Profit and Loss Test

Result

Profit and Loss Test - 5

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Weekly Quiz Competition

Question 1
1 / -0

A man sold an article for $75 and lost something. Had he sold it for $96, his gain would have been double the former loss. The cost price of the article is

A
$85.5

B
$82

C
$81.5

D
$83

Solution

1^st case:
SP = $75
Let loss = $x
CP = $(75 + x)

2^nd case:
SP = $96
Profit = $2x
CP = $(96 - 2x)

So,
75 + x = 96 – 2x
3x = 21
x = $7

CP = $(7 + 75) = $82
Question 2
1 / -0

Successive discounts of 10% and 20% are equivalent to a single discount of

A
30%

B
28%

C
27.5%

D
29.25%

Solution

Total discount = 10% + 20% - (10 x 20/100)% = 10% + 20% - 2% = 28%
Question 3
1 / -0

If a merchant estimates his profits as 20% of the selling price, what is his real profit percent?

A
20%

B
22%

C
25%

D
30%

Solution

Let S.P be Rs. 100
then Rs. 20 = 20% profit.
C.P = 80%
or profit on cost price = 25%.
Question 4
1 / -0

Gangaram buys 7000 bananas at Rs. 2 each and agrees to pay an additional sum of Rs. 300 for their delivery. He estimated that 10% of the bananas will be spoiled, so he decides a selling price of Rs. 3 each for the remaining. However, during delivery, 20% of the bananas are spoiled. What should be the percent increase in the selling price in order to obtain the same total profit?

A
20.5%

B
12.5%

C
25.6%

D
30.3%

Solution

10% decrease means there are 6300 bananas.
Total S.P. = 6300 × Rs. 3 = Rs. 18,900
Actual number of bananas left after 20% decrease = 5600
To keep the profit the same, S.P. of each banana should be Rs. 18,900/5600 = Rs. 3.375
Percent increase in S.P. = [(3.375 - 3)/3] × 100 = 12.5%