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JAMB Exam  >  JAMB Tests  >  Test: Profit and Loss - 1 - JAMB MCQ

Test: Profit and Loss - 1 - JAMB MCQ


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10 Questions MCQ Test - Test: Profit and Loss - 1

Test: Profit and Loss - 1 for JAMB 2024 is part of JAMB preparation. The Test: Profit and Loss - 1 questions and answers have been prepared according to the JAMB exam syllabus.The Test: Profit and Loss - 1 MCQs are made for JAMB 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Profit and Loss - 1 below.
Solutions of Test: Profit and Loss - 1 questions in English are available as part of our course for JAMB & Test: Profit and Loss - 1 solutions in Hindi for JAMB course. Download more important topics, notes, lectures and mock test series for JAMB Exam by signing up for free. Attempt Test: Profit and Loss - 1 | 10 questions in 8 minutes | Mock test for JAMB preparation | Free important questions MCQ to study for JAMB Exam | Download free PDF with solutions
Test: Profit and Loss - 1 - Question 1
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A shopkeeper bought a pencil box for N200 and sold it for N250. What is the profit percentage?

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

Profit = Selling price - Cost price 
= 250 - 200 
= 50
Profit percentage = (Profit / Cost price) x 100 
= (50 / 200) x 100 
= 25%

Test: Profit and Loss - 1 - Question 2
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A retailer bought an item for N500 and sold it for N750. What is the percentage gain?

Detailed Solution for Test: Profit and Loss - 1 - Question 2

Gain = Selling price - Cost price 
= 750 - 500 
= 250
Percentage gain = (Gain / Cost price) x 100 
= (250 / 500) x 100 
= 50%

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Test: Profit and Loss - 1 - Question 3
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A trader sold a TV for N15,000 with a loss of 20%. What was the cost price of the TV?

Detailed Solution for Test: Profit and Loss - 1 - Question 3

Cost price = Selling price / (1 - Loss percentage)
= 15000 / (1 - 0.2)
= 15000 / 0.8
= N18,750

Test: Profit and Loss - 1 - Question 4
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A shopkeeper marked the price of an item as N300 but offered a 10% discount. What is the selling price of the item?
Detailed Solution for Test: Profit and Loss - 1 - Question 4

Selling price = Marked price - Discount
= 300 - (10% of 300)
= 300 - 30
= N270
 

Test: Profit and Loss - 1 - Question 5
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A man sold his car for N720,000 and made a profit of 20% on the cost price. What is the cost price of the car?
Detailed Solution for Test: Profit and Loss - 1 - Question 5

Cost price = Selling price / (1 + Profit percentage)
= 720000 / (1 + 0.2)
= 720000 / 1.2
= N600,000

Test: Profit and Loss - 1 - Question 6
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A trader sold a bicycle for N9000 at a loss of 10%. What was the cost price of the bicycle?
Detailed Solution for Test: Profit and Loss - 1 - Question 6

Cost price = Selling price / (1 - Loss percentage)
= 9000 / (1 - 0.1)
= 9000 / 0.9
= N10000

Test: Profit and Loss - 1 - Question 7
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A retailer buys a dozen of cups for N240 and sells each cup for N25. What is the profit percentage?
Detailed Solution for Test: Profit and Loss - 1 - Question 7

Cost price of 1 cup = 240 / 12
= 20; Profit = Selling price - Cost price
= 25 - 20 = 5;
Profit percentage = (Profit / Cost price) x 100
= (5 / 20) x 100
= 50%

Test: Profit and Loss - 1 - Question 8
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A dealer buys a calculator for N1200 and sells it for N1500. What is the profit percentage?
Detailed Solution for Test: Profit and Loss - 1 - Question 8

Profit = Selling price - Cost price
= 1500 - 1200
= 300;
Profit percentage = (Profit / Cost price) x 100
= (300 / 1200) x 100
= 20%

Test: Profit and Loss - 1 - Question 9
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A man bought a book for N300 and sold it at a loss of 20%. What is the selling price of the book?
Detailed Solution for Test: Profit and Loss - 1 - Question 9

Selling price = Cost price - Loss
= 300 - (20% of 300)
= 300 - 60
= N240

Test: Profit and Loss - 1 - Question 10
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A shopkeeper bought a wristwatch for N800 and sold it for N600. What is the loss percentage?
Detailed Solution for Test: Profit and Loss - 1 - Question 10

Loss = Cost price - Selling price
= 800 - 600 = 200;
Loss percentage = (Loss / Cost price) x 100
= (200 / 800) x 100
= 25%

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