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Test: Profit & Loss (February 20) - CAT MCQ


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

Test: Profit & Loss (February 20) for CAT 2024 is part of Daily Test for CAT Preparation preparation. The Test: Profit & Loss (February 20) questions and answers have been prepared according to the CAT exam syllabus.The Test: Profit & Loss (February 20) MCQs are made for CAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Profit & Loss (February 20) below.
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Test: Profit & Loss (February 20) - Question 1
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On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. What is the cost price of a ball?

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

Let the cost price of a ball be Rs. x.

So, the CP of 17 balls is Rs. 17x.

The CP of 5 balls is Rs. 5x.

 

Since Loss = CP - SP

So, 5x = 17x - 720

On solving, we get

12 x = 720

that is, x = 60

So, the cost price of a ball is Rs. 60.

Test: Profit & Loss (February 20) - Question 2
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When an item is sold for Rs. 18,700, the owner loses 15%. At what price should that plot be sold to get a gain of 15%?
 

Detailed Solution for Test: Profit & Loss (February 20) - Question 2

85 : 18700 = 115 : x
⇒ x = (18700*115)/85
x = 25300

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Test: Profit & Loss (February 20) - Question 3
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100 oranges were brought at the rate of Rs. 350 and sold at the rate of Rs. 48 per dozen. What is the percentage of profit or loss?  

Detailed Solution for Test: Profit & Loss (February 20) - Question 3

So before solving this question we will get the C.P. and S.P. of 1 article to get the gain percent.

C.P. of 1 orange = 350/100 = Rs 3.50
S.P. of one orange = 48/12 = Rs 4 [note: divided by 12 as 1 dozen contains 12 items]
Gain = 4 - 3.50 = Rs 0.50

Profit

Test: Profit & Loss (February 20) - Question 4
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A shopkeeper sells one more radio for Rs. 840 at a gain of 20% and another for Rs. 960 at a loss of 4%. What is his total gain or loss percentage? 
Detailed Solution for Test: Profit & Loss (February 20) - Question 4

Case 1) S.P of transistor = Rs 840
Profit = 20%
By unitary method C.P = (100/120) ×840= 700Rs
Case 2) S.P of transistor = Rs960
Loss = 4%
By unitary method C.P = (100/96) × 960 = 1000 Rs
Total C.P = 700 + 1000 =1700 Rs
Total S.P= 840 +960 = 1800Rs
There is a profit of = 1800 - 1700 = Rs100
Therefore profit% = (100/1700) × 100 = 100/17 
= 5.882% Ans
 

Test: Profit & Loss (February 20) - Question 5
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A trader mixes 26 kg of rice at Rs. 20 per kg with 30 kg of rice of other variety at Rs. 36 per kg and sells the mixture at Rs. 30 per kg. What is his profit percentage?
 
Detailed Solution for Test: Profit & Loss (February 20) - Question 5

C.P. of 56 kg rice = Rs. (26 x 20 + 30 x 36) = Rs. (520 + 1080) = Rs. 1600.

S.P. of 56 kg rice = Rs. (56 x 30) = Rs. 1680.

Gain =(80/1600*100) % = 5%

Test: Profit & Loss (February 20) - Question 6
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If a material is sold for Rs.34.80, there is a loss of 25%. Find out the cost price of the material?
 
Detailed Solution for Test: Profit & Loss (February 20) - Question 6

The correct answer is A as
 cost price 
=34.80×100/75
=46.40

Test: Profit & Loss (February 20) - Question 7
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A fruit seller sells apples at the rate of Rs.9 per kg and thereby loses 20%. At what price per kg, he should have sold them to make a profit of 5%?
 
Test: Profit & Loss (February 20) - Question 8
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A trader gives 12% additional discount on the discounted price, after giving an initial discount of 20% on the labeled price of an item. The final sale price of the item is Rs.704. Find out the labeled price?
 
Detailed Solution for Test: Profit & Loss (February 20) - Question 8

Let the marked price be Rs. 100.
Successive discounts of 20% and 12% were given.
Sale price = 100 × 80/100 × 88/100 = Rs.704/10
If the sale price is Rs.704/10, the marked price is Rs.100
If the sale price is Rs.704, the marked price is
= 100 × 10 × 704/704 =  Rs.1000
 

Test: Profit & Loss (February 20) - Question 9
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A man sells two houses at the rate of ₹1.95 lac each on one. He gains 5% and on other he lost 5% find his gain or loss percent in the whole transaction.
Detailed Solution for Test: Profit & Loss (February 20) - Question 9

Test: Profit & Loss (February 20) - Question 10
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John purchased a machine for Rs. 80,000. After spending Rs.5000 on repair and Rs.1000 on transport he sold it with 25% profit. What price did he sell the machine?

 
Detailed Solution for Test: Profit & Loss (February 20) - Question 10

C.P. = (80000 + 5000 + 1000)
⇒ 86000
As we know that Profit = 25%
S.P. = 125% of 86000
⇒ (125/100 * 86000)
⇒ 107500 Rs.

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