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Class 7 Exam  >  Class 7 Tests  >  Mathematics Olympiad Class 7  >  Olympiad Test: Profit And Loss - 1 - Class 7 MCQ

Olympiad Test: Profit And Loss - 1 - Class 7 MCQ


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20 Questions MCQ Test Mathematics Olympiad Class 7 - Olympiad Test: Profit And Loss - 1

Olympiad Test: Profit And Loss - 1 for Class 7 2024 is part of Mathematics Olympiad Class 7 preparation. The Olympiad Test: Profit And Loss - 1 questions and answers have been prepared according to the Class 7 exam syllabus.The Olympiad Test: Profit And Loss - 1 MCQs are made for Class 7 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Olympiad Test: Profit And Loss - 1 below.
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Olympiad Test: Profit And Loss - 1 - Question 1
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Alfred buys an old scooter for Rs 4700 and spends Rs 800 on its repairs. If he sells the scooter for Rs 5800, his gain percent is:

Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 1

Cost Price (C.P.) = Rs (4700 + 800)
= Rs 5500
Selling Price (S.P.) = Rs 5800
Gain = (S.P.) – (C.P.) = Rs (5800 – 5500)
= Rs 300
Gain % = (300/5500) × 100% =

Olympiad Test: Profit And Loss - 1 - Question 2
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The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:

Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 2

Let C.P. of each article be Rs 1, C.P.
of x articles = Rs x
S.P. of x articles = Rs 20
Profit = Rs (20 – x)
Therefore, (20 – x)/x × 100 = 25
⇒ 2000 – 100x = 25x
125x = 2000
⇒ x = 16

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Olympiad Test: Profit And Loss - 1 - Question 3
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If selling price is doubled, the profit triples. Find the profit percent.

Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 3

Let C.P. be Rs x and S.P. be Rs y.
Then, 3(y – x) = (2y – x) y = 2x
Profit = Rs (y – x) = Rs (2x – x) = Rs x
Profit % = (x/x × 100) % =100%

Olympiad Test: Profit And Loss - 1 - Question 4
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In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 4

Let C.P. = Rs 100. Then, Profit = Rs 320,
S.P. = Rs  420
New C.P. = 125% of Rs 100 = Rs 125
New S.P. = Rs 420
Profit = Rs (420 – 125) = Rs 295
Required percentage = (295/420 × 100) %
= (1475/21) % = 70% (approximately).

Olympiad Test: Profit And Loss - 1 - Question 5
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A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 5

C.P. of 6 toffees = Rs 1
S.P. of 6 toffees = 120% of Rs 1 = Rs 6/5
For Rs 6 /5, toffees sold = 6.
For Rs 1 , toffees sold =(6 × 5/6) = 5

Olympiad Test: Profit And Loss - 1 - Question 6
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The percentage profit earned by selling an article for Rs 1920 is equal to the percentage loss incurred by selling the same article for Rs 1280. At what price should the article be sold to make 25% profit?
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 6

Let C.P. be Rs x.
Then,[(1920 – x)/x] × 100
= [(x – 1280)/x] × 100
1920 – x = x – 1280
2x = 3200
x = 1600
Required S.P. = 125% of Rs 1600
= Rs (1 25/100) × 1600= Rs 2000

Olympiad Test: Profit And Loss - 1 - Question 7
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A shopkeeper expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs 392, what was his profit?
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 7

C.P. = Rs [(100/122.5) × 392] = Rs 320
Profit = Rs (392 – 320) = Rs 72.

Olympiad Test: Profit And Loss - 1 - Question 8
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A man buys a cycle for Rs 1400 and sells it at a loss of 15%. What is the selling price of the cycle?
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 8

S.P. = 85% of Rs 1400 = Rs 1190

Olympiad Test: Profit And Loss - 1 - Question 9
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Sam purchased 20 dozens of toys at the rate of Rs 375 per dozen. He sold each one of them at the rate of Rs 33. What was his percentage profit?
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 9

Cost Price of 1 toy = Rs (375/12) = Rs 31.25
Selling Price of 1 toy = Rs 33
So, Gain = Rs (33 - 31.25) = Rs 1.75
Profit % = (1.75/31.25) × 100% = 5.6 %

Olympiad Test: Profit And Loss - 1 - Question 10
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Some articles were bought at 6 articles for Rs 5 and sold at 5 articles for Rs 6. Gain percent is:
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 10

Suppose, the number of articles bought
= L.C.M. of 6 and 5 = 30
C.P. of 30 articles = Rs (5/6 × 30) = Rs 25
S.P. of 30 articles = Rs (6/5 × 30) = Rs 36
Gain % = (11/25 x 100) % = 44%

Olympiad Test: Profit And Loss - 1 - Question 11
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On selling 17 balls at Rs 720, there is a loss equal to the cost price of 5 balls. The cost price of a ball is:
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 11

(C.P. of 17 balls) – (S.P. of 17 balls)
= (C.P. of 5 balls)
⇒ C.P. of 12 balls = S.P. of 17 balls
= Rs 720
⇒ C.P. of 1 ball = Rs (720/12) = Rs 60

Olympiad Test: Profit And Loss - 1 - Question 12
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When a plot is sold for Rs 18,700, the owner loses 15%. At what price must that plot be sold in order to gain 15%?
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 12

85 : 18700 = 115 : x
x = [(18700 × 115)/85] = 25300
Hence, S.P. = Rs 25,300

Olympiad Test: Profit And Loss - 1 - Question 13
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100 oranges are bought at the rate of Rs 350 and sold at the rate of Rs 48 per dozen. The percentage of profit or loss is:
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 13

C.P. of 1 orange = Rs 350/100 = Rs 3.50
S.P. of 1 orange = Rs 48/4 = Rs 12
Gain% = (0.50/3.50) x 100% 

Olympiad Test: Profit And Loss - 1 - Question 14
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A shopkeeper sells one transistor for Rs 840 at a gain of 20% and another for Rs 960 at a loss of 4%. His total gain or loss percent is:
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 14

C.P. of 1st transistor = Rs (100/120) × 840 = Rs 700
C.P. of 2nd transistor = Rs (100/96) × 960 = Rs 1000
So, total C.P. = Rs (700 + 1000) = Rs 1700
Total S.P. = Rs (840 + 960) = Rs 1800
Gain % = (100/1700) × 100% 

Olympiad Test: Profit And Loss - 1 - Question 15
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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. His profit percent is:
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 15

C.P. of 56 kg rice = Rs (26 × 20 + 30 × 36)
= Rs (520 + 1080) = Rs 1600
S.P. of 56 kg rice = Rs (56 × 30) = Rs 1680
∴ Gain = (80/1600) × 100% = 5%

Olympiad Test: Profit And Loss - 1 - Question 16
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A shopkeeper sells some articles at the profit of 25% on the original price. What is the exact amount of profit? To find the answer, which of the following information given in statementsI and II is/are necessary?
I. Sale price of the article
II. Number of articles sold
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 16

Gain = 25% of C.P.
In order to find gain, we must know the sale price of each article and the number of articles sold.
∴ Correct answer is (d).

Olympiad Test: Profit And Loss - 1 - Question 17
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A shopkeeper sells some toys at Rs 250 each. What percent profit does he make? To find the answer, which of the following information given in statements I and II is/are necessary?
I. Number of toys sold
II. Cost price of each toy
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 17

S.P. = Rs 250 each.
To find gain percent, we must know the C.P. of each.
∴ Correct answer is (b).

Olympiad Test: Profit And Loss - 1 - Question 18
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A man mixes two types of rice (X and Y) and sells the mixture at the rate of Rs 17 per kg. Find his profit percentage.
I. The rate of X is Rs 20 per kg
II. The rate of Y is Rs 13 per kg
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 18

The ratio, in which X and Y are mixed, is not given.
So, both I and II together cannot give the answer.
∴ Correct answer is (d).

Olympiad Test: Profit And Loss - 1 - Question 19
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By selling a product with 20% profit, how much profit was earned?
I. The difference between cost and selling price is Rs 40.
II. The selling price is 120 percent of the cost price.
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 19

Gain = 20%
I. Profit = (S.P.) – (C.P.) =Rs 40
Thus, I gives the answer. But, II does not give the answer.
∴ Correct answer is (a).

Olympiad Test: Profit And Loss - 1 - Question 20
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By selling an article what is the profit percent gained?
I. 5% discount is given on list price.
II. If discount is not given, 20% profit is gained.
III. The cost price of the articles is Rs 5000.
Detailed Solution for Olympiad Test: Profit And Loss - 1 - Question 20

I. Let the list price be Rs x.
Then, S.P. = 95% of Rs x = Rs (19x/20)
II. When S.P. = Rs x and gain = 20%.
Then, C.P. = Rs (100/120 × x) = Rs (5x/6)
∴ Gain  = (19x/20) – (5x/6) = (7x/60)
∴ Gain %  = [(7x/60) × (6/5x) × 100]% = 14%
Thus, I and II only give the answer.
∴ Correct answer is (a).

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