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Test: Profit and Loss- 6 - CLAT MCQ


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20 Questions MCQ Test Quantitative Techniques for CLAT - Test: Profit and Loss- 6

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Test: Profit and Loss- 6 - Question 1

A person saves 20 percent of his income. If the income of that person increased by 16 percent and he decided to save 25 percent, then find the percent increase in his saving as compared to previous one.

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

Let initial income = 100 so his saving is rupees = 20.
Now his income is 116 and he save = 116*25/100 = 29
So % increase in saving = (9/20)*100 = 45

Test: Profit and Loss- 6 - Question 2

A person sell two horses for rupees 480 each. On the first horse he gains 25 percent and on the second horse he losses 25 percent. Find the percent gain or loss in the transaction.

Detailed Solution for Test: Profit and Loss- 6 - Question 2

sol=> When same quantity is sell at same price and percent gain and loss is same then there is always loss occurred. To calculate the loss percent = ((common loss or gain)/10)^2
i.e. (25/10)^2 = 6.25% loss

Test: Profit and Loss- 6 - Question 3

P calculates his profit percent on selling price while Q calculates his profit percent on cost price. They notice that difference between their profits is 1000 rupees. If selling price of both P and Q are same and P gets 40% profit and Q gets 60% profit. Then find their selling price 

Detailed Solution for Test: Profit and Loss- 6 - Question 3

Let selling price  = SP and cost price of A = CP1 and that of Q = CP2.
For P, % profit = (SP – CP1)/SP = 40/100. We get CP1 = (3/5)*SP
For Q, % profit = (SP – CP2)/CP2 = 60/100. We get CP2 = (5/7)*SP
Now, CP2 – CP1 = 1000. Solve this and we get SP = 8750

Test: Profit and Loss- 6 - Question 4

A dealer sells a goat for rupees 600 and there by gains 20 percent. He sells another goat at 5 percent loss and on the whole there is no loss no profit. Find the cost price of the second goat

Detailed Solution for Test: Profit and Loss- 6 - Question 4

600 = (120/100)*cp
so cp of first goat = 500. So in the first deal he gains 100 rupees.
But on selling second horse he losses 5 percent, means (5/100)*CP = 100
So cp of second goat = 2000

Test: Profit and Loss- 6 - Question 5

If a discount of 10 percent is given on the marked price of the article then the seller gains 20 percent profit. Find the percent profit if the article is sold at 20 percent discount.

Detailed Solution for Test: Profit and Loss- 6 - Question 5

Let marked price = 100
90 = (120/100)*cp, cp = 75
Now discount = 20% so, SP = 80
% profit = [(80 – 75)/75]*100 = 20/3

Test: Profit and Loss- 6 - Question 6

What will be the profit percentage after selling an article at certain price if there is a loss of 40 percent when the same article is sold at 2/5 of the earlier selling price ?

Detailed Solution for Test: Profit and Loss- 6 - Question 6

CP = 2/3 of Sp
SP = (100+p)/100 of cp
CP = 2/3[(100+p)/100] cp
P = 50
Solve both equation, we will get P = 50

Test: Profit and Loss- 6 - Question 7

By selling 22 meters of cloth a shopkeeper gains cost price of 4 meter cloth. Find the percent profit/loss occurred by the shopkeeper.

Test: Profit and Loss- 6 - Question 8

Rohit bought an article at 25 percent discount on labelled price. He again sells the article at 20 percent on labelled price. Find the percent profit earned by rohit in whole transaction

Detailed Solution for Test: Profit and Loss- 6 - Question 8

Let labelled price is 100. Rohit bought it for 75 after getting 25% discount.
Now he sells the article at (120/100)*100 = 120. So % profit he earns = (45/75)*100 =60

Test: Profit and Loss- 6 - Question 9

A toys manufacturing company declares 20 percent discount for whole sale buyers. A trader bought toys for rupees 4000 after getting the discount. Now he sells the toys at 15 percent profit on the original price of the company. What is the selling price of the toys?

Detailed Solution for Test: Profit and Loss- 6 - Question 9

Let original price of toys be M,
(80/100)*M = 4000, M = 5000
Now to gain 15% on the original price, the trader will sell the toys at (115/100)*5000 = 5750 rupees

Test: Profit and Loss- 6 - Question 10

Raman buys some apples at the rate of four for a rupee and same numbers of oranges at three for a rupee. To make a profit of 25%, Raman should sell a 6 apples for. 

Detailed Solution for Test: Profit and Loss- 6 - Question 10

Let Raman buys ‘X’ apples at rate four for a rupee and ‘X’ apples at three for a rupee.
So, cost price = X/4 + X/3
CP = 6/4 + 6/3 = 3.5
Now SP = (125/100)*3.5 = 4.375

Test: Profit and Loss- 6 - Question 11

An article is sold for rupees 400 in which the seller fetches 25% profit. If 6 such articles are sold for rupees 2400, then the percent profit/loss incurred by the seller

Detailed Solution for Test: Profit and Loss- 6 - Question 11

400 = (125/100)*CP
CP = 320.
Selling price = 2400/6 = 400.
% profit = [(400 – 320)/320]*100 = 25

Test: Profit and Loss- 6 - Question 12

A trader gives an additional concession of 35% on an article which is already get discounted by 20% on the marked price. If the buyer pays an amount of 1300 for the article, then the marked price is

Detailed Solution for Test: Profit and Loss- 6 - Question 12

MP*(80/100)*(65/100) = 1300

Test: Profit and Loss- 6 - Question 13

A shopkeeper bought 120 chairs at the rate of 250 each. He spends 3000 rupees on transportation. He marked the price of each chair at 400 rupee. On the marked price he gives 10% discount, then find the profit incurred by the shopkeeper.

Detailed Solution for Test: Profit and Loss- 6 - Question 13

cost price of each chair = 250 + 3000/120 = 275
selling price = 400*90/100 = 360
% profit = [(360 – 275)/275]*100

Test: Profit and Loss- 6 - Question 14

Rahul bought 20kg of rice at rupees 30 per kg and 40 kg of rice at 35 rupees per kg. Now he sold the entire lot at 45 rupees per kg. Find the amount of loss and profit made by rahul.

Detailed Solution for Test: Profit and Loss- 6 - Question 14

total cost price = 20*30 + 40*35 = 2000
total selling price = 45*60 = 2700
profit made = 700

Test: Profit and Loss- 6 - Question 15

A trader sold an article for rupees 810 after giving a discount of 10 percent on the labelled price and gain 20% percent. What will be the profit percent when the article is sold at labelled price.

Detailed Solution for Test: Profit and Loss- 6 - Question 15

810 = (120/100)*p
cp = 675.
(90/100)*Mp = 810
Mp = 900.
% profit = [(900 – 675)/675]*100

Test: Profit and Loss- 6 - Question 16

A company declared 20 percent discount on its garments. Rakesh bought garments worth rupees 30000 after getting discount. Now he fixed the selling price of the garments in such a way that he got a profit of 15 percent on the marked price. Find the selling price of the garments.

Detailed Solution for Test: Profit and Loss- 6 - Question 16

(80/100)*MP = 30000
MP = 37500, CP = 30000
Profit = (15/100)*37500 =5625
SP = 30000+5625 = 35625 rupee

Test: Profit and Loss- 6 - Question 17

A shopkeeper sold certain articles at 380 after giving a discount of 5 percent. If the discount is not given he would have been gain 20 percent. What is the cost price of the articles (approx.)

Detailed Solution for Test: Profit and Loss- 6 - Question 17

(95/100)*MP = 380. Mp = 400
400 = (120/100)*Cp
CP = 333.33

Test: Profit and Loss- 6 - Question 18

If a discount of 15 percent is given on an article then the shopkeeper make a profit of 5 percent. Find the percent profit made by the seller when a discount of 10 percent is given
 

Detailed Solution for Test: Profit and Loss- 6 - Question 18

(85/100)*mp = (105/100)*cp
(90/100)*mp = [(100+p)/100]*(85/105)*mp

Test: Profit and Loss- 6 - Question 19

The marked price of an article is 20% above the cost price. When the selling price of an article is increased by 30% the profit doubles. If the marked price of an article is 480, then original selling price is.
A.531.15
B.537.14
C.571.4
D.582.12
E.None of these

Detailed Solution for Test: Profit and Loss- 6 - Question 19

Given MP = 120/100*CP. So, CP = 400.
SP -400 = P (Profit)
(130/100)*SP – 400 = 2P
Solving both equation we get, SP = 4000/7 = 571.4

Test: Profit and Loss- 6 - Question 20

A trader gains 10% while buying the goods and gains 20% while selling the goods. Find the gain percent of the trader.

Detailed Solution for Test: Profit and Loss- 6 - Question 20
  1. Traders gain 10% on buying means an article cost 110rs, he buy it for 100.
    Now he sell it for 20% profit means 110*(120/100) = 132. So gain% is 32.

 

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