Solve profit and loss problems in a jiffy

Hyderabad: This article is in continuation to the last article on preparation for the Sub-Inspector of Police recruitment exam. Here are some practice questions and answers along with explanations on the Profit and Loss topic. 1. A merchant marked his goods 25% above the cost price and then allows a discount of 15%. Then profit […]

Hyderabad: This article is in continuation to the last article on preparation for the Sub-Inspector of Police recruitment exam. Here are some practice questions and answers along with explanations on the Profit and Loss topic.

1. A merchant marked his goods 25% above the cost price and then allows a discount of 15%. Then profit percent in this transaction is
A. 6.25 B. 10 C. 12 1/2 D. 15
Ans: A

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Explanation:
Let his CP = Rs 100.
Marked Price = 100 25% of 100 = 125.
Selling price= 125- 15% of 125= 125- 18.75=106.25
Profit= 106.25- 100= 6.25
Profit%= 6.25/100×100 = 6.25%

2. The profit earned by selling an article for Rs 2500 is equal to 7 times the loss if the same is sold for Rs 2100. Then the selling price of the article, in rupees, to make a profit of 20% is
A. 2420 B. 2580 C. 2620 D. 2680
Ans: B
Explanation:
Let ‘x’ be the CP of the article.
i.e. Rs 2500-x = 7(x-2100)
2500-x = 7x-14700
2500 14700 = 8x, therefore, x=17200/8 =Rs.2150
SP= 2150 20% of 2150= 2150 430= 2580

3. A shopkeeper sold an article at a certain price. If it is sold at 80% of that price, then his loss would be 8%. Then, the profit percent at the original selling price is
A. 20 B. 16 C. 15 D. 12
Ans: C
Explanation:
Let cost price is 100.
Loss will be 8% means in cost price it is 92
So if 92 is 80%
Then 100% ?
Then 100/80*92=115
Means 115-100 = 15

4. A person A purchased some pens for Rs 350 and sold them for Rs 450. Another person B purchases some pens for Rs 540 and sold them for Rs 660. Then the difference between their profit percentage is
A. 400/63 B. 200/9 C. 200/7 D. 200/63
Ans: A

Explanation:
Profit percentage of A=100/350 ×100=2/7 ×100
Profit percentage of B=120/540 ×100=2/9 ×100
Difference=2/7 ×100 – 2/9 ×100= 400/63

5. A dealer gets 10% of profit after giving 10% discount on the marketed price of an article. If the cost price of the article is Rs 9000, its marked price, in rupees, is
A. 10,800 B. 10,890 C. 10,900 D. 11,000
Ans: D

Explanation:
From the given information
90% of MP= 110% of CP
90×MP= 110×9000
MP= 11000

6. By selling two items each for Rs 600 a trader gets 10% profit on one and 10% loss on the other. The result in this transaction is
A. Gain of 1% B. Loss of 1%
C. Gain of 5% D. No loss, no gain
Ans: B
Explanation:
Whenever two selling prices are equal, percentage of profit equal to percentage of loss we always get loss only.
% Loss =(x/100)^2= 100/100=1% loss

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