Profit and Loss Mcqs

The ratio between the sale price and the cost price of an article is 7:5. What is the ratio between the profit and the cost price of that article?

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The ratio between the sale price and the cost price of an article is 7:5. What is the ratio between the profit and the cost price of that article?

A. 2:7
B. 5:2
C. 7:2
D. Data inadequate
E. None of these
Explanation:
Let C.P. = Rs. 5x and S.P. = Rs. 7x.
Then, Gain = Rs. 2x
Required ratio = 2x : 5x = 2:5

Jameel brought a scooter for a certain sum of money. He spent 10% of the cost on repairs and sold the scooter for a profit of Rs. 1100. How much did he spend on repairs if he made a profit of 20%?

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Jameel brought a scooter for a certain sum of money. He spent 10% of the cost on repairs and sold the scooter for a profit of Rs. 1100. How much did he spend on repairs if he made a profit of 20%?

A. Rs. 400
B. Rs. 440
C. Rs. 500
D. Rs. 550
Explanation:
Let the C.P. be Rs. x. Then, 20% of x = 1100
20/100 * x = 1100 => x = 5500
C.P. = Rs. 5500, expenditure on repairs = 10%
Actual price = Rs. (100 * 5500)/110 = Rs. 5000
Expenditures on repairs = (5500 – 5000) = Rs. 500.

The sale price of an article including the sales tax is Rs. 616. The rate of sales tax is 10%. If the shopkeeper has made a profit of 12%, then the cost price of the article is:

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The sale price of an article including the sales tax is Rs. 616. The rate of sales tax is 10%. If the shopkeeper has made a profit of 12%, then the cost price of the article is:

A. Rs. 500
B. Rs. 515
C. Rs. 550
D. Rs. 600
Explanation:
110% of S.P. = 616
S.P. = (616 * 100)/110 = Rs. 560
C.P = (110 * 560)/112 = Rs. 500

Samad purchased 20 dozens of toys at the rate of Rs. 375 per dozen. He sold each one of them at the rate of Rs. 33. What was his percentage profit?

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Samad purchased 20 dozens of toys at the rate of Rs. 375 per dozen. He sold each one of them at the rate of Rs. 33. What was his percentage profit?

A. 3.5
B. 4.5
C. 5.6
D. 6.5
Explanation:
C.P. of 1 toy = 375/12 = Rs. 31.25
S.P of 1 toy = Rs. 33
Profit = 1.75/31.25 * 100 = 28/5 = 5.6%

A shopkeeper purchased 70 kg of potatoes for Rs. 420 and sold the whole lot at the rate of Rs. 6.50 per kg. What will be his gain percent?

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A shopkeeper purchased 70 kg of potatoes for Rs. 420 and sold the whole lot at the rate of Rs. 6.50 per kg. What will be his gain percent?

A. 4 1/6 %
B. 6 1/6 %
C. 8 1/3 %
D. 20 %
Explanation:
C.P. of 1 kg = 420/7 = Rs. 6
S.P. of 1 kg = Rs. 6.50
Gain % = 0.50/6 * 100 = 25/3 = 8 1/3 %

Rahat purchased a refrigerator for Rs. 12500 after getting a discount of 20% on the labelled price. He spent Rs. 125 on transport and Rs. 250 on installation. At what price should it be sold so that the profit earned would be 10% if no discount was offered?

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Rahat purchased a refrigerator for Rs. 12500 after getting a discount of 20% on the labelled price. He spent Rs. 125 on transport and Rs. 250 on installation. At what price should it be sold so that the profit earned would be 10% if no discount was offered?

A. Rs. 16500
B. Rs. 15525
C. Rs. 17000
D. Rs. 17600
E. None of these
Explanation:
Price at which the TV set is bought = Rs. 12,500
Discount offered = 20%
Marked Price = 12500 * 100/80 = Rs. 15625
The total amount spent on transport and installation = 125 + 250 = Rs. 375Total price of TV set = 15625 + 375 = Rs. 16000
The price at which the TV should be sold to get a profit of 10% if no discount was offered = 16000 * 110/100 = Rs. 17600

Mahad marks an article 15% above the cost price of Rs. 540. What must be his discount percentage if he sells it at Rs. 496.80?

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Mahad marks an article 15% above the cost price of Rs. 540. What must be his discount percentage if he sells it at Rs. 496.80?

A. 18%
B. 21%
C. 20%
D. 19%
E. None of these
Explanation:
CP = Rs. 540, MP = 540 + 15% of 540 = Rs. 621
SP = Rs. 496.80, Discount = 621 – 496.80 = 124.20
Discount % = 124.2/621 * 100 = 20%

An article was sold after a discount of 20% and there was a gain of 20%. If the profit made on it was Rs. 6 less than the discount offered on it, find its selling price?

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An article was sold after a discount of 20% and there was a gain of 20%. If the profit made on it was Rs. 6 less than the discount offered on it, find its selling price?

A. Rs. 72
B. Rs. 90
C. Rs. 66
D. Rs. 96
E. None of these
Explanation:
Let CP = Rs. 100x
SP = Rs. 120x
MP = 120x/80 * 100 = Rs. 150x
D = Rs. 150x – Rs. 120x = Rs. 30x
D – P = 30x – 20x = Rs. 6, 10x = Rs. 6
120x = 120/10 * 6 = Rs. 72