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Test: Profit & Loss - Class 1 MCQ


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10 Questions MCQ Test Mental Maths - Test: Profit & Loss

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

Sita bought a toy for ₹200 and sold it for ₹250. What is her profit percentage?

Detailed Solution for Test: Profit & Loss - Question 1

Profit percentage = ((Selling Price - Cost Price) / Cost Price) × 100 = ((250 - 200) / 200) × 100 = (50 / 200) × 100 = 25%

Test: Profit & Loss - Question 2

Raju sold a book for ₹180 and incurred a loss of ₹20. What was the cost price of the book?

Detailed Solution for Test: Profit & Loss - Question 2

Cost Price = Selling Price + Loss = 180 + 20 = ₹200

Test: Profit & Loss - Question 3

Meera bought a dress for ₹600 and sold it at a loss of 15%. What was the selling price of the dress?

Detailed Solution for Test: Profit & Loss - Question 3

Loss amount = (Loss Percentage / 100) × Cost Price = (15/100) × 600 = ₹90
Selling Price = Cost Price - Loss = 600 - 90 = ₹510

Test: Profit & Loss - Question 4

A bicycle was bought for ₹3000 and sold at a profit of 20%. What was the selling price of the bicycle?

Detailed Solution for Test: Profit & Loss - Question 4

Profit amount = (Profit Percentage / 100) × Cost Price = (20/100) × 3000 = ₹600
Selling Price = Cost Price + Profit = 3000 + 600 = ₹3600

Test: Profit & Loss - Question 5

A shopkeeper sold a watch for ₹450, making a profit of 25%. What was the cost price of the watch?

Detailed Solution for Test: Profit & Loss - Question 5

Cost Price = Selling Price / (1 + Profit Percentage) = 450 / (1 + 25/100) = 450 / 1.25 = ₹360

Test: Profit & Loss - Question 6

Rahul bought a football for ₹250 and later sold it at a loss of 12%. How much did he sell it for?

Detailed Solution for Test: Profit & Loss - Question 6

Loss amount = (Loss Percentage / 100) × Cost Price = (12/100) × 250 = ₹30
Selling Price = Cost Price - Loss = 250 - 30 = ₹240

Test: Profit & Loss - Question 7

Amit sold a smartphone for ₹5000, incurring a loss of 8%. What was the cost price of the smartphone?

Detailed Solution for Test: Profit & Loss - Question 7

Let the cost price of the smartphone be x.
According to the question, Amit sold the smartphone for ₹5000, incurring a loss of 8%.
Loss = Cost Price - Selling Price
8% of x = x - ₹5000
(8/100)x = x - ₹5000
8x = 100(x - ₹5000)
8x = 100x - ₹500000
100x - 8x = ₹500000
92x = ₹500000
x = ₹500000/92
x ≈ ₹5434.78
Therefore, the cost price of the smartphone was approximately ₹5434.78.

Test: Profit & Loss - Question 8

Priya bought a pair of shoes for ₹800 and sold them at a profit of 15%. What was her profit in rupees?

Detailed Solution for Test: Profit & Loss - Question 8

Profit amount = (Profit Percentage / 100) × Cost Price = (15/100) × 800 = ₹120
Profit in rupees = ₹120

Test: Profit & Loss - Question 9

Rajesh bought a shirt for ₹600 and sold it at a profit of 20%. What was his total earnings from the sale?

Detailed Solution for Test: Profit & Loss - Question 9

Profit amount = (Profit Percentage / 100) × Cost Price = (20/100) × 600 = ₹120
Total earnings = Cost Price + Profit = 600 + 120 = ₹720

Test: Profit & Loss - Question 10

A shopkeeper bought 10 boxes of chocolates for ₹400. He sold each box at a profit of ₹20. What was his total profit percentage?

Detailed Solution for Test: Profit & Loss - Question 10

Total profit = Profit per box × Number of boxes = 20 × 10 = ₹200
Total profit percentage = (Total profit / Cost Price) × 100 = (200 / 400) × 100 = 0.5 × 100 = 5%

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