Olympiad Test: Profit And Loss - 2 - Free MCQ with solutions Class 7 Mathematics

I. S.P. = Rs 12350, Gain = 23.5%
C.P. = Rs (1 00/123.5) × 12350
= Rs 1 0000
II. M.P. = 130% of C.P. = 130% of
Rs 10,000 = Rs 13,000.
From I and II, discount
= Rs (1 3000 – 12350) = Rs 650
Discount % = (650/13000) × 100% = 5% Thus, I and II give the answer.
II and III cannot give the answer because we require profit percentage with discount and profit percentage without discount.
So II and III are not sufficient.
Since III gives C.P. = Rs 10,000, I and III give the answer.
Therefore, I and II [or] I and III give the answer.
∴ Correct answer is (d).

I. Let C.P. be Rs x.
Then, M.P. = 130% of x = Rs (13x/10)
II. S.P. = 90% of M.P.
Thus, I and III give S.P. = Rs (90/100) × (13x/10) = Rs (117x/100)
Gain = Rs (117x/100) – x = Rs (17x/100)
Thus, from I and III, gain % can be obtained.

He is buying 800 gm but selling 1000 gm.
So, C.P. is for 800 gm and S.P. is for 1000 gm.
S.P. /C.P. = 1000/800 = 1.25
Therefore, 25% profit.

1 kg weight for 800 gm
Loss (decrease) = 800/1000 = 0.8
20% increase in price = profit (increase) = 1.2
So, net effect = (0.8) × (1.2) = 0.96
Therefore, 4% loss

To gain 25%, the volume has to be increased by 25%.
So, for 1 litre of milk, 0.25 litre of water is added
Total volume = 1.25 litres
% of water = 0.25 / 1.25 × 100 = 20%.

C.P. = 200, Profit = 22%.
So, S.P. = 1.22
C.P. = 1.22 × 200 = Rs 244

S.P. of 1^st person = C.P. of 2^nd person
= 1.25 × 120 = 150
S.P. of 2^nd person = 180
Profit % = S.P. /C.P. = 180/150 = 1.2
Therefore, profit of second person is 20%

Milk : Water = 4:3
He bought 4 parts (milk) but sold 7 parts (mixture)
C.P. = 10 and S.P. = 12.
So, profit % = (S.P. /C.P.) × (S.P. /C.P.)
= (7/4) × (12/10) = 2.1
Therefore, 110% gain.

He bought 10 apples for Rs 8 and sold 8 apples for Rs 10.Clearly he got profit S.P. > C.P. 
(S.P./C.P.) × (S.P. /C.P.)
= (10/8) × (10/8) = 100/64 = 1.5625
Therefore, 56.25 % gain.

C.P. applied with profit = M.P. applied with discount = S.P.
1.5 C.P. = 0.75M.P. (Since 50% gain and 25% discount)
Therefore, M.P. = 2 C.P.

S.P. =1.4 C.P.
(S.P. /2) = 0.7 C.P.
Therefore, 30% loss

25% gain
∴ S.P. = 1.25 C.P......... (i)
Now, C.P. is 10% less
0.9 C.P. and S.P. is Rs 2 less ⇒ (S.P. -2).
Still, profit is 25% ⇒ (S.P. – 2) =1.25
(0.9 C.P.), where S.P. = 1.25 C.P. [From equation (i)]
C.P. = Rs 16.

Let M.P. be the price on the item.
Then, C.P. = 0.8M.P. (20% discount) and S.P. = 1.2M.P.
So, gain = S.P./ C.P. = 1.2/0.8 = 1.5 Therefore, gain = 50%.

Let the cost price of 1 article be Rs1.
Therefore, cost price of 20 articles = 20 × 1 = Rs 20
The selling price of 25 articles = cost price of 20 articles = Rs 20.
Now, we know the selling price of 25 articles. Let us find the cost price of 25 articles.
Cost price of 25 articles = 25 × 1 = Rs 25
Therefore, profit made on sale of 25 articles = Selling price of 25 articles – cost price of 25 articles = 20 – 25 = – Rs 5
As the profit is in the negative, the merchant has made a loss of Rs 5.
Therefore, % loss = (Loss/Cost price) x 100 % loss = (–5/25) × 100 = 20% loss.

The cost price of 1 apple = 1/10th of a dollar or Rs 0.10.
As Sam wishes to make a profit of 25%, his selling price per apple will be 0.10 + 25% of 0.10 = Rs 0.125
If the selling price of 1 apple is Rs 0.125, then the selling price of a dozen apples
= 12 × 0.125
= Rs 1.5

Let the marked price be S and the cost price of the article be C.
When the merchant sells at 80% of marked price, he sells at 0.8S This results in a loss of 12%.
Loss is always computed as a percentage of cost price.
Therefore, the loss incurred by the merchant = 0.12C
Hence, he will be selling the article at C – 0.12C = 0.88C when he sells at 80% of his marked price.
Equating the two sides of the relation, we get 0.8S = 0.88C S = 1.1C
Now, if the merchant sells at 95% of the marked price, he will be selling at 95% of 1.1C = 1.045C
Hence, the merchant will make a profit of 4.5%.

The merchant had initially marked her goods up by 50%.
Let us assume that her cost price of the goods to be Rs100.
Therefore, a 50% mark up would have resulted in her marked price being Rs 100 + 50% of Rs 100 = Rs 100 + Rs 50   = Rs 150
The question states that she finally sells the product at no profit or loss.
This essentially means that she sells the product at cost price, which in this case would be Rs 100.
Therefore, she had offered a discount of ` 50 on her marked price of Rs 150.
Hence, the % discount offered by her
= (50/100 × 100) % = 33.33%.

To make calculations easy, let us assume that the cost price = Rs 100 The merchant marks his goods up by 50%.
Therefore, his quoted price = cost price + mark up = Rs 100 + 50% of Rs 100 = 100 + 50 = Rs 1 50
Now, the merchant offers a discount of 20% on his quoted price Therefore, amount of discount = 20% of Rs 150 = 20% of 150 = Rs 30
Therefore, he finally sells it for Rs 150 – Rs 30 = Rs 120.
We assumed his cost to be Rs 100 and he sold it finally for Rs 120.
Therefore, his net profit = Rs 20 on his cost of Rs 100
Hence, his % profit = (20/100 × 100) % = 20% 

He must sell less than 30 oranges in order to gain.
Hence, required number of oranges
= 30[(100)/ (100 + 25)] = 24

Marked price = Rs 875[100/(100 – 12.5)]
= Rs 875(100/87.5)
Cost price =  Rs 875(100/87.5)
(100/100+25) = Rs 800