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Olympiad Test: Profit And Loss - 1


20 Questions MCQ Test Mathematical Olympiad Class 8 | Olympiad Test: Profit And Loss - 1


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Attempt Olympiad Test: Profit And Loss - 1 | 20 questions in 40 minutes | Mock test for Class 8 preparation | Free important questions MCQ to study Mathematical Olympiad Class 8 for Class 8 Exam | Download free PDF with solutions
QUESTION: 1

By selling an umbrella at a profit of Rs. 60 a shopkeeper made a profit of 20%. What is the cost price of umbrella?

Solution:

Let the cost price be ₹ x
∴ 

QUESTION: 2

72% of 250 students are good in science. How many students are not good in science?

Solution:

The no. of students good in science

No. of students not good in science
​= 250 – 180 = 70

QUESTION: 3

An item marked at Rs. 840 sold for Rs. 714. What is the discount percent?

Solution:

Discount %
                   

QUESTION: 4

What is the selling price if a profit of 5% is made on a fan bought for Rs. 560 and expenses of Rs. 40 made on its repair?
Solution:

C.P. = 560 + 40 = 600
S.P. = 600 + 5% of 600 

 

QUESTION: 5

A shopkeeper buys 80 articles for Rs. 4800 and sells them for a profit of 16%. What is the selling price of one article?
Solution:

Selling price of one article

QUESTION: 6

If 8% VAT is included in the prices, then what is the original price of a bucket bought for Rs.180?
Solution:

Let the original price be Rs. x

QUESTION: 7

A milkman sold two of his cows for Rs. 20000 each. On one he made a gain of 5% and on the other a loss of 10%. What is his overall gain or loss?
Solution:

C.P. of 1st cow

C.P. of 2nd cow = 
Total C.P. = 19047.62 + 2222.22 = Rs. 41269.84
Total S.P. = Rs. (20000 + 20000) = Rs. 40000
Overall loss = 41269.84 – 40000 = 1269.84

QUESTION: 8

Rahman bought a mobile for Rs. 3300 including a tax of 10%. What is the price of mobile before VAT was added?
Solution:

Let the price of mobile before VAT be ₹ x.
∴ x + 10% of x = 3300

QUESTION: 9

An article is sold at Rs. 5225 after allowing discount of 5%. What is its marked price?
Solution:

Let the marked price be ₹ x.
∴ x – 5% of x = 5225

QUESTION: 10

What is the compound interest on Rs. 62500 for years at 8% per annum compounded half yearly?
Solution:

We know 
∴  


then C.I. = 70304 – 62500 = 7804

QUESTION: 11

A scooter was bought at Rs. 42,000. Its value depreciated at the rate of 8% per annum what is its value after one year?
Solution:

Value of scooter after one year

QUESTION: 12

By selling 20 pens a shopkeeper gains equal to the selling price of 4 pens. What is his gain percent?
Solution:

Let selling price of 20 pens = Rs. 20
∴ Now Gain = Rs. 4
Cost Price = 20 – 4 = 16
Hence Gain percent 4/16 x 100 = 25%

QUESTION: 13

If the S.P. of 10 articles is equal to the C.P. of 11 articles. What is the gain percent?
Solution:

Let the S.P. of 10 articles = Rs. 10
∴ S.P. of 1 article = Rs. 10/11 = Rs. 1
and C.P of 11 articles = Rs. 10
C.P of 1 Rs. n = Rs. 10/11
∴ Gain = 1- 10 / 11 =1/ 11
Hence Gain percent 
 

QUESTION: 14

Mohan purchased a tape recorder and spent Rs. 66 on its repair. He sold the tape recorder for Rs. 1130 and made a profit of 24%. At what price did he buy the tape recorder?
Solution:

Let C.P. be ` x.
then (x + 66) + 24% of (x + 66) = 7130
(x+66) +  = 7130
100x + 6600 + 24x + 1584 = 713000
⇒ 124x = 713000 – 8184
⇒ 124x = 704816
x = 704816 / 124 =  5684

QUESTION: 15

A publisher offers a discount of 10% on his books and still makes a profit of 20%. What is the actual cost of a book if it is marked at Rs. 320?
Solution:

Here Marked Price = ₹ 320.
and Discount = 10%
Selling Price = 320 – 10% of 320
= 320 – 32 = 288
Let C.P. be ₹ x.
∴ x + 20% of x = 288

QUESTION: 16

What is a single discount equivalent to two successive discounts of 20% and 10%?
Solution:

Let the marked price = ` 100
and Discount = 20%
then 100 – 20 = 80
Discount = 10% of 80 
= 
80 – 8 = 72
Successive discount = 100 – 72 = 28%

QUESTION: 17

In what time will Rs. 800 amount to Rs,. 882 . At 5% per annum compounded annually?
Solution:

Here 
882 = 800 

QUESTION: 18

What sum will become Rs. 9724.05 in 2 years if the rate of interest is 10% compounded half yearly?
Solution:

We know A =p
Here r = 10/2 = 5%
and n = 2 x 2 = 4
∴ 9724.05 = P 

9724.05 = P 
9724.05 = P 

QUESTION: 19

What is the rate percent per annum if Rs. 2000 amount to Rs. 2662 in  years, it interest being compounded half yearly?
Solution:

Here A =P 

QUESTION: 20

A dealer offers a discount of 20%, 10% and 5%. What is the single equivalent rate of discount?
Solution:

Let Marked Price = Rs. 100
Discount = 20%
100 – 20 = 80.
Discount =
 
Discount = 
5%  of 72 =  = 3.6 
∴ 72 -  3.6 = 68.4
= Single equivalent discount = 100 – 68.4
= 31.6%

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