Profit And Loss MCQ - 1


20 Questions MCQ Test Quantitative Techniques for CLAT | Profit And Loss MCQ - 1


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QUESTION: 1

A retailer sold 12 notes at a profit of 20% and 8 notes at a profit of 10%. If he had sold all the 20 notes at a profit of 15%, then his profit would have been reduced by Rs.36. What is the cost price of each note?

Solution:

Cost Price = x
Total Profit = 12x * 20/100 + 8x * 10/100 = 32x/100 = 3.2x —(i)
Total Profit = 20x * 15/100 — (ii)
3.2x – 3x = 36
0.2x = 36
x = 180

QUESTION: 2

The profit Percentage on 3 bikes are 15%, 35% and 10% and the ratio of CP is 5:3:1. Also the ratio of the Bike sold of P, Q and R is 2:3:5. Then the overall approximate Profit Percentage is?

Solution:

5x * 2y + 3x * 3y + x * 5y = 24xy
Total Profit = (5x*2y*15/100)+(3x*3y*35/100)+(x*5y*10/100)
= 515xy/100
= 5.15xy
Overall Profit Percentage = 5.15xy * 100/24xy = 21.46%

QUESTION: 3

When a shopkeeper reduces the selling price of an article from 1180 to 1126 his loss increases by 5% . What is the cost price of article?

Solution:

5% of CP = 1180 – 1126
CP = 54 * 100 / 5 = 1080

QUESTION: 4

A and B, there are two companies, selling the packs of cold-drinks. For the same selling price A gives two successive discounts of 10% and 25%. While B sells it by giving two successive discounts of 15% and 20%. What is the ratio of their marked price?

Solution:

A = 90/100*75/100
= .675
B = 85/100*80/100
= .68
680:675
136:135

QUESTION: 5

A reputed company sells a wrist watch to a wholesaler making a profit of 10%. The wholesaler, in turn, sells it to the retailer making a profit of 10%. A customer purchases it by paying Rs. 990. Thus the profit of retailer is 2(3/11)% What is the cost incurred by the the company to produce it?

Solution:

x*110/100*110/100*(100 + 25/11)/100 = 990
x = 800

QUESTION: 6

A and B both are dealers of Honda Motorcycles. The price of an used Honda Motorcycle is Rs.28,000. A gives a discount of 10% on whole, while B gives a discount of 12% on the first Rs. 20,000 and 8% on the rest Rs. 8000. What is the difference between their selling prices?

Solution:

Discount offer by A = 10 % of 28000 = 2800
Total Discount offer by B = 12% of 20,000 + 8% of 8000 = 3040
Required difference = 3040 – 2800 = 240

QUESTION: 7

The profit percentage of P and Q is same on selling the articles at Rs. 1800 each but A calculates his profit on the selling price while Q calculates it correctly on the cost price which is equal to 20%. What is the difference in their profits?

Solution:

Explanation:
Profit(Calculated on SP) = 20% of 1800 = 360
Profit(calculated on CP)
x + x/5 = 1800
x = 1500
Profit = 300
Difference = 360 – 300 = 60

QUESTION: 8

A person sold a pen at Rs. 96 in such a way that his percentage profit is same as the cost price of the watch. If he sells it at twice the percentage profit of its previous percentage profit then new selling price will be?

Solution:

CP = x
Profit Percentage = x%
SP = x(100 + x)/100
x(100 + x)/100 = 96
x = 60
Profit Percentage = 60%
New SP = 60 * 220 / 100 = 132

QUESTION: 9

A trader mixes 25% of solution A to his Solution B and then he sells the whole mixture at the price of Solution B. If the cost price of Solution A be 50% of the cost price of Solution B, what is the net profit percentage?

