Profit and Loss Test

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Profit and Loss Test - 3

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Question 1
1 / -0

What is the cost price [CP] of an article, if its selling price [SP] is Rs. 98 and profit made is Rs. 16?

A
Rs. 80

B
Rs. 82

C
Rs. 86

D
Rs. 88

Solution

SP = Rs. 98
CP = ?
Profit = Rs. 16
Profit = SP - CP
∴CP = SP - Profit
= Rs. (98 - 16)
= Rs. 82
Question 2
1 / -0

A fruit seller bought fruits worth Rs. 340. If he intends to make a profit of Rs. 70, what should his selling price be?

A
Rs. 370

B
Rs. 390

C
Rs. 410

D
Rs. 420

Solution

CP = Rs. 340
Profit = Rs. 70
SP =?
Since, Profit = SP - CP
∴ SP = Profit +CP
= (340 + 70)
= Rs. 410
Question 3
1 / -0

If a shopkeeper sells a pen for Rs. 75, he will incur a loss of Rs. 25. At what price should he sell the pen in order to make a profit of Rs. 15?

A
Rs. 150

B
Rs. 110

C
Rs. 115

D
Rs. 120

Solution

First case:
SP = Rs. 75
Loss = 25
∴ CP = SP + Loss
= (75 + 25)
= Rs. 100
Second case:
CP = Rs. 100
Profit = Rs. 15
Since, Profit = SP - CP
∴ SP = CP + Profit
= (100 + 15)
= Rs. 115
Question 4
1 / -0

What is the profit percent, when cost price of an article is Rs. 30 and selling price is Rs. 45?

A
25%

B
40%

C
50%

D
75%

Solution

CP = Rs. 30
SP = Rs. 45
Profit = (45 - 30)
Profit % = (Profit/ CP) 100
=
= 50%
Question 5
1 / -0

What is profit or loss percent, if the selling price of an article is Rs. 800 and the cost price is Rs. 1000?

A
20%

B
22.5%

C
25%

D
30%

Solution

∵ CP > SP∴ It will be a loss.
Loss = CP - SP∴ Loss = Rs. (1000 - 800) = Rs. 200
Loss % = ×100 = 20%
Question 6
1 / -0

A shopkeeper makes a profit of Rs. 50 by selling a jacket at Rs. 550. What is his profit percent?

A
2%

B
5%

C
11.11%

D
10%

Solution

Profit = Rs. 50
SP = Rs. 550
∴ CP = SP - Profit
= (550 - 50)
= Rs. 500
Profit % =
= 10%
Question 7
1 / -0

A shopkeeper sells a shirt for Rs. 250 and incurs a loss of Rs. 50. What is his loss percent?

A
15%

B
16.6%

C
18%

D
20%

Solution

SP = Rs. 250
Loss = Rs. 50
∴ CP = (250 + 50) = Rs. 300
Loss % = × 100
= = 16.6%
Question 8
1 / -0

If a man purchased an old car for Rs. 20,000 and sold it for Rs. 20,500, then calculate the profit made.

A
Rs. 100

B
Rs. 250

C
Rs. 500

D
Rs. 550

Solution

CP = Rs. 20, 000
SP = Rs. 20, 500
Since SP > CP,
∴ It is a profit.
Profit = SP - CP
= (20,500 - 20,000)
= Rs. 500
Question 9
1 / -0

Shyam buys a cycle for Rs. 4000 and sells it at a profit of Rs. 500. What is the selling price of the cycle?

A
Rs. 3400

B
Rs. 3500

C
Rs. 3600

D
Rs. 4500

Solution

S.P = C.P + Profit
S.P = 400 + 500
= 4500
S.P = Rs. 4500
Question 10
1 / -0

If a man purchased a flower vase for Rs. 200 and sold it for Rs. 180, then calculate the loss incurred.

A
Rs. 20

B
Rs. 30

C
Rs. 35

D
Rs. 40

Solution

CP = 200
SP = 180
CP > SP
∴ It is a Loss.
Loss = CP - SP
= Rs. (200 - 180)
= Rs. 20
Question 11
1 / -0

If a man sells a T-shirt at Rs. 500, he will incur a loss of Rs. 40. At what price should he sell it to make a profit of Rs. 50?

A
Rs. 550

B
Rs. 590

C
Rs. 595

D
Rs. 600

Solution

First case:
SP = Rs. 500
Loss = Rs. 40
∴ CP = SP + Loss
CP = 500 + 40
= Rs. 540
Second case:
Profit = Rs. 50
CP = Rs. 540
∴ SP = CP + Profit
= 540 + 50
= Rs 590
Question 12
1 / -0

A fruit seller bought fruits worth Rs. 200. If he intends to make a profit of Rs. 60, what should his selling price be?

A
Rs. 140

B
Rs. 250

C
Rs. 260

D
Rs. 270

Solution

CP = Rs. 200
Profit = Rs. 60
SP =?
SP = CP + Profit
∴ SP = (200 + 60)
= Rs. 260
Question 13
1 / -0

What would be the profit or loss, if a man buys a pair of shoes for Rs. 850 and sells them for Rs. 875?

A
Profit = Rs. 20

B
Profit = Rs. 25

C
Loss = Rs. 25

D
Loss = Rs. 45

Solution

CP = Rs. 850
SP = Rs. 875
Since, SP > CP
∴ It will be a profit.
Profit = SP - CP
= (875 - 850)
= Rs. 25.
Question 14
1 / -0

What would be the profit or loss, if a shopkeeper buys a watch for Rs. 2100 and sells it for Rs. 2020?

A
Profit = Rs. 20

B
Loss = Rs. 50

C
Loss = Rs. 60

D
Loss = Rs. 80

Solution

CP = Rs. 2100
SP = Rs. 2020
Since, CP > SP
∴ It will be a loss
Loss = CP - SP
= (2100 - 2020)
= Rs. 80
Question 15
1 / -0

What is the profit or loss percent, when cost price of an article is Rs. 350 and selling price is Rs. 250?

A
23% profit

B
28.5% loss

C
25% profit

D
30.1% loss

Solution

Since CP > SP
∴ It will be a loss.
Loss = CP - SP
= (350 - 250)
= Rs.100

Loss % =
=
=
= 28.5% loss
Question 16
1 / -0

If an article was sold at Rs. 1900, and loss incurred on the article was Rs. 300, then find its cost price.

A
Rs. 1500

B
Rs. 2000

C
Rs. 1600

D
Rs. 2200

Solution

Loss is Rs. 300.
SP = Rs. 1900
Loss = CP - SP
CP = Loss + SP
CP = 300 + 1900
= Rs. 2200
Question 17
1 / -0

Rahul sells a shirt for Rs. 400 and makes a profit of Rs. 100. What is his profit percent?

A
20%

B
25%

C
33.3%

D
40%

Solution

Profit = 100
SP = Rs. 400
∴ CP = Rs. (400 - 100) = Rs. 300
Profit % =
= = 33.3%