Profit and Loss Questions and Answers for Competitive Exams - 1

Question: 1

The percentage profit earned on an article by selling it at Rs. 960 was 20. What was the cost price of the article?

(A) Rs. 600

(B) Rs. 800

(C) Rs. 840

(D) Rs. 900

Ans: B

C.P. = S.P. × $${100} / {100}$$ + Gain % = $$960 × {100} / {100}$$ + 20 = $$960 × {100}/{120}$$ = Rs. 800.

Question: 2

Arun buys an old scooter for Rs.4700 and spends Rs.800 on its repairs. If he sells the scooter for Rs.5800 his gain percent is

(A) 10%

(B) 12$

(C) $$4{4}/{7}$$

(D) $$5{5}/{11}$$

Ans: D

C.P.= Rs. (4700 + 800) = Rs. 5500.

S.P. = Rs. 5800

Gain% = $$({300} / {5500} × 100)%$$ = 5$${5} / {11}$$%

Question: 3

A sells an article which costs him Rs. 400 to B at a profit of 20%. B then sells it to C, making a profit of 10% on the price he paid to A. How much does C pay B?

(A) Rs. 470

(B) Rs. 472

(C) Rs. 476

(D) Rs. 528

Ans: D

C.P. for B = 120% of Rs. 400 = Rs. $$({120} / {100} × 400)$$ = Rs. 480.

C.P. for B = 110% of Rs. 480 = Rs. $$({110} / {100} × 480)$$ = Rs. 528.

Question: 4

The owner of a furniture shop charges his customer 28% more than the cost price. If a customer paid Rs. 23680 for a dining set, then what was the original price of the dining set?

(A) Rs. 15700

(B) Rs. 16250

(C) Rs. 18500

(D) Rs. 15870

Ans: C

S.P. = Rs. 23680. Profit = 28%.

C.P. = Rs. $$(100 / 128 × 23680)$$ = Rs. 18500.

Question: 5

In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?

(A) 30%

(B) 40%

(C) 70%

(D) 100%

Ans: C

Let C.P. = Rs. 100. Then, Profit = Rs. 320, S.P. = Rs. 420.

New C.P. = 125% of Rs. 100 = Rs. 125, New S.P. = Rs. 420.

∴ Required percentage = $$({295} / {420} × 100)%$$ = $${1475} / {21}$$ = 70%.

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