Profit and Loss Quiz Set 003

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Question 1

A merchant is selling cloth at a profit of 248%. If the cost increases by 16%, but he continues to sell at the same price, then what is the new profit percentage?

 A

200%.

 B

300%.

 C

100%.

 D

400%.

Soln.
Ans: a

Let the cost price be CP. Then the SP = CP x (1 + $248/100$) = $348/100$ × CP. New CP = (1 + $16/100$) × CP, which is $116/100$ × CP. New Profit% = (SP/CP - 1) × 100, which is $(({348/100 × CP}/{116/100 × CP}) - 1) × 100)$, which becomes $(348 - 116)/116$ × 100 = 200%.


Question 2

A profit of 50%, as calculated on the cost price, is made by selling an item for Rs. 18. What is the profit in rupees?

 A

Rs. 6.

 B

Rs. 7.

 C

Rs. 5.

 D

Rs. 8.

Soln.
Ans: a

If cost is C, profit is P% and sale is S, then we know that C = $S/(1 + P/100)$. So the profit in rupees would be S - C = S - $S/(1 + P/100)$, which simplifies to ${S × P}/{100 + P}$, which is ${18 × 50}/{100 + 50}$ = Rs. 6.

Shortcut Method: If sale is 150, profit is Rs. 50. So if sale is 18, profit = Rs. $50/150$ × 18 = Rs. 6.


Question 3

4640 items are purchased at a cost of Rs. 10. How many items should be sold for Rs. 10 to make a profit of 16%?

 A

4000.

 B

4001.

 C

3999.

 D

4002.

Soln.
Ans: a

The sale price should be 10 × (1 + 16/100), which equals Rs. 1160/100. So, Rs. 1160/100 is the sale price of 4640 items. And, 10 shall be the sale price of $(4640 × 100/1160)$ × 10 = 4000 items.


Question 4

A retailer makes a gain of 30% when he sells the first item for Rs. 780. But he suffers a loss of 25% when he sells the second item for Rs. 375. What is his combined loss or gain?

 A

5.

 B

6.

 C

7.

 D

4.

Soln.
Ans: a

The cost of the first item is 780 × $100/{100 + 30}$ which is Rs. 600. The cost of the second item is 375 × $100/{100 - 25}$ which is Rs. 500. The combined cost is 600 + 500 = Rs. 1100. The combined sale is 780 + 375 = Rs. 1155. The profit percent is 100 × ${1155 - 1100}/1100$, which is 5%.


Question 5

A profit of 50%, as calculated on the cost price, is made by selling an item for Rs. 36. What is the profit in rupees?

 A

Rs. 12.

 B

Rs. 13.

 C

Rs. 11.

 D

Rs. 14.

Soln.
Ans: a

If cost is C, profit is P% and sale is S, then we know that C = $S/(1 + P/100)$. So the profit in rupees would be S - C = S - $S/(1 + P/100)$, which simplifies to ${S × P}/{100 + P}$, which is ${36 × 50}/{100 + 50}$ = Rs. 12.

Shortcut Method: If sale is 150, profit is Rs. 50. So if sale is 36, profit = Rs. $50/150$ × 36 = Rs. 12.


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This Blog Post/Article "Profit and Loss Quiz Set 003" by Parveen (Hoven) is licensed under a Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License.
Updated on 2017-05-17.

Posted by Parveen(Hoven),
Aptitude Trainer


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