Profit and Loss Quiz Set 016

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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.


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This Blog Post/Article "Profit and Loss Quiz Set 016" 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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