Test: Profit and Loss - 2 - JAMB MCQ

Selling Price - Cost Price) / Cost Price] x 100
Profit percentage = [(₦700 - ₦500) / ₦500] x 100
= (₦200 / ₦500) x 100
= 40%

Let the cost price of the item be ₦100. The selling price is 125% of the cost price, which is ₦125.
If the trader sells the item at a discount of 10%, the selling price becomes 90% of ₦125, which is ₦112.5.
The profit percentage is (112.5 - 100) / 100 × 100
= 12.5%.

The cost price is ₦1,500 and the selling price is ₦1,800.
The profit is ₦1,800 - ₦1,500
= ₦300.
The profit percentage is (300 / 1,500) × 100
= 20%.

The cost price is ₦2,500 and the selling price is ₦3,000.
The profit is ₦3,000 - ₦2,500
= ₦500.
The profit percentage is (500 / 2,500) × 100
= 10%.

The cost price is ₦800 and the selling price is ₦640.
The loss is ₦800 - ₦640
= ₦160.
The loss percentage is (160 / 800) × 100
= 20%.

Let the cost price be ₦x. The selling price is 90% of the cost price, which is 0.9x. Given that the selling price is ₦450,
we have the equation 0.9x = 450.
Solving for x gives x = 450 / 0.9
= ₦500.
To make a profit of 20%, the selling price should be 120% of the cost price, which is 1.2x.
Substituting x = 500,
we get 1.2 × 500
= ₦600.
Therefore, the selling price to make a profit of 20% should be ₦520.

Let's assume the total cost price of the goods is 100 (to simplify calculations).
For the first 3/4 of the goods:
Profit percentage = 20%
Selling price = Cost price + Profit
= 100 + (20/100) * 100
= 120
Profit = Selling price - Cost price
= 120 - 100
= 20
For the remaining 1/4 of the goods:
Loss percentage = 10%
Selling price = Cost price - Loss
= 100 - (10/100) x 100
= 90
Loss = Cost price - Selling price
= 100 - 90
= 10
Now, let's calculate the overall profit percentage:
Overall Profit Percentage = (Profit/Cost Price) x 100
= [(20 + (-10))/100] * 100
= 10%
Therefore, the correct answer is d) 9%.

Let the cost price of the mobile phone be ₦x.
The selling price is 125% of the cost price, which is 1.25x.
Given that the selling price is ₦2,000, we have the equation 1.25x = 2,000.
Solving for x gives x = 2,000 / 1.25
= ₦1,600.
Therefore, the cost price of the mobile phone is ₦1,600.

Let the cost price of the item be ₦x.
The selling price is 112.5% of the cost price, which is 1.125x.
Given that the selling price is ₦450, we have the equation 1.125x = 450.
Solving for x gives x = 450 / 1.125
= ₦400.
Therefore, the cost price of the item is ₦375.

Let the cost price of the item be ₦x.
selling price is 80% of the cost price, which is 0.8x.
Given that the selling price is ₦2,500, we have the equation 0.8x = 2,500.
Solving for x gives x = 2,500 / 0.8
= ₦3,125.
Therefore, the selling price to avoid any loss or profit should be ₦3,125.