# Profit and Loss Quiz Set 020

### Question 1

Articles are purhcased at the rate of 7 articles for Rs. 3. They are sold at 3 articles for Rs. 7. The profit earned in rupees by selling 21 articles would be?

A

Rs. 40.

B

Rs. 41.

C

Rs. 42.

D

Rs. 39.

Soln.
Ans: a

Let 21 articles be purchased and then sold back. Cost of 21 articles = \$3/7\$ × 21 = Rs. 9. Sale of 21 articles = \$7/3\$ × 21 = Rs. 49. The profit is 49 - 9 = Rs. 40

### Question 2

A retailer buys an item of marked price Rs. 8600 at a discount of 15%. What will be his profit percentage(approx.) when he sells it at the marked price?

A

17% (approx.).

B

27% (approx.).

C

12% (approx.).

D

22% (approx.).

Soln.
Ans: a

The discount is 15 % of 8600 = \${15 × 8600}/100\$ = Rs. 1290. The cost to the retailer is \$8600 - 1290\$ = Rs. 7310. The discount that he gets from the wholesaler becomes his profit = Rs. 1290. So Profit% = \${1290 × 100}/7310\$ = 17%(approx.).

### Question 3

A retailer makes a gain of 30% when he sells the first item for Rs. 650. But he suffers a loss of 15% when he sells the second item for Rs. 510. What is his combined loss or gain?

A

\$5{5/11}\$.

B

\$6{5/11}\$.

C

\$7{5/11}\$.

D

\$4{5/11}\$.

Soln.
Ans: a

The cost of the first item is 650 × \$100/{100 + 30}\$ which is Rs. 500. The cost of the second item is 510 × \$100/{100 - 15}\$ which is Rs. 600. The combined cost is 500 + 600 = Rs. 1100. The combined sale is 650 + 510 = Rs. 1160. The profit percent is 100 × \${1160 - 1100}/1100\$, which is \$5{5/11}\$%.

### Question 4

A retailer buys an item of marked price Rs. 7000 at a discount of 15%. What will be his profit percentage(approx.) when he sells it at the marked price?

A

17% (approx.).

B

27% (approx.).

C

12% (approx.).

D

22% (approx.).

Soln.
Ans: a

The discount is 15 % of 7000 = \${15 × 7000}/100\$ = Rs. 1050. The cost to the retailer is \$7000 - 1050\$ = Rs. 5950. The discount that he gets from the wholesaler becomes his profit = Rs. 1050. So Profit% = \${1050 × 100}/5950\$ = 17%(approx.).

### Question 5

A profit of 50%, as calculated on the cost price, is made by selling an item for Rs. 39. What is the profit in rupees?

A

Rs. 13.

B

Rs. 14.

C

Rs. 12.

D

Rs. 15.

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 \${39 × 50}/{100 + 50}\$ = Rs. 13.

Shortcut Method: If sale is 150, profit is Rs. 50. So if sale is 39, profit = Rs. \$50/150\$ × 39 = Rs. 13.