Profit and Loss - Excercise 1

Questions

1.   In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?

  • 30%
  • 70%
  • 100%
  • 250%
4
The Correct answer is :70%

Let C.P.= Rs. 100.
Then, Profit = Rs. 320, S.P. = Rs. 420.
New C.P. = 125% of Rs. 100 = Rs. 125
New S.P. = Rs. 420
Profit = (420 -125) = Rs 295
Therefore required percentage =${\left(\begin{array}{c}\frac{295}{420}\times100\end{array}\right)}$ = ${ \frac{1475}{21} }$% = 70 %

2.   A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?

  • 3
  • 4
  • 5
  • 6
4
The Correct answer is :5

C.P. of 6 toffees = Re. 1
S.P. of 6 toffees = 120% of Re. 1 =Rs ${ \frac{6}{5}}$
For Rs. ${ \frac{6}{5}}$ toffees sold =Rs 6
For Rs 1, toffees sold = ${6\times\frac{5}{6}}$ = 5

3.   A shopkeeper expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs. 392, what was his profit?

  • Rs 18.20
  • Rs. 70
  • Rs. 72
  • Rs. 88.25
4
The Correct answer is :Rs. 72

C.P =Rs ${\left(\begin{array}{c}\frac{100}{122.5}\times392\end{array}\right)}$ = Rs ${\left(\begin{array}{c}\frac{1000}{1225}\times392\end{array}\right)}$ = Rs 320
Therefore Profit = (392-320) =Rs 72

4.   A man buys a cycle for Rs. 1400 and sells it at a loss of 15%. What is the selling price of the cycle?

  • Rs. 1090
  • Rs. 1160
  • Rs. 1190
  • Rs. 1202
4
The Correct answer is :Rs. 1190

S.P. = 85% of Rs. 1400 = Rs${\left(\begin{array}{c}\frac{85}{100}\end{array}\times1400\right)}$= Rs 1190

5.   Sam 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?

  • 3.5
  • 4.5
  • 5.6
  • 6.5
4
The Correct answer is :5.6

Cost Price of 1 toy = ${\left(\begin{array}{c}\frac{375}{12}\end{array}\right)}$ =Rs 31.25
Selling Price of 1 toy = Rs. 33
So, Gain = Rs (33-31.25) = Rs 1.75
Profit % =${\left(\begin{array}{c}\frac{1.75}{31.25}\times100\end{array}\right)}$ % = ${ \frac{28}{5}}$% =5.6%

6.   On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. The cost price of a ball is

  • Rs. 45
  • Rs. 50
  • Rs. 55
  • Rs. 60
4
The Correct answer is :Rs. 60

(C.P. of 17 balls) - (S.P. of 17 balls) = (C.P. of 5 balls)
=> C.P. of 12 balls = S.P. of 17 balls = Rs.720.
=> C.P of one Ball = Rs ${\left(\begin{array}{c}\frac{720}{12}\end{array}\right)}$ = Rs 60

7.   When a plot is sold for Rs. 18,700, the owner loses 15%. At what price must that plot be sold in order to gain 15%

  • Rs. 21,000
  • Rs. 22,500
  • Rs. 25,300
  • Rs. 25,800
4
The Correct answer is :Rs. 25,300

85:18700 = 115:x
=> x= ${\left(\begin{array}{c}\frac{18700\times115}{85}\end{array}\right)}$ = 25300
Hence, S.P= Rs 25300

8.   A trader mixes 26 kg of rice at Rs. 20 per kg with 30 kg of rice of other variety at Rs. 36 per kg and sells the mixture at Rs. 30 per kg. His profit percent is:

  • No profit, no loss
  • 5.00%
  • 8.00%
  • 10.00%
4
The Correct answer is :5.00%

C.P. of 56 kg rice = Rs. ${(26\times20+30\times36)\frac{}{}}$= Rs (520+1080) = Rs 1600
S.P of 56 kg rice= Rs (56 x 30) = Rs 1680
Gain=${\left(\begin{array}{c}\frac{80}{1600}\times100\end{array}\right)}$% = 5%

9.   A man buys an article for Rs. 27.50 and sells it for Rs 28.60. Find his gain percent

  • 1.00%
  • 2.00%
  • 3.00%
  • 4.00%
4
The Correct answer is :4.00%

So we have C.P. = 27.50
S.P. = 28.60
Gain= 28.60 - 27.50 =Rs 1.10
Gain% =${\left(\begin{array}{c}\frac{Gain}{Cost}\times100\end{array}\right)}$ %
${\left(\begin{array}{c}\frac{1.10}{27.50}\times100\end{array}\right)}$% = 4%

10.   A TV is purchased at Rs. 5000 and sold at Rs. 4000, find the lost percent.

  • 10.00%
  • 20.00%
  • 25.00%
  • 28.00%
4
The Correct answer is :20.00%

We know C.P =Rs 5000
S.P = Rs 4000
Loss = (5000 -4000) = 1000
Loss% = ${\left(\begin{array}{c}\frac{Loss}{Cost}\times100\end{array}\right)}$ %
= ${\left(\begin{array}{c}\frac{1000}{5000}\times100\end{array}\right)}$%= 20%

11.   A person incurs a loss of 5% be selling a watch for Rs. 1140. At what price should the watch be sold to earn 5% profit.

  • Rs.1200
  • Rs.1230
  • Rs.1260
  • Rs.1290
4
The Correct answer is :Rs.1260

Let the new S.P be x, then
(100-loