Profit and Loss Quiz - Competitive Exams | Concept of Maths

Question 1

1. If the cost price of 25 articles is exactly equal to the selling price of 20 articles, what is the profit or loss percentage?

A) 20% Loss

B) 20% Profit

C) 25% Profit

D) 25% Loss

Answer

Correct Answer: C

Solution: Let the $CP$ of 1 article be $x$. $CP$ of 25 articles = $25x$. Given: $SP$ of 20 articles = $CP$ of 25 articles = $25x$. $SP$ of 1 article = $\frac{25x}{20} = 1.25x$. $Profit\% = \frac{SP - CP}{CP} \times 100 = \frac{1.25x - x}{x} \times 100 = 25\%$.

Question 2

2. A shopkeeper marks his goods 40% above the cost price and then allows a discount of 20% on the marked price. What is his net profit percentage?

A) 20%

B) 12%

C) 15%

D) 10%

Answer

Correct Answer: B

Solution: Let $CP = 100$. $MP = 100 + 40\% \text{ of } 100 = 140$. $Discount = 20\% \text{ of } 140 = 28$. $SP = 140 - 28 = 112$. $Profit = 112 - 100 = 12$. $Profit\% = 12\%$.

Question 3

3. By selling an article at $\frac{2}{3}$ of its usual selling price, a trader incurs a loss of 10%. What would be the profit percentage if he sells it at the usual selling price?

A) 25%

B) 30%

C) 40%

D) 35%

Answer

Correct Answer: D

Solution: Let the usual $SP$ be $S$. New $SP = \frac{2}{3}S$. Loss is 10%, so New $SP = 0.9 \times CP$. $\frac{2}{3}S = 0.9 \times CP \Rightarrow S = \frac{0.9 \times 3}{2} CP = 1.35 \times CP$. Profit at usual $SP = (1.35 - 1) \times 100 = 35\%$.

Question 4

4. An article is sold at a loss of 10% for ₹ 450. At what price should it be sold to earn a profit of 20%?

A) ₹ 600

B) ₹ 550

C) ₹ 620

D) ₹ 580

Answer

Correct Answer: A

Solution: $SP_1 = 450$, Loss = 10%. $0.9 \times CP = 450 \Rightarrow CP = \frac{450}{0.9} = 500$. For 20% profit, $SP_2 = 500 \times 1.2 = 600$.

Question 5

5. What is the single equivalent discount for three successive discounts of 20%, 10%, and 5%?

A) 35%

B) 32%

C) 31.6%

D) 30.8%

Answer

Correct Answer: C

Solution: Let $MP = 100$. After 20% discount: $100 - 20 = 80$. After 10% discount on 80: $80 - 8 = 72$. After 5% discount on 72: $72 - 3.6 = 68.4$. Total Discount = $100 - 68.4 = 31.6\%$.

Question 6

6. A dishonest dealer claims to sell his goods at cost price but uses a weight of 800g for a 1kg weight. Find his profit percentage.

A) 20%

B) 25%

C) 15%

D) 30%

Answer

Correct Answer: B

Solution: $Profit\% = \frac{\text{Error}}{\text{True Value} - \text{Error}} \times 100$. Error = $1000g - 800g = 200g$. $Profit\% = \frac{200}{800} \times 100 = 25\%$.

Question 7

7. If a person calculates his profit as 25% on the selling price, what is his actual profit percentage (calculated on cost price)?

A) 33.33%

B) 20%

C) 25%

D) 16.67%

Answer

Correct Answer: A

Solution: Let $SP = 100$. Profit = $25\% \text{ of } 100 = 25$. $CP = SP - Profit = 100 - 25 = 75$. Actual Profit% = $\frac{25}{75} \times 100 = 33.33\%$.

