# Profit and Loss Quiz Set 016

### Question 1

What should be the marked price of an item if a profit of 140% is to be made after allowing a discount of 20%?

A

Rs. 300.

B

Rs. 310.

C

Rs. 290.

D

Rs. 320.

Soln.
Ans: a

If the cost is 100, the sale price would be 100 + 140 = Rs. 240. If M is the marked price, then sale price is (100 - 20)% of M = 240. Which gives 80M/100 = 240, which gives M = Rs. 300

### Question 2

An article was purchased at \${1/25}\$ of its marked price. Later it was sold at a 5% more than the marked price. What is the profit percentage?

A

2525%.

B

\$3366{2/3}\$%.

C

2020%.

D

\$1683{1/3}\$%.

Soln.
Ans: a

Let the marked price be 100. The item was purchased at Rs. (1/25) × 100 = 4. The profit 105 - 4 = Rs. 101. Percent profit = \$101/4\$ × 100 = 2525%.

### Question 3

A retailer makes a gain of 30% when he sells the first item for Rs. 1170. But he suffers a loss of 30% when he sells the second item for Rs. 280. What is his combined loss or gain?

A

\$11{7/13}\$.

B

\$12{7/13}\$.

C

\$13{7/13}\$.

D

\$10{7/13}\$.

Soln.
Ans: a

The cost of the first item is 1170 × \$100/{100 + 30}\$ which is Rs. 900. The cost of the second item is 280 × \$100/{100 - 30}\$ which is Rs. 400. The combined cost is 900 + 400 = Rs. 1300. The combined sale is 1170 + 280 = Rs. 1450. The profit percent is 100 × \${1450 - 1300}/1300\$, which is \$11{7/13}\$%.

### Question 4

A profit of 20%, as calculated on the cost price, is made by selling an item for Rs. 96. What is the profit in rupees?

A

Rs. 16.

B

Rs. 17.

C

Rs. 15.

D

Rs. 18.

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 \${96 × 20}/{100 + 20}\$ = Rs. 16.

Shortcut Method: If sale is 120, profit is Rs. 20. So if sale is 96, profit = Rs. \$20/120\$ × 96 = Rs. 16.

### Question 5

An item has a printed price of Rs. 8500 which includes the shopkeeper's profit of 25%. What is the cost price of the shopkeeper?

A

Rs. 6800.

B

Rs. 6810.

C

Rs. 6795.

D

Rs. 6805.

Soln.
Ans: a

If the sale price is (100 + 25), i.e. Rs. 125, then cost is Rs. 100. So if the sale is Rs. 8500, the cost = \$100/125\$ × 8500 = Rs. 6800.