Class 7 Exam  >  Class 7 Questions  >  By selling a product with 20% profit, how muc... Start Learning for Free
By selling a product with 20% profit, how much profit was earned?
I. The difference between cost and selling price is Rs 40.
II. The selling price is 120 percent of the cost price.
  • a)
    I alone sufficient while II alone not sufficient to answer​
  • b)
    II alone sufficient while I alone not sufficient to answer
  • c)
    Either I or II alone sufficient to answer
  • d)
    Both I and II are not sufficient to answer
Correct answer is option 'A'. Can you explain this answer?
Verified Answer
By selling a product with 20% profit, how much profit was earned?I. Th...
Gain = 20%
I. Profit = (S.P.) – (C.P.) =Rs 40
Thus, I gives the answer. But, II does not give the answer.
∴ Correct answer is (a).
View all questions of this test
Most Upvoted Answer
By selling a product with 20% profit, how much profit was earned?I. Th...
Given, selling price = cost price + 20% of cost price

Let the cost price be x.

Then, selling price = x + 0.2x = 1.2x

Profit earned = selling price - cost price = 1.2x - x = 0.2x

Therefore, to find the profit earned, we need to know the value of x.

Statement I: The difference between cost and selling price is Rs 40.

x + 0.2x - x = 40

0.2x = 40

x = 200

Profit earned = 0.2x = 0.2(200) = Rs 40

Statement I alone is sufficient to answer the question.

Statement II: The selling price is 120 percent of the cost price.

Selling price = 1.2x

We cannot find the value of x from this statement.

Statement II alone is not sufficient to answer the question.

Therefore, the correct answer is option A.
Attention Class 7 Students!
To make sure you are not studying endlessly, EduRev has designed Class 7 study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in Class 7.
Explore Courses for Class 7 exam

Top Courses for Class 7

By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer?
Question Description
By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer? for Class 7 2024 is part of Class 7 preparation. The Question and answers have been prepared according to the Class 7 exam syllabus. Information about By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer? covers all topics & solutions for Class 7 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer?.
Solutions for By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for Class 7. Download more important topics, notes, lectures and mock test series for Class 7 Exam by signing up for free.
Here you can find the meaning of By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer? defined & explained in the simplest way possible. Besides giving the explanation of By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer?, a detailed solution for By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer? has been provided alongside types of By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice By selling a product with 20% profit, how much profit was earned?I. The difference between cost and selling price is Rs 40.II. The selling price is 120 percent of the cost price.a)I alone sufficient while II alone not sufficient to answer​b)II alone sufficient while I alone not sufficient to answerc)Either I or II alone sufficient to answerd)Both I and II are not sufficient to answerCorrect answer is option 'A'. Can you explain this answer? tests, examples and also practice Class 7 tests.
Explore Courses for Class 7 exam

Top Courses for Class 7

Explore Courses
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
10M+ students study on EduRev