Question 8

8. A store offers a scheme "Buy 5 get 4 free". What is the effective discount percentage offered to the customer?

A) 80%

B) 40%

C) 50%

D) 44.44%

Answer

Correct Answer: D

Solution: Total articles received by customer = $5 + 4 = 9$. Number of free articles = $4$. $Discount\% = \frac{4}{9} \times 100 \approx 44.44\%$.

Question 9

9. A man buys two articles for the same cost price. He sells one at a 15% profit and the other at a 15% loss. What is his net profit or loss percentage?

A) 2.25% Loss

B) 2.25% Gain

C) No Profit No Loss

D) 1.5% Loss

Answer

Correct Answer: C

Solution: Let $CP$ of each article be $100$. Total $CP = 200$. $SP_1 = 115$. $SP_2 = 85$. Total $SP = 115 + 85 = 200$. Since Total $CP$ = Total $SP$, there is No Profit No Loss. *(Note: If $SP$ was the same for both, there would be a loss of $\frac{r^2}{100}$%)*.

Question 10

10. A vendor buys oranges at the rate of 5 for ₹ 10 and sells them at the rate of 4 for ₹ 10. Find his profit percentage.

A) 20%

B) 25%

C) 15%

D) 30%

Answer

Correct Answer: B

Solution: $CP$ of 1 orange = $\frac{10}{5} = ₹ 2$. $SP$ of 1 orange = $\frac{10}{4} = ₹ 2.5$. Profit per orange = $2.5 - 2 = 0.5$. $Profit\% = \frac{0.5}{2} \times 100 = 25\%$.

Competitive Exams : Quantitative Aptitude - Profit/Loss (Set 1) | Concept of Maths

Competitive Exams : Quantitative Aptitude - Profit/Loss (Set 1) | Concept of Maths

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4. An article is sold at a loss of 10% for ₹ 450. At what price should it be sold to earn a profit of 20%?

5. What is the single equivalent discount for three successive discounts of 20%, 10%, and 5%?

6. A dishonest dealer claims to sell his goods at cost price but uses a weight of 800g for a 1kg weight. Find his profit percentage.

7. If a person calculates his profit as 25% on the selling price, what is his actual profit percentage (calculated on cost price)?

8. A store offers a scheme "Buy 5 get 4 free". What is the effective discount percentage offered to the customer?

9. A man buys two articles for the same cost price. He sells one at a 15% profit and the other at a 15% loss. What is his net profit or loss percentage?

10. A vendor buys oranges at the rate of 5 for ₹ 10 and sells them at the rate of 4 for ₹ 10. Find his profit percentage.

Profit and Loss Quiz - Competitive Exams | Concept of Maths

1. If the cost price of 25 articles is exactly equal to the selling price of 20 articles, what is the profit or loss percentage?

2. A shopkeeper marks his goods 40% above the cost price and then allows a discount of 20% on the marked price. What is his net profit percentage?

3. By selling an article at $\frac{2}{3}$ of its usual selling price, a trader incurs a loss of 10%. What would be the profit percentage if he sells it at the usual selling price?

Competitive Exams : Quantitative Aptitude - Profit/Loss (Set 1) | Concept of Maths

Competitive Exams : Quantitative Aptitude - Profit/Loss (Set 1) | Concept of Maths

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4. An article is sold at a loss of 10% for ₹ 450. At what price should it be sold to earn a profit of 20%?

5. What is the single equivalent discount for three successive discounts of 20%, 10%, and 5%?

6. A dishonest dealer claims to sell his goods at cost price but uses a weight of 800g for a 1kg weight. Find his profit percentage.

7. If a person calculates his profit as 25% on the selling price, what is his actual profit percentage (calculated on cost price)?

8. A store offers a scheme "Buy 5 get 4 free". What is the effective discount percentage offered to the customer?

9. A man buys two articles for the same cost price. He sells one at a 15% profit and the other at a 15% loss. What is his net profit or loss percentage?

10. A vendor buys oranges at the rate of 5 for ₹ 10 and sells them at the rate of 4 for ₹ 10. Find his profit percentage.