Solution:

Quantity of Solution B = 100 litre
Quantity of Solution A = 25 litre
CP of 1 litre Solution B = Rs.10
CP of 1 litre Solution A = Rs.5
CP = 100 * 10 + 25 * 5 = 1125
SP = (100 + 25)*10 = 1250
Profit = 1250 – 1125 = 125
% = 125 * 100 / 1125 = 100/9%

QUESTION: 10

A scientist mixes 10% water in his solution but he is not content with it so he again mixes 10% more water in the previous mixture. What is the profit percentage of the scientist if he sells it at cost price:

Solution:

Let Initial Quantity of Solution = 100 litre
After mixing 10% water, Quantity of the mixture = 110 * 110 / 100 = 121 litre
CP of One litre of Solution = Rs.1
Total CP = Rs.100
Total SP = Rs.121
Profit = 121 – 100 = 21
Profit % = 21 * 100/100 = 21%

QUESTION: 11

The profit earned after selling an article for Rs. 1680 is the same as the loss incurred after selling the article for Rs. 1512. What is the cost price of the article?

Solution:

CP = x
1680 – x = x – 1512
2x = 3192
x = 1596

QUESTION: 12

Arun sells an article at 20% profit to Bala, Bala sells it to Catherine at 10% profit. Catherine sells it to Dinesh at Rs. 16 profit. The difference between the cost price of Dinesh and cost price of Arun was Rs. 500. How much did Bala pay to Arun for the article? 

Solution:

Cost Price of Arun = 100x
Cost Price of Bala = 120x
Cost Price of Catherine = 132x
Cost Price of Dinesh = 132x + 16
132x + 16 – 100x = 500
32x + 16 = 500
32x = 484
x = 484/32 = 15.125
Cost Price of Bala =120x = 120 * 15.125 = 1815

QUESTION: 13

Rahul purchased an article for Rs. 8400 and sold it for a loss of 5%. From that money he purchased another article and sold it for a gain of 5%. What is the overall gain or loss?

Solution:

CP = 8400
SP = 8400 * 95/100 = 7980
CP = 7980
SP = 7980 * 105/100 = 8379
Difference = 8400 – 8379 = 21

QUESTION: 14

A Shop Keeper sells two bags for Rs. 500 each. On one, he gets 14% profit and on the other he gets 14% loss. His profit or loss in the entire transaction was?

Solution:

% = x
Loss % = x²/100 = 196/100 = 49/25%

QUESTION: 15

A Shopkeeper bought 30 kg of rice at the rate of Rs. 40 per kg. He sold 40% of the total quantity at the rate of Rs. 50 per kg. At what price per kg should he sell the remaining quantity to make 25% overall profit?

Solution:

Total CP of Rice = 30 * 40 = 1200
40% of Total Quantity = 40% of 30 = 12
SP = 12*50 = 600
SP = 1200 * 125/100 = 1500
SP of Remaining Quantity = 1500 – 600 = 900
Remaining Quantity = 18kg
Rice per Kg = 900/18 = Rs. 50

QUESTION: 16

If the Cost Price of 25 articles is equal to the Selling Price of 20 articles, then what is the gain %?

Solution:

Gain % = (5 / 20) x 100 = 25%

QUESTION: 17

A TV was purchased for Rs. 54000. Its price was marked up by 40%.It was sold at a discount of 20% on the marked price. What was the profit percent of the cost price?

Solution:

Explanation:
40 – 20 + [40 * (-20)/100] = 20 – 8 = 12%

QUESTION: 18

A shopkeeper sold a smartphone for Rs.15000. Had he offered discount of 10% on the Selling Price, he would have earned a profit of 8%. What is the Cost Price of that Smartphone?

Solution:

S.P of Smart Phone = Rs.15000
Discount = 10%
New SP = 15000 – 1500 = Rs. 13500
Profit = 8%
CP = 13500 * 100/108 = 12500

QUESTION: 19

Pinkey sold a machine to Shalini at a profit of 30%. Shalini sold this machine to Arun at a loss of 20%. If Pinkey paid Rs.5000 for this machine, then find the cost price of machine for Arun?

Solution:

R1 = 30% R2 = 20%
5000 * 130/100 * 80/100 = Rs. 5200

QUESTION: 20

A merchant earns a profit of 20% by selling a basket containing 80 Oranges whose cost is Rs.240 but he gives one-fourth of it to his friend at cost price and sells the remaining oranges. In order to earn the same profit, at what price must he sell each orange?

Solution:

CP of 80 Oranges = Rs.240
CP of 1 Orange = Rs.3
CP of 20 Oranges = Rs.60
120% of 240 = 288
SP of remaining 60 Oranges = 288 – 60 = 228
SP of 1 Orange = 228/60 = Rs.3.80

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