Profit and Loss Test

Result

Profit and Loss Test - 3

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Weekly Quiz Competition

Question 1
1 / -0

A businessman marks his goods in such a way that even after allowing 12.5% discount on cash purchase, he gains 20%. If the cost price of the goods is Rs. 140, find the marked price.

A
Rs. 172

B
Rs. 180

C
Rs. 192

D
Rs. 198

Solution

12.5% or (1/8) discount is on the marked price (MP).
∴ SP = 7/8 MP …(1)

Also, CP = Rs. 140

Profit = 20%

SP = Rs. 1.2 x 140 = Rs. 168 …(2)

From (1) and (2), we get

7/8MP = Rs. 168
MP = Rs. 192
Question 2
1 / -0

A total of 500 people voted for a resolution; but after some discussion, the opponents were increased by 100%. The motion was then rejected by a majority, three times as great as that by which it was formerly passed. How many voted for and how many voted against the resolution initially?

A
100 (for); 400 (against)

B
300 (for); 100 (against)

C
300 (for); 200 (against)

D
200 (for); 200 (against)

Solution

Let the number of opponents be x.
So, number of supporters = 500 - x
After discussion, number of opponents = 2x
And number of supporters = 500 - 2x
According to the question,
500 - x = 3(500 - 2x)
1500 - 6x = 500 - x
1000 = 5x
x = 1000/5 = 200
Number of supporters = 500 - 200 = 300
Question 3
1 / -0

A tradesman marks an article at a price which would give him a profit of 20% on the cost price. To the favoured customers, he makes a deduction of 5% from the marked price. What actual profit does he receive from the sale of an article to a favoured customer for which the latter pays him $28.50?

A
$3.50

B
$5.70

C
$5.00

D
$5.75

Solution

Let the CP of the article be $x.
MP = x + 20% of x = $1.2x
When a discount is given on this MP,
SP of the article = (95/100) × 1.2x = $1.14x
But 1.14x = 28.50
So, x = 25
CP of the article = $25
SP = $28.50
Profit = $3.50