Profit and Loss Quiz Set 012

Question 1

Goods are purchased at a cost price of Rs. 1400 and sold at a loss of 10%. What is the sale price?

A

Rs. 1260.

B

Rs. 1261.

C

Rs. 1259.

D

Rs. 1262.

Soln.
Ans: a

The loss in rupees is cost × 10%. Which is \${1400 × 10}/100\$ = Rs. 140. So the sale price is cost - loss = 1400 - 140 = Rs. 1260.

Question 2

A packet of 100 electronics components is purchased at a cost of Rs. 400. Each component is sold at Rs. 20. What is the profit in percent terms?

A

400%.

B

410%.

C

395%.

D

405%.

Soln.
Ans: a

Cost of each component = 400/100 = Rs. 4. Profit per component = 20 - 4 = 16. Profit percentage = (16/4) × 100 = 400%.

Question 3

What should be the marked price of an item if a profit of 70% is to be made after allowing a discount of 15%?

A

Rs. 200.

B

Rs. 210.

C

Rs. 190.

D

Rs. 220.

Soln.
Ans: a

If the cost is 100, the sale price would be 100 + 70 = Rs. 170. If M is the marked price, then sale price is (100 - 15)% of M = 170. Which gives 85M/100 = 170, which gives M = Rs. 200

Question 4

A merchant is selling cloth at a profit of 206%. If the cost increases by 2%, 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 + \$206/100\$) = \$306/100\$ × CP. New CP = (1 + \$2/100\$) × CP, which is \$102/100\$ × CP. New Profit% = (SP/CP - 1) × 100, which is \$(({306/100 × CP}/{102/100 × CP}) - 1) × 100)\$, which becomes \$(306 - 102)/102\$ × 100 = 200%.

Question 5

The total cost of two cows is Rs. 1150. The owner sells the first cow at a profit of 55%, and the second one at a loss of 25%. If he sells them at the same price, what are the costs of the two cows?

A

Rs. 375 and 775.

B

Rs. 475 and 675.

C

Rs. 325 and 825.

D

Rs. 187 and 963.

Soln.
Ans: a

Let the costs of the cows be C and 1150 - C. The sale price is given as same. So (100 + 55) × C = (100 - 25) × (1150 - C). Simplifying, we get 155 × C = 75 × (1150 - C). Solving for C we get, C = Rs. 375. The cost of the other cow is 1150 - 375 = Rs. 775.