Understand how to calculate profit or loss

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. The selling price of 12 articles is equal to the cost price of 15 articles. The gain per cent is?
a) 6 2/3% b) 25% c) 15% d) 60%

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Ans: b
Solution: Gain per cent
= (15 – 12)/12 × 100

= 25%
2. If the cost price of 18 articles is equal to the selling price of 16 articles, the gain or loss is?

a) 12 1/2% gain b) 20% loss c) 12 1/2% loss d) 20% gain
Ans: a
Solution: Percentage profit = (18 – 16)/16 × 100
= 25/2 = 12 1/2%

3. The cost price of 40 articles is the same as the selling price of 25 articles. Find the gain percent.

a) 75% b) 80% c) 60% d) 45%

Ans: c
Solution: Gain per cent = (40 – 25)/25 × 100
= 15/25 × 100 = 60%

4. The cost price of a book is 150. At what price should it be sold to gain 20%?

a) Rs 18 b) Rs 80 c) Rs 280 d) Rs 180
Ans: d

Solution: SP of book = (150 × 120)/100 × 100

= Rs 180
5. If goods be purchased for 450 and one third sold at a loss of 10%, then, at what gain percent should the remainder be sold so as to gain 20% on the whole transaction?
a) 32% b) 33% c) 34% d) 35%
Ans: d

Solution: Let the required gain % = x.

150 × 90/100 300 × (100 x) / 100
= 450 × 120 / 100

135 3 (100 x) = 540

3 (100 x) = 540 – 135 = 405

 100 x = 405 / 3 = 135

x = 135 – 100 = 35%

6. A cloth merchant on selling 33 metres of cloth obtains a profit equal to the selling price of 11 metres of cloth. The profit percent is?

a) 50% b) 22% c) 50% d) 11%

Ans: a
Solution: SP of 33 metres of cloth
= CP of 33 metres of cloth SP of 11 metres of cloth

SP of 22 metres of cloth

= CP of 33 metres of cloth

 Gain per cent = (33 – 22)/22 × 100

= 50%

7. A shopkeeper buys 144 items at 90 paise each. On the way, 20 items are broken. He sells the remainder at 1.20 each. His gain per cent correct to one place of decimal is
a) 13.2% b) 14.8% c) 14.4% d) 12.8%

Ans: b
Solution: 20 items are broken out of 144 items
CP of 124 items
= 144 × 90 / 100 = Rs 129.60
Total SP = (1.20 × 124) = 148.8

 Gain = (148.80 – 129.60)

= 19.20

 Gain per cent = 19.20/129.60 × 100 = 14.8%

8. A shoe company sold 50 pairs of shoes on a day costing 189.50 each for 10,000. Then the profit obtained is?

a) 505 b) 515 c) 525 d) 535

Ans: c

Solution: CP of 50 pairs of shoes

= (50 × 189.50)
= 9475
Their SP = 10000
Gain = (10000 – 9475) = 525
To be continued…
M Venkat

Director
MVK Publications
Dilsukhnagar