Profit & Loss Mcqs - Set 2

1)   A person bought an article and sold it at a loss of 10 % if he had bought it for 20 % less and sold it for Rs. 55 more he would have had a profit of 40 %. The C.P of the article is:

a. Rs. 200
b. Rs. 225
c. Rs. 250
d. None of these
Answer  Explanation 

ANSWER: Rs. 250

Explanation:
C.P = Rs. X

S.P = Rs. (90/100 × X) = Rs. (9/10 X)

C.P = Rs. (80/100 × X) = Rs. (4X/5) Gain = 40%

New S.P = Rs. (140/100 × 4X/5)

= Rs. (28/25 X) 28/25 X – 9/10 X = 55 or X = 250


2)   The cost price of an article which on being sold at a gain of 12 % yields Rs. 6 more than when it is sold at a loss of 12 % is:

a. Rs. 30
b. Rs. 25
c. Rs. 24
d. Rs. 20
Answer  Explanation 

ANSWER: Rs. 25

Explanation:
No explanation is available for this question!


3)   A man sells a car to his friend at 10 % loss. If the friend sells it for Rs. 54000 and gains 20 %. The original C.P of the car was:_________?

a. Rs. 25000
b. Rs. 37500
c. Rs. 50000
d. Rs. 60000
Answer  Explanation 

ANSWER: Rs. 50000

Explanation:
S.P = Rs. 54000,

Gain earned = 20%

C.P = Rs. (100/120 × 54000) = Rs. 45000

S.P = Rs. 45000 and loss = 10%

C.P = Rs. (100/90 × 45000) = Rs. 50000


4)   If two mixers and one T.V cost Rs. 7000. While two T.V s and one mixer cost Rs. 9800. The value of one T.V is:_________?

a. Rs. 2800
b. Rs. 2100
c. Rs. 4200
d. Rs. 8400
Answer  Explanation 

ANSWER: Rs. 4200

Explanation:
2X + Y = 7000

X + 2Y = 9800

Solving (i) and (ii), we get Y = 4200


5)   Profit after selling a commodity for Rs. 425 is same as loss after selling it for Rs.355. The cost of the commodity is:________?

a. Rs. 385
b. Rs. 390
c. Rs. 395
d. Rs. 400
Answer  Explanation 

ANSWER: Rs. 390

Explanation:
: C.P = Rs. X

425 – X = X – 355 (or )

2X = 780 or X= 390


6)   A merchant sold his goods for Rs. 75 at a profit percent equal to C.P. The C.P was:________?

a. Rs. 40
b. Rs. 50
c. Rs. 60
d. Rs. 70
Answer  Explanation 

ANSWER: Rs. 50

Explanation:
Let C.P = Rs. X

X + X% of X = 75

X2 + 100 X – 7500 = 0 Or (X+ 150) (X – 50) = 0

X = 50 (neglecting X= – 150)


7)   A horse and a cow were sold for Rs. 12000 each. The horse was sold at a loss of 20 % and the cow at a gain of 20 %. The entire transaction resulted in___________?

a. No loss or gain
b. Loss of Rs. 1000
c. Gain of Rs. 1000
d. Gain of Rs. 2000
Answer  Explanation 

ANSWER: Loss of Rs. 1000

Explanation:
Loss% = (20/10)2 = (2)2 = 4%

Total S.P = Rs. 24000

Total C.P = Rs. (100/96 × 24000) = Rs. 25000

Loss = Rs. 1000


8)   A man sold two houses for Rs. 7.8 lakhs each. On the one, he gained 5% and on the other, he lost 5%. What percent is the effect of the sale on the whole?

a. 0.25 % loss
b. 0.25 % gain
c. 25% loss
d. 25% gain
Answer  Explanation 

ANSWER: 0.25 % loss

Explanation:
Loss% = (5/10)2 = ¼% = 0.25%


9)   When the Price of fans was reduced by 20 %. The number of fans sold increased by 40 %. What was the effect on the sales of rupees?

a. 12 % Increase
b. 12 % decrease
c. 30 % increase
d. 40 % increase
Answer  Explanation 

ANSWER: 12 % Increase

Explanation:
Original cost of each is Rs. 100 and number originally sold be 100

Original sale proceed = Rs. (100 × 100) = Rs. 10000

New sale proceed = Rs. (80 × 140) = Rs. 11200

Increase % = (1200/10000 × 100)% = 12%


10)   When the price of a toy was increased by 20 % of the number of toys sold was decreased by 15 %. What was the effect on the sales of the shop?

a. 4 % increase
b. 4 % decrease
c. 2 % increase
d. 2 % decrease
Answer  Explanation 

ANSWER: 2 % increase

Explanation:
Original cost of each toy Rs. 100 and number originally sold be 100

Original sale proceed = Rs. (100 × 100) = Rs. 10000

New sale proceed = Rs . (120 ×85) = Rs. 10200

Increase % = (200/10000 × 100)% = 2%


11)   A owns a house worth Rs. 10000. He sells it to B at a profit of 10% based on the worth of the house. B sells the house back to A at a loss of 10% in this transaction A gets:

a. No profit No loss
b. Profit of Rs. 1000
c. Profit of Rs. 1100
d. Profit of Rs. 2000
Answer  Explanation 

ANSWER: Profit of Rs. 1100

Explanation:
B = 110% of Rs. 10000 = Rs. 11000

Loss of B = 10%

B = 90% of Rs. 1100 = Rs. 9900

A = Rs. 9900

= [(10% of Rs. 10000) + (10000 – 9900)] = Rs. 1100


12)   Ramees bought 4 dozen apples at Rs. 12 per dozen and 2 dozen apples at Rs. 16 per dozen. He sold all of them to earn 20%. At what price per dozen did he sell the apples?

a. Rs. 14.40
b. Rs. 16.00
c. Rs. 16.80
d. Rs. 19.20
Answer  Explanation 

ANSWER: Rs. 16.00

Explanation:
6 dozen apples = Rs. (12 × 4 + 16 × 2) = Rs. 80

Gain = 20%

S.P = Rs. (120/100 × 80) = Rs. 96

Per dozen = Rs. (96/6) = Rs. 16


13)   Jameel bought paper sheets for Rs. 7200 and spent Rs. 200 on transport. Paying Rs 600 he had 330 boxes made. Which he said at Rs. 28 each. What is his profit Percentage?

a. 15.5
b. 40
c. 60
d. None of these
Answer  Explanation 

ANSWER: 15.5

Explanation:
330 boxes = Rs. (7200 + 200 600) = Rs. 8000

330 boxes = Rs. (330 × 28) = Rs. 9240

Gain% = (1240/8000 × 100)% = 15.5%


14)   By selling Toffees at 20 for a rupee, a man loses 40 %. To gain 20 %, for one rupee he must sell?

a. 16 toffees
b. 20 toffees
c. 25 toffees
d. 24 toffees
Answer  Explanation 

ANSWER: 16 toffees

Explanation:
He sells 20 toffees

S.P = Rs. 1 and loss = 4%

C.P = (11/96 × 1) = Rs. 25/24

Gain = 20%

S.P = Rs. (120/100 × 25/24) = Rs. 5/4

Rs. 5/4 toffees sold = 20

Rs. 1 toffees sold = (20 × 4/5) = 16


15)   By selling 12 oranges for one rupee, a man loses 20%. How many for a rupee should he sell to get a gain of 20%?

a. 5
b. 8
c. 10
d. 15
Answer  Explanation 

ANSWER: 8

Explanation:
He buys 12 oranges,

Then S.P = Rs. 1

Now, 80 : 1 :: 120 : X

X = 1 × 120/80 = 3/2 Rs. 3/2,

oranges sold = 12 Rs. 1,

oranges sold = (12 × 2/3) = 8


16)   A dealer professing to sell at cost price uses a 900 gms weight for a kilogram. His gain percent is:________?

a. 9
b. 10
c. 11
d. 11 1/9
Answer  Explanation 

ANSWER: 11 1/9

Explanation:
Gain % = {Error/(True value – error) × 100} %

= (100/900 × 100)% = 11 1/9%


17)   A man sold 20 articles for Rs. 60 and gained 20%. How many articles did he buy for Rs.60?

a. 22
b. 24
c. 25
d. 26
Answer  Explanation 

ANSWER: 24

Explanation:
S.P of 20 articles = Rs. 60,

Gain = 20%

C.P of 20 articles = Rs. (100/120 × 60) = Rs. 50

Rs. 50, he bought = 20 articles

Rs. 60, he bought = (20/50 × 60) = 24 articles


18)   The C.P of an article is 40% of the S.P. The percent that the S.P is of C.P is:________?

a. 40
b. 60
c. 240
d. 250
Answer  Explanation 

ANSWER: 250

Explanation:
Let S.P = Rs. 100

Then, C.P = Rs. 40

Required Percent = (100/40 × 100) % = 250 %


19)   A man purchased a watch for Rs. 400 and sold it at a gain of 20% of the selling price. The selling price of the watch is:__________?

a. Rs. 300
b. Rs. 320
c. Rs. 440
d. Rs. 500
Answer  Explanation 

ANSWER: Rs. 500

Explanation:
Let S.P = Rs. X

Then, 400 + 20% of x = x

(Or) 400 + X/5 = X

(Or) 4X/5 = 400

(or) x = 400 × 5/4 = 500

S.P = Rs. 500


20)   If I purchased 11 books for Rs. 10 and sold all at the rate of 10 books for Rs. 11, the profit percent

a. 10%
b. 11%
c. 21%
d. 100%
Answer  Explanation 

ANSWER: 21%

Explanation:
Suppose I Purchased 110 books

C.P = Rs. (10/11 × 110) = Rs. 100

S.P = Rs. (11/10 × 110) = Rs. 121

Gain % = 21%