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Test Level 2: Profit & Loss - 1 - CAT MCQ


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Test Level 2: Profit & Loss - 1 for CAT 2024 is part of Level-wise Tests for CAT preparation. The Test Level 2: Profit & Loss - 1 questions and answers have been prepared according to the CAT exam syllabus.The Test Level 2: Profit & Loss - 1 MCQs are made for CAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test Level 2: Profit & Loss - 1 below.
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Test Level 2: Profit & Loss - 1 - Question 1

A shopkeeper purchased a box containing 50 pens for Rs. 500. He sold some of these pens at a profit of 30%. On the remaining pens, he incurred a loss of 10%. If his overall profit on the entire box was 10%, then how many of the pens did he sell at profit?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 1

CP of 50 pens = Rs. 500
Overall profit = 10%

Let the number of pens sold at profit be x.
Then, the number of pens sold at loss = 50 - x
Profit on selling x pens = 30%
CP of x pens = Rs. 10x

= 500 - 10x - 50 + x
= 450 - 9x … (2)
Now, (1) + (2) = 550 (Total SP)
 550 = 450 - 9x + 13x
 100 = 4x
 x = 25
Number of pens sold at profit = 25

Test Level 2: Profit & Loss - 1 - Question 2

There are two types of milk, type A and type B. For type A, the selling price is 50% more than the cost price; and for type B, it is 20% more. If these two types are mixed in the ratio 3 : 2 and sold at the marked price, what is the profit percentage?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 2

We do not know the cost prices of the two types of milk, we only know that type A milk will give 50% profit and type B milk will give 20% profit. But the profits will be taken on cost prices; we cannot find the overall profit percentages without knowing the cost prices or the ratio of the cost prices of milk. So, we cannot answer this question, even if we know the ratio of mixing.

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Test Level 2: Profit & Loss - 1 - Question 3

A dishonest milkman mixes 20 litres of water with 80 litres of milk. After selling one-fourth of this mixture, he adds water to replenish the quantity that he had sold. What is the current proportion of water to milk?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 3

100 litres of mixture has 80 litres of milk and 20 litres of water.
When 25 litres of mixture is taken out, it contains 20 litres of milk and 5 litres of water.
So, milk left = 60 litres and water left = 15 litres.
If 25 litres of water is added, then ratio of water to milk = 40 : 60 = 2 : 3

Test Level 2: Profit & Loss - 1 - Question 4

A tradesman marks an article at a price which would give him a profit of 20% on the cost price. To the favoured customers, he makes a deduction of 5% from the marked price. What actual profit does he receive from the sale of an article to a favoured customer for which the latter pays him $28.50?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 4

Let the CP of the article be $x.
MP = x + 20% of x = $1.2x
When a discount is given on this MP,
SP of the article

But 1.14x = 28.50
So, x = 25
CP of the article = $25
SP = $28.50
Profit = $3.50

Test Level 2: Profit & Loss - 1 - Question 5

Rahul purchased a scooter at 13/15th of its selling price and sold it at 12% more than its selling price. What is his gain percent?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 5

Let SP be Rs. x.
Then, CP = Rs. (13/15)x
Receipt = 112% of Rs. x
= Rs. (28/25)x
Gain = Rs. [(28x/25) – (13x/15)]
= Rs. 19x/75

Test Level 2: Profit & Loss - 1 - Question 6

There are two shops, A and B. Shop A gives successive discounts of 60% and 40%, whereas shop B gives successive discounts of 30% and 70%. If the selling price of an article is the same in both the shops, then what is the ratio of marked prices of the article in the two shops?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 6

Let the MPs be x and y in shops A and B, respectively.
SPs in shops A and B are 0.24x and 0.21y, respectively.
Then, according to question:
0.24x = 0.21y
⇒ x : y = 7 : 8
Hence, ratio of marked prices of the article in the two shops A and B = 7 : 8.

Test Level 2: Profit & Loss - 1 - Question 7

Umesh purchased 360 eggs at the rate of 78 paise each. On this, he paid Rs. 14 as octroi, Rs. 13 as transport and Rs. 5 as additional charges. He kept 7 eggs for himself. At what rate should he sell each of the remaining eggs to get a total profit of Rs. 70?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 7

Total cost = 360 × 0.78 + 14 + 13 + 5 = Rs. 312.80
He needs to sell 353 eggs for 312.8 + 70 = Rs. 382.8.
Thus, price of one egg = Rs. 1.08

Test Level 2: Profit & Loss - 1 - Question 8

A sold a watch to B at a gain of 5% and B sold it to C at a gain of 4%. If C paid Rs. 1,092 for it, the price paid by A is

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 8

Given: C paid Rs. 1,092.
Let the sum paid by A be Rs. X.
Then, amount paid by B to A = Rs. 1.05X
Amount paid by C to B = 1.04 × 1.05X = Rs. 1,092
 X = Rs. 1,000

Test Level 2: Profit & Loss - 1 - Question 9

Vijay bought some pens for Rs. 540. He lost 2 pens on his way back to the shop. Then, he sold the rest of the pens at Rs. 6 more (per pen) than what he paid for them. On the whole transaction, Vijay gained 10% on his outlay. How many pens did Vijay buy?

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 9

Let the total number of pens bought be x.
Total CP = Rs. 540

On simplifying, we get
6x2 - 66x - 1080 = 0
(x - 20)(x + 9) = 0
 x = 20 or x = -9
Therefore, 20 pens were bought.

Test Level 2: Profit & Loss - 1 - Question 10

Gopal, a cunning milkman, buys milk from Frontier Dairy Junction and sells it to gullible housewives. He buys milk at Rs. 35 per litre and adds 250 ml of pure water to a litre of the thick creamy milk. He sells the mixture so formed at Rs. 45 per litre. What is his approximate profit percentage? It is to be assumed that it costs him next to nothing to mix the milk in water.

Detailed Solution for Test Level 2: Profit & Loss - 1 - Question 10

Cost price for 1250 ml of solution = Cost of 1 litre of pure milk = Rs. 35
Sale price of 1250 ml of solution = Rs. (45/1000) × 1250 = Rs. 56.25
Thus, profit percent = (56.25 - 35)/35 × 100 = 60.7 =  60 (Approx)
Hence, answer option 3 is correct.

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