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Test Level 1: Profit & Loss - 1 (August 20) - CAT MCQ


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10 Questions MCQ Test Daily Test for CAT Preparation - Test Level 1: Profit & Loss - 1 (August 20)

Test Level 1: Profit & Loss - 1 (August 20) for CAT 2024 is part of Daily Test for CAT Preparation preparation. The Test Level 1: Profit & Loss - 1 (August 20) questions and answers have been prepared according to the CAT exam syllabus.The Test Level 1: Profit & Loss - 1 (August 20) MCQs are made for CAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test Level 1: Profit & Loss - 1 (August 20) below.
Solutions of Test Level 1: Profit & Loss - 1 (August 20) questions in English are available as part of our Daily Test for CAT Preparation for CAT & Test Level 1: Profit & Loss - 1 (August 20) solutions in Hindi for Daily Test for CAT Preparation course. Download more important topics, notes, lectures and mock test series for CAT Exam by signing up for free. Attempt Test Level 1: Profit & Loss - 1 (August 20) | 10 questions in 20 minutes | Mock test for CAT preparation | Free important questions MCQ to study Daily Test for CAT Preparation for CAT Exam | Download free PDF with solutions
Test Level 1: Profit & Loss - 1 (August 20) - Question 1
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A man gains 10% by selling a certain article for a certain price. If he sells it at double the price, then the profit made is

Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 1

Gain = 10%
Let the C.P. be x.

Test Level 1: Profit & Loss - 1 (August 20) - Question 2
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Harish bought a horse for $20,000 and sold it to Monika at a gain of 20%. Monika sold it to Sonu at a loss of 5%. Find the cost price for Sonu.

Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 2

CP = $20,000
SP for Harish = CP for Monika = 1.2 × 20,000 = $24,000
SP for Monika = CP for Sonu = 0.95 × 24,000 = $22,800

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Test Level 1: Profit & Loss - 1 (August 20) - Question 3
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A tablet is sold for ₹ 6612.5 at a profit of 15%. What would have been the actual profit or loss on it, if it had been sold for ₹ 5380?

Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 3

CP = 6612.5/1.15 = 5750. Selling this at 5380 would mean a loss of ₹370 on a CP of ₹ 5750.

Test Level 1: Profit & Loss - 1 (August 20) - Question 4
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By selling a cap for ₹ 29.75, a man gains 6.25%. What will be the CP of the cap?
Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 4

The SP = 106.25% of the CP. Thus, CP = 29.75/1.0625
= ₹ 28.

Test Level 1: Profit & Loss - 1 (August 20) - Question 5
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By selling bouquets for ₹ 69, a florist gains 15%. At what price should he sell the bouquets to gain 20%on the cost price?
Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 5

CP = 69/1.15 = 60. Thus, the required SP for 20%
profit = 1.2 x 60 = 72.

Test Level 1: Profit & Loss - 1 (August 20) - Question 6
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A feeding bottle is sold for ₹ 150. Sales tax accountsfor one-fifth of this and profit one-third of the remainder.Find the cost price of the feeding bottle.
Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 6

Sales tax = 150/5 = 30. Thus, the SP contains ₹ 30
component of sales tax. Of the remainder (150 – 30
= 120) 1/3rd is the profit. Thus, the profit = 120/3 =
40. Cost price = 120 – 40 = 80.

Test Level 1: Profit & Loss - 1 (August 20) - Question 7
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A machine costs ₹ 1025. If it is sold at a loss of 25%, what will be its cost price as a percentage of its selling price?
Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 7

A loss of 25% means a cost price of 100 corresponding to a selling price of 75. CP as a percentage of the SP would then be 133.33%

Test Level 1: Profit & Loss - 1 (August 20) - Question 8
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If the selling price (SP) of an article is 4/3 of its cost price (CP), the percentage profit in the transaction is
Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 8

Test Level 1: Profit & Loss - 1 (August 20) - Question 9
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An item for sale is marked down 20%. By what percent must it be marked up in order to return to the original selling price?
Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 9

Let the original price be Rs. 100.
Marked down price = Rs. 80
Now, we want to raise 80 to 100.

Test Level 1: Profit & Loss - 1 (August 20) - Question 10
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Of all the articles manufactured by a company, 5% are defective. If the manufacturing cost of 100 articles is Rs. 1900, what should be the market price of the article so that the company gets 40% profit, even if it gives the articles to the distributor for 30% less price than the market price?
Detailed Solution for Test Level 1: Profit & Loss - 1 (August 20) - Question 10

Cost price for 100 articles = Rs. 1900
Let the market price per article be Rs. M.
So, sales revenue = 95 × M × 0.7 ... (i)
As profit = 40%, sales revenue = Rs. 1.40 × 1900 = Rs. 2660
So, 95M × 0.7 = 2660
Or M = 40
Thus, market price = Rs. 40
Hence, answer option (1) is correct.

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