Formulae
1. Gain = (S.P.) - (C.P.)
2. Loss = (C.P.) - (S.P.)
3. Loss or gain is always reckoned on C.P.
4. Gain Percentage = Gain x 100/C.P
5. Loss Percentage = Loss x 100/C.P
6. Selling Price = (100 + Gain %)x C.P/100
7. Selling Price = (100 - Loss %)x C.P/100
8. Cost Price = 100x S.P/(100 + Gain %)
9. Cost Price = 100x S.P/(100 - Loss %)
Exercise : Profit and Loss MCQ Questions and Answers
Question 1
Some articles were bought at 6 for Rs.5 and sold at 5 for Rs.6. Gain is
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| B. |
| C. |
| D. |
Correct Answer : C. 44% Gain
Description :
The cost price of 1 article = Rs.5/6
The selling price of 1 article = Rs.6/5
Profit = 6/5 – 5/6 = 11/30 and
profit percent = 11/30 ÷ 5/6 × 100 = 11/30 × 6/5 ×100 = 11/25 × 100
= 44% Gain.
View Answer
50/50
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Question 2
A tradesman by means of his false balance defrauds to the extent of 20%? in buying goods as well as by selling the goods. What percent does he gain on his outlay?
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| B. |
| C. |
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Correct Answer : B. 44%
Description :
g% = 20 + 20 + (20*20)/100
= 44%
Question 3
A grocer mixes 26 kg of tea which costs him Rs.200 kg with 30 kg of tea which costs Rs.360 kg and sells the mixture at Rs.300 kg. What is the total percentage of gain ?
| A. |
| B. |
| C. |
| D. |
Correct Answer : C. 5 %
Description :
No answer description available for this question. Let us discuss.
Question 4
A shopkeeper buys two articles for Rs.1000 each and then sells them, making 20% profit on the first article and 20% loss on second article. Find the net profit or loss percent?
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| B. |
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| D. |
Correct Answer : D. neither profit, nor loss
Description :
Profit on first article = 20% of 1000 = 200.
This is equal to the loss he makes on the second article. That, is he makes neither profit nor loss.
Question 5
A shopkeeper sells some articles at the profit of 25% on the original price. What is the exact amount of profit? I. Sale price of the article II. Number of articles sold
| A. |
| B. |
| C. |
| D. |
Correct Answer : D. Both I & II are sufficient.
Description :
No answer description available for this question. Let us discuss.
Question 6
If the selling price of 16 items is same as the cost price of 20 items, then there is a
| A. |
| B. |
| C. |
| D. |
Correct Answer : C. loss of 25%
Description :
Here the loss = 4 items out of 20 items; So the loss percent = 4? 100/20 = loss of 20%.
Question 7
By selling a table for 350 instead of 400, loss per cent increase by 5%. The cost price of the table is
| A. |
| B. |
| C. |
| D. |
Correct Answer : C. 1000
Description :
The difference in prices = 400 – 350 = 50, which equal to 5% of the cost,
:. The cost price = 50 × 100/5 = 1000.
Question 8
ITC sells one product at a profit of 20% another at a loss of 20% at the same selling price. , If SP of each article be Rs. 200, what is the amount of loss ?
| A. |
| B. |
| C. |
| D. |
Correct Answer : B. Rs. 16.66
Description :
Loss % = ( common gain or loss / 10 )2 %
= (20 / 10)2 %
= 4%
Now assume total CP of both articles be x, then SP = 0.96x = 400
x = 400 / 0.96 = CP
loss = 4% of CP
= (4 / 100) X (400 / 0.96) = Rs. 16.66
Question 9
The cash difference between the selling prices of an article at a profit of 4% and 6% is Rs 3. The ratio of two selling prices is
| A. |
| B. |
| C. |
| D. |
Correct Answer : C. 52 : 53
Description :
Let the Cost price of article is Rs. x
Required ratio =
104% of x / 106% of x
=104/106
=52/53=52:53
Question 10
In a sale, perfumes are available at a discount of 25% on the selling price. If a perfume costs Rs 5895 in the sale, what is the selling price of the perfume ?
| A. |
| B. |
| C. |
| D. |
Correct Answer : C. Rs. 7860
Description :
Let the selling price = x, then
cost price = x - 25% of x = 75% of x
= 75/100 x x
Now, 75x/100 = 5895
x = 78.6 x 100 = 7860