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CAT Exam  >  CAT Tests  >  Test Level 1: Profit & Loss - 2 - CAT MCQ

Test Level 1: Profit & Loss - 2 - CAT MCQ


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20 Questions MCQ Test - Test Level 1: Profit & Loss - 2

Test Level 1: Profit & Loss - 2 for CAT 2024 is part of CAT preparation. The Test Level 1: Profit & Loss - 2 questions and answers have been prepared according to the CAT exam syllabus.The Test Level 1: Profit & Loss - 2 MCQs are made for CAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test Level 1: Profit & Loss - 2 below.
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Test Level 1: Profit & Loss - 2 - Question 1
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By selling a watch for ₹ 560, a shopkeeper incurs a loss of 20%. Find the cost price of the watch for the shopkeeper.

Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 1

0.8 x Price = 560 → Price 700.

Test Level 1: Profit & Loss - 2 - Question 2
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A cellular phone when sold for ₹ 3808 fetches a profit of 12%. Find the cost price of the cellular phone.

Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 2

1.12 x Price = 3808 → Price = 3400.

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Test Level 1: Profit & Loss - 2 - Question 3
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A shopkeeper sold goods for ₹1800 and made a profit of 20% in the process. Find his profit per cent if he had sold his goods for ₹ 1687.5.

Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 3

1800 = 1.2 x cost price → Cost price = 1500
Profit at 1687.5 = ₹ 187.5
Percentage profit = (187.5/1500) x 100 = 12.5%

Test Level 1: Profit & Loss - 2 - Question 4
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A marble table when sold for ₹ 6400 gives a loss of 11.11% to the merchant who sells it. Calculate hisloss or gain per cent, if he sells it for ₹ 7812.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 4

The CP will be ₹ 7200 (got by 6400 x 1.125). Hence at an S.P. of 7812 the percentage profit will be 8.5%

Test Level 1: Profit & Loss - 2 - Question 5
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A shopkeeper bought 480 chocolates at ₹ 6 per dozen. If he sold all of them at ₹ 0.75 each, what washis profit per cent?
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 5

The buying price is ₹ 6 per dozen, while the sales price is ₹ 0.75 x 12 = 9 per dozen – a profit of 50%

Test Level 1: Profit & Loss - 2 - Question 6
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The cost price of a shirt and a pair of trousers is ₹ 473. If the shirt costs 15% more than the trousers, find the cost price of the trouser.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 6

Solve using options. Option (d) gives you ₹ 220 as the cost of the trouser. Hence, the shirt will cost 15%
more i.e. 220 + 22 + 11 = 253.

Test Level 1: Profit & Loss - 2 - Question 7
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The marked price of a table is ₹1200, which is 20% above the cost price. It is sold at a discount of 10% on the marked price. find the profit per cent.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 7

Cost price = ₹ 1000, selling price = 0.9 of 1200 = 1080.

Test Level 1: Profit & Loss - 2 - Question 8
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A shopkeeper marks the price of an article at ₹ 250. Find the cost price if after allowing a discount of 20% he still gains 25% on the cost price.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 8

On a marked price of  ₹ 250, a discount of 20% would mean a selling price of ₹ 200. Since this represents a 25% profit we get:
1.25 xCP = 200 → CP = 160.

Test Level 1: Profit & Loss - 2 - Question 9
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A dozen pairs of gloves quoted at ₹120 are available at a discount of 20%. Find how many pairs of gloves can be bought for ₹ 16.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 9

For ₹ 96, we can buy a dozen pair of gloves. Hence, for  ₹16 we can buy 2 pairs of gloves.

Test Level 1: Profit & Loss - 2 - Question 10
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The printed price of a calculator is ₹ 225. A retailer pays ₹ 148.5 for it by getting successive discounts of 20% and another rate which is illegible. What is the second discount rate?
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 10

225 x 0.8 x x = 148.5 → x = 0.825
Which means a 17.5% discount.

