Test: Profit & Loss- 1 - UPSC MCQ

Test: Profit & Loss- 1 - UPSC MCQ

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10 Questions MCQ Test CSAT Preparation - Test: Profit & Loss- 1

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

By selling a cap for Rs. 29.75, a man gains 6.25%. What will be the CP of the cap?

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

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

So option D is correct

Test: Profit & Loss- 1 - Question 2

A machine costs Rs. 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: Profit & Loss- 1 - Question 2

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%

Alternatively,

Cost price = 1025
Loss% = 25%
SP = 1025 - (1025 * 25/100) = 768.75
⇒ 768.75 * (x/100) = 1025
⇒ 768.75x = 102500
⇒ x = 102500/768.75 = 133.33%

So option D is correct

Test: Profit & Loss- 1 - Question 3

A feeding bottle is sold for Rs. 150. Sales tax accounts for one-fifth of this and profit one-third of the remainder. Find the cost price of the feeding bottle.

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

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

So option B is correct

Test: Profit & Loss- 1 - Question 4

E owns a house worth Rs. 20,000. He sells it to R at a profit of 25%. After some time, R sells it back to E at 25% loss. Find E’s loss or gain per cent.

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

CP = 20000
Profit = 25/100 of 20000 = 5000
SP = Profit + CP = 25000

New transaction

CP= 25000
Loss = 25% of 25000 = 6250
SP = CP - Loss = 18750

P's gain = 1250
TOTAL gain = 6250
Total gain % = 6250/20000 × 100 = 625/20 = 31.25%

So option C is correct

Test: Profit & Loss- 1 - Question 5

125 toffees cost Rs. 75. Find the cost of one million toffees if there is a discount of 40% on the selling price for this quantity.

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

The cost per toffee = 75 / 125 = Rs. 0.6 = 60 paise.
Cost of 1 million toffees = 600000.
∵ There is a discount of 40% offered on this quantity.
Thus, the total cost for 1 million toffees is 60% of 600000 = 360000

So option C is correct

Test: Profit & Loss- 1 - Question 6

A man sells a TV set for Rs. 33000 and makes a profit of 10%. He sells another TV at a loss of 20%. If on the whole, he neither gains nor loses, find the selling price of the second TV set.

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

Let's denote the cost price of the first TV as CP1, the cost price of the second TV as CP2, and the selling price of the second TV as SP2.

The man makes a profit of 10% on the first TV, so we can write the selling price of the first TV as:

SP1 = CP1 + 10% of CP1
33000 = CP1 + 0.1 * CP1
33000 = 1.1 * CP1
CP1 = 33000 / 1.1
CP1 = 30000

He sells the second TV at a loss of 20%, so we can write the selling price of the second TV as:

SP2 = CP2 - 20% of CP2
SP2 = 0.8 * CP2

Since he neither gains nor loses on the whole, the total cost price equals the total selling price:

CP1 + CP2 = SP1 + SP2

We already know the values of CP1 and SP1, so we can substitute them in the equation:

30000 + CP2 = 33000 + SP2

We also know that SP2 = 0.8 * CP2, so we can substitute that as well:

30000 + CP2 = 33000 + 0.8 * CP2

Now, we can solve for CP2:

0.2 * CP2 = 3000
CP2 = 15000

Now that we have the cost price of the second TV, we can find its selling price using the relation we found earlier:

SP2 = 0.8 * CP2
SP2 = 0.8 * 15000
SP2 = 12000

So the selling price of the second TV set is Rs. 12000.

Test: Profit & Loss- 1 - Question 7

E sold at table to R at a profit of 25%.R sold the same table to S for Rs. 90 thereby making a profit of 20%. Find the price at which E bought the table from Z if it is known that Z gained 25% in the transaction.

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

R sold the table at 20% profit at Rs. 90. Thus R's cost price x 1.2 = 90
R’s Cost price = Rs. 75

We also know that E sold it to R at 25% profit.
Thus, E’s Cost price x 1.25 = 75
⇒ E’s cost price = 60

So option D is correct

Test: Profit & Loss- 1 - Question 8

A man sells an article at 10% above its cost price. If he had bought it at 15% less than what he paid for it and sold it for Rs. 33 less, he would have gained 10%. Find the cost price of the article.

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

S.P. at 10% profit = Rs.(110y/100) = 11y/10
New C.P. of article = 85y/100 = 17y/20
S.P. = Rs.(17y/20 * 110/100)
New S.P. of article = Rs. 187/200

According to Question,
11y/10 - 187y/200 = 33
33y/200 = 33
y = 200

So option B is correct

Test: Profit & Loss- 1 - Question 9

E sells a car priced at Rs. 1,80,000. He gives a discount of 5% on the first Rs. 1,00,000 and 12.5% on the remaining Rs. 80,000. His competitor R sells a car on the same market priced at Rs. 1,80,000. If he wants to be competitive what percent discount should R offer on the marked price.

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

The total discount offered by E = 5% on 1,00,000 + 12.5% on 80,000 = 5,000 + 10,000 = 15,000.

If R wants to be as competitive, he should also offer a discount of Rs. 15,000 on 1,80,000.

Discount percentage = (15000/180000) x 100= 8.33% discount.

So option B is correct

Test: Profit & Loss- 1 - Question 10

A dishonest dealer marks up the price of his goods by 20% and gives a discount of 10% to the cus- tomer. Besides, he also cheats both his supplier and his buyer by 100 grams while buying or selling 1 kilogram. Find the percentage profit earned by the shopkeeper.

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

While buying, he buys 1100 grams instead of 1000 grams (due to his cheating).
Suppose he bought 1100 grams for Rs. 1000
While selling, he sells only 900 grams when he takes the money for 1 kg.

According to the problems
He sells at 8% profit (20% markup and 10% discount).
Hence his selling price is Rs. 1080 for 900 grams.

To calculate profit percentage, we either equate the goods or the money.
In this case, let us equate the money as follows:
Buying:1100 grams for Rs. 1000
Hence 1188 grams for Rs. 1080
Selling: 900 grams for Rs. 1080
Hence, profit% = 288/900 = 32%
(using goods left by goods sold formula)

So option D is correct

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