Learn a few tricks to ace profit and loss topic

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 tests. 1. A man bought oranges at the rate of 8 for 34 and sold them at the rate of 12 […]

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 tests.

1. A man bought oranges at the rate of 8 for 34 and sold them at the rate of 12 for 57. How many oranges should be sold to earn a net profit of 45?

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a) 90 b) 100 c) 110 d) 120

Ans: a

Solution:
Let the man buys 24 (LCM of 8 and 12) oranges.
CP of 24 oranges = 34 / 8 × 24 = Rs 102
SP of 24 oranges = 57 / 12 × 24 = Rs 114
Gain = 114 – 102 = 12
Rs 12 = 24 oranges
Rs 45 = 24 / 12 × 45 = 90 oranges

2. By selling 14 watches of equal cost price at the rate of 450 each, there is a profit equal to the cost price of 4 watches. The cost price of a watch is?

a) 350 b) 360 c) 370 d) 380

Ans: a

Solution: Let the CP of each watch be x
CP of 14 watches = 14x
and SP of 14 watches = 6300
According to the question,
6300 – 14x = 4x
=>; 18x = 6300
=>; x = 6300/18 = Rs 350

3. If toys are bought at 5 each and sold at 4.50 each, then the loss percent is?

a) 10% b) 11% c) 12% d) 13%

Ans: a

Solution: Loss = 5 – 4.50 = 0.50
Loss percent = 0.50/50 × 100 = 10%

4. A person bought 50 pens for 50 each. He sold 40 of them at a loss of 5%. He wants to gain 10% on the whole. Then his gain percent on the remaining pens should be?

a) 95% b) 80% c) 70% d) 50%

Ans: c

Solution: CP of 50 pens = 50 × 50 = 2500
For profit of 10%,
SP = (2500 × 110) / 100 = Rs 2750
SP of 40 pens at a loss of 5%
(40 × 50 × 95) / 100 = Rs 1900
SP of remaining 10 pens
= 2750 – 1900 = 850
Gain % = 850 – 500 / 500 × 100 = 70%

5. A man buys some articles at P per dozen and sells them at P/8 per piece. His profit per cent is?

a) 20% b) 30% c) 40% d) 50%

Ans: d

Solution: CP of each article and SP = Rs P/12 and SP = Rs P/8
Gain = P/ 8 – P/12 = (3P – 2P) / 24 = P/24
Gain per cent = {(P/24)/(P/12)} × 100 = 50%

6. A vendor sells lemons at the rate of 5 for 14, gaining thereby 40%. For how much did he buy a dozen lemons?

a) 16 b) 20 c) 24 d) 24

Ans: d

Solution: CP of 5 lemons = 100/140 × 14 = Rs 10
CP of 12 lemons = 10/5 × 21 = Rs 24

7. If I purchased 11 books for 100 and sold 10 books for 110, the percentage of profit per book sold is?

a) 21.5% b) 12.5% c) 15.2% d) 21%

Ans: d

Solution: If ‘a’ articles are bought for x and ‘b’ articles are sold for y, then
Gain per cent = (ya – xb) / xb × 100
= {(11 × 110 – 10 × 100) / 10 × 100} × 100
= 1210 – 1000 / 1000 × 100 = 21%

To be continued…