Ace profit and loss problems with ease

Here are practice questions along with solutions that will help you in your preparation for the State government recruitment jobs.

Hyderabad: This is in continuation to the last article focusing on profit and loss topic. Here are practice questions along with solutions that will help you in your preparation for the State government recruitment jobs.

1. A shopkeeper sells rice at 10% profit and uses weight 30% less than the actual measure. His gain per cent is?
a) 57 2/3% b) 57 1/7% c) 57 2/5% d) 57 3/7%

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Ans: b

Solution:

Let CP of 1 kg of rice be Rs 100

According to the question,

SP of 700 gm of rice = Rs 110

 SP of 1000 gm of rice
= 110/700 × 1000

= 1100/7 = Rs 157 1/7

Profit per cent = 57 %

2. A dishonest shopkeeper professes to sell goods at his cost price but uses a false weight of 950 gms, for each kilogram. His gain per cent is?
a) 3 2/3% b) 5 3/17% c) 6 1/4% d) 5 5/19%
Ans: d

Solution:

Profit per cent = Error / True weight – error × 100

= (50/ 1000 – 50) × 100

= (50 ×100) / 950 = 100 / 19 = 5 5/19%

3. Swarupa purchased a cycle for Rs 1,000 and sold it for Rs 1,200. Her gain in percentage is?
a) 50% b) 20% c) 100% d) 40%

Ans: b
Solution:
CP of cycle = Rs 1000
Its SP = Rs 1200
Profit = Rs (1200 – 1000)
= Rs 200
Profit per cent
4. A dishonest dealer defrauds to the extent of x % in buying as well as selling his goods by using faulty weight. What will be the gain per cent on his outlay?
a) 10/x x2 % b) 2x% c) x x2/100 % d) None of these

Ans: d

Solution: Let the CP of each article be Re 1

Percentage of dishonesty = 10% (Here x% = 10%)
 Actual CP = 100/110 = Rs 10/11

Since He buys 110 articles in Rs 100

Since He sells 90 articles at the CP of 100 articles
 Actual SP = 100/90 = 10/9

 Profit per cent
(10/9 – 10/11) / 10/11 × 100
20/99 × 11/10 × 100 = 200 / 9
= 22 2/9%
5. If 10% loss is made on selling price, then the percentage of loss on the cost price will be?

a) 9 1/11% b) 11 1/9% c) 15% d) 21%

Ans: a
Solution: According to the question,
Loss% = CP – SP / SP

Where CP = Rs x
SP = Rs y
=>; 10/100 = x – y / y = 1/10
=>; 10x – 10y = y

=>; 10x = 11y
At CP,

Loss% = x-y / x × 100

= (x – 10/11x) / x × 100
= (11x – 10x) / 11x × 100 = 100/11

= 9 1/11%
To be continued…

M Venkat
Director

MVK Publications

Dilsukhnagar