Worksheet Solutions: Profit & Loss | Mental Maths - Class 1 PDF Download

Q1: Multiple Choice Questions (MCQs)

(i) A shopkeeper bought an item for Rs. 200 and sold it for Rs. 250. What is the profit percentage?
(a) 20%
(b) 25%
(c) 30%
(d) 35%
Ans: (b) 25%
Sol: Profit = SP - CP = 250 - 200 = Rs. 50
Profit Percentage = (Profit / CP) x 100 = (50 / 200) x 100 = 25%

(ii) If a product is marked at Rs. 500 and sold at a 10% discount, what is the selling price?
(a) Rs. 450
(b) Rs. 460
(c) Rs. 470
(d) Rs. 480
Ans: (a) Rs. 450
Sol: Discount = (Discount% / 100) x MP = (10 / 100) x 500 = Rs. 50
SP = MP - Discount = 500 - 50 = Rs. 450

(iii) A shopkeeper sells a bicycle for Rs. 8000 and gains 20% profit. What was the cost price?
(a) Rs. 6000
(b) Rs. 6500
(c) Rs. 6600
(d) Rs. 6700
Ans: (c) Rs. 6600
Sol: Profit Percentage = (Profit / CP) x 100
SP = CP + Profit
20 = (SP - CP) / CP x 100
20 = (8000 - CP) / CP x 100
CP = Rs. 6600

(iv) A man bought a TV for Rs. 25000 and sold it at a 5% loss. What was the selling price?
(a) Rs. 23500
(b) Rs. 24000
(c) Rs. 24750
(d) Rs. 25000
Ans: (c) Rs. 24750
Sol: Loss = (Loss% / 100) x CP = (5 / 100) x 25000 = Rs. 1250
SP = CP - Loss = 25000 - 1250 = Rs. 23750

(v) A pen costs Rs. 60 after a 20% discount. What is the marked price?
(a) Rs. 70
(b) Rs. 72
(c) Rs. 75
(d) Rs. 80
Ans: (d) Rs. 80
Sol: SP = MP - (Discount% x MP / 100)
60 = MP - (20 x MP / 100)
MP = 60 / 0.8 = Rs. 75

Q2: True/False

(i) If the cost price is Rs. 100 and the selling price is Rs. 110, then the profit percentage is 10%.
Ans: True
Sol: Profit = SP - CP = 110 - 100 = Rs. 10
Profit Percentage = (Profit / CP) x 100 = (10 / 100) x 100 = 10%
Since the profit percentage calculation matches the given statement, it is true.

(ii) Selling an item at a price lower than its cost price always results in a profit.
Ans: False
Sol: Selling an item at a price lower than its cost price results in a loss, not a profit. The correct calculation is Loss = CP - SP when SP < CP.

(iii) The discount percentage is calculated based on the selling price.
Ans: False
Sol: The discount percentage is actually calculated based on the marked price (MP), not the selling price (SP). The formula for the discount percentage is (Discount / MP) x 100.

(iv) If a shopkeeper sells an item at a loss, then the selling price is less than the cost price.
Ans: True
Sol: A loss occurs when the selling price (SP) is less than the cost price (CP). Therefore, if there is a loss, SP < CP, which confirms the statement is true.

(v) Marked price and selling price are always the same.
Ans: False
Sol: The marked price (MP) is the initial price set by the seller, while the selling price (SP) can be different due to discounts or negotiations. Therefore, MP and SP are not always the same.

Q3: Answer the Following Questions

(i) Calculate the loss percentage if the cost price is Rs. 150 and the selling price is Rs. 120.
Ans: Loss = CP - SP = 150 - 120 = Rs. 30
Loss Percentage = (30 / 150) x 100 = 20%

(ii) If a seller gains 15% profit on selling an article for Rs. 690, find the cost price.
Ans: Profit Percentage = (Profit / CP) x 100
CP = SP / (1 + P%) = 690 / 1.15 = Rs. 600

(iii) A product is marked at Rs. 2000 and sold for Rs. 1800. What is the discount percentage?
Ans: Discount = MP - SP = 2000 - 1800 = Rs. 200
Discount Percentage = (200 / 2000) x 100 = 10%

(iv) What is the selling price if a shopkeeper wants to gain 25% profit on an item whose cost price is Rs. 400?
Ans: Profit = 25% of CP = (25 / 100) x 400 = Rs. 100
SP = CP + Profit = 400 + 100 = Rs. 500

(v) A man buys a book for Rs. 300 and sells it for Rs. 270. Calculate the loss and loss percentage.Ans: Loss = CP - SP = 300 - 270 = Rs. 30
Loss Percentage = (30 / 300) x 100 = 10%