Be thorough with profit and loss concept

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 purchases an article for Rs.3,550 and spends Rs.50 on it for repair. If he then sold the […]

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 purchases an article for Rs.3,550 and spends Rs.50 on it for repair. If he then sold the article for Rs.3,816, the percent of profit is?

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a) 6.47% b) 6.24% c) 6.11% d) 6 %

Ans: d

Solution:
Actual CP of article
= Rs (3550 50)
= Rs 3600
Gain = 3816 – 3600 = Rs 216
 Gain percent = 216 / 3600 × 100 = 6%

2. Srihaan had to sell vegetables worth Rs 5,750 for Rs 4,500 due to heavy rainfall. What is the loss percentage that he has incurred?

a) 27.41% b) 21.74% c) 27.14% d) 21.47%

Ans: b

Solution: Loss percent = Loss / CP × 100
= 5750 – 4500 / 5750 × 100
= 125000/5750 × 100
= 21.74%

3. A shopkeeper sold his goods at half the list price and thus lost 20%. If he had sold on the listed price, his gain percentage would be?

a) 90 % b) 80 % c) 70 % d) 60 %

Ans: d

Solution: Let marked price of article = Rs x and CP = Rs 100
x / 2= 80 =>; x = Rs 160
Gain on selling at the marked price = 60%

4. A shopkeeper buys two cameras at the same price. He sells one camera at a profit of 18% and the other at a price 10% less than the selling price of the first. His total profit or loss per cent is?

a) 12.1% profit b) 12.2% loss c) 12.2% profit d) 12.1% loss

Ans: a

Solution:
Let CP of each camera = Rs x
SP of first camera = 118x / 100
SP of second camera = Rs 118x/100 × 90/100
= Rs 1062x / 1000
Profit = (118x/100 1062x/1000) – 2x
= (118x 1062x – 2000x) / 1000
= Rs 242x / 1000
Gain per cent = (242x/1000 × 2x) × 100 = 12.1%

5. 10 articles were bought for Rs.8, and sold at 8 for Rs.10. The gain percent is?

a) 51.75% b) 53.25% c) 55.25% d) 56.25%

Ans: d

Solution: Let 40 articles (LCM of 8 and 10) be bought.
CP of 40 articles 8 × 40 / 10 = Rs 32
Their SP 10 × 40 / 8 = Rs 50
Profit percent = 50 – 32 / 32 × 100
= 1800/32 = 56.25%

6. By selling 20 metres of cloth a man gains the selling price of 4 metres of cloth. The gain percent is?

a) 10 b) 25 c) 40 d) 55

Ans: b

Solution: SP of 20 metres of cloth
= CP of 20 metres of cloth SP of 4 metres of cloth
SP of (20 – 4 = 16) metres of cloth
= CP of 20 metres of cloth
Gain% = 20 – 16 / 16 × 100
= 100/4 = 25%

7. Cost price of 100 books is equal to the selling price of 60 books. The gain percentage/loss percentage is?

a) 66 2/3% b) 67% c) 66% d) 68%

Ans: a

Solution: CP of each book = Re 1
CP of 60 books = Rs 60
Their SP = Rs 100
Gain per cent = 100 – 60 / 60 × 100
= 200/3 = 66 2/3%

To be continued…