |

B. |

C. |

D. |

**Correct Answer : B. Rs. 500 **

**Description :**

M.P = C.P *1.4

Profit = S.P - C.P

= C.P ( 1.4 ) ( 0.9 ) ( 0.9 ) – C.P = 67

C.P ( 1.134 – 1 ) = 67,

C.P = 500

**Question 2 **

A man purchased a waten for Rs. 400 and sold it at a gain of 20% of the selling price. The selling price of the watch is:

A. |

B. |

C. |

D. |

**Correct Answer : C. Rs. 500 **

**Description :**

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

**Question 3 **

If the S.P of Rs. 24 results in a 20% discount on the list price, What S.P would result in a 30% discount on the list price?

A. |

B. |

C. |

D. |

**Correct Answer : D. Rs. 21 **

**Description :**

Let the list price be Rs. X,

80/100*x = 24,

x = 24*100/80 = 30

Required S.P = 70% of Rs. 30 = 70*30/100 =21

**Question 4 **

A bicycle marked at Rs. 2,000, is sold with two successive discount of 20% and 10%.An additional discount of 5% is offered for cash payment. The selling price of the bicycle at cash payment is:

A. |

B. |

C. |

D. |

**Correct Answer : B. Rs. 1368 **

**Description :**

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

**Question 5 **

Gopal purchased 35 kg of rice at rate of Rs 9.50 per kg & 30 kg at rate of Rs i.Q.O per kg. He mixed the two. At what price per kg should he sell mixture to make 35 % profit?

A. |

B. |

C. |

D. |

**Correct Answer : D. Rs. 13.50 **

**Description :**

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

**Question 6 **

By selling a book for 270, 20% profit was earned. What is the cost price of the book?

A. |

B. |

C. |

D. |

**Correct Answer : B. 225 **

**Description :**

SP = 120% of CP;

:. CP = 270 ? 100/120 = 225

**Question 7 **

A man sells two tables at the same price. On one he makes a profit of 10% and on the other he suffers a loss of 10%. His loss per cent on the whole transaction is

A. |

B. |

C. |

D. |

**Correct Answer : D. 1 % loss **

**Description :**

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

**Question 8 **

A stockiest wants to make some profit by selling sugar. He contemplates about various methods. Which of the following would maximize his profit?

A. |

B. |

C. |

D. |

**Correct Answer : D. Use 900 g of weight instead of 1 kg. **

**Description :**

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

**Question 9 **

A dishonest dealer sells his goods at the cost price, but he uses a weight of 900 gm for 1 kgwt. What is his gain percent?

A. |

B. |

C. |

D. |

**Correct Answer : A. 11 1/9% **

**Description :**

Let the cost price of 1kg good = 100

He sells for 100, what he got for 90, then his gain =100 – 90 = 10

:. His gain per cent = 10/90×100 = 100/9 = 11 1/9%.

**Question 10 **

A vendor sells his articles at a certain profit percentage. If he sells his article at 1/3 of his actual selling price, then he incurs a loss of 40%. What is his actual profit percentage?

A. |

B. |

C. |

D. |

**Correct Answer : A. 80 % **

**Description :**

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