Test Level 1: Profit & Loss - 2 - Question 11
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An iron merchant makes a profit of 30% by selling iron at ₹ 26 per quintal. If he sells the iron at ₹ 22.50per quintal, what is his profit per cent on the wholeinvestment?
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 11

C.P x 1.3 = 26 → CP = 20
At a selling price of ₹ 22.5, the profit percent 2.5/20 = 12.5%

Test Level 1: Profit & Loss - 2 - Question 12
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A pet shop owner sells two puppies at the same price. On one he makes a profit of 25% and on the other he suffers a loss of 25%. Find his loss or gain per cent on the whole transaction.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 12

The formula that satisfies this condition is:
Loss of a2/100% (Where a is the common profit and loss percentage).

Hence, in this case 625/100 = 6.25% loss.

Test Level 1: Profit & Loss - 2 - Question 13
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125 toffees cost ₹ 75. Find the cost of one million toffees if there is a discount of 40% on the sellingprice for this quantity.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 13

The cost per toffee = 75/125 = ₹ 0.6 = 60 paise.
Cost of 1 million toffees = 600000. But there is a discount of 40% offered on this quantity. Thus, the total cost for 1 million toffees is 60% of 600000 = 360000.

Test Level 1: Profit & Loss - 2 - Question 14
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Find a single discount equivalent to the discount series of 25%, 20%, 10%.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 14

100 → 75 (after 25% discount) → 60 (after 20% discount) → 54 (after 10% discount).
Thus, the single discount which would be equivalent would be 46%.

Test Level 1: Profit & Loss - 2 - Question 15
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How much percent more than the cost price should a shopkeeper mark his goods, so that after allowing a discount of 6.25% he should have a gain of 25% on his outlay?
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 15

If you assume the cost price to be 100 and we check from the options, we will see that for Option (a) the marked price will be 133.33 and giving a discount of 6.25% would leave the shopkeeper with a 25% profit.

Test Level 1: Profit & Loss - 2 - Question 16
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A whole-seller allows a discount of 25% on the list price to a retailer. The retailer sells at 10% discount on the list price. If the customer paid ₹ 54 for an article, what is the profit by the retailer?
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 16

The customer pays ₹54 after a discount of 10%.
Hence, the list price must be ₹ 60.
This also means that at a 25% discount, the retailer buys the item at ₹45.
Hence, the profit for the retailer will be ₹9 (54 – 45).

Test Level 1: Profit & Loss - 2 - Question 17
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The cost of production of a cordless phone set in 2016 is ₹ 1100, divided between material, labour and overheads in the ratio 4 : 5 : 2. If the cordless phone set is marked at a price that gives a 10% profit on the component of price accounted for by labour, what is the marked price of the set?
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 17

The labour price accounts for ₹ 500. Since the profit percentage gives a 10% profit on this component i.e. 50.
Hence, the marked price is 1150.

Test Level 1: Profit & Loss - 2 - Question 18
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By selling a casserole for ₹ 820, a man incurs a loss of 18%. At what price should he sell the casserole to gain 28%?
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 18

SP = 820 = 0.82 x CP → CP = 1000. To gain a profit of 28%, the marked price should be 128% of 1000 = 1280.

Test Level 1: Profit & Loss - 2 - Question 19
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The cost price of 40 Oranges is equal to the selling price of 30 Oranges. Find the percentage profit.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 19

The percentage profit

(Note: This formula can be used if the money got and money spent is equated.)

Test Level 1: Profit & Loss - 2 - Question 20
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A shopkeeper bought locks at the rate of 8 locks for ₹ 34 and sold them at the rate of 12 locks for ₹ 57. Calculate his gain percent.
Detailed Solution for Test Level 1: Profit & Loss - 2 - Question 20

For 12 locks, he would have paid ₹51, and sold them at ₹ 57. This would mean a profit percentage of 11.76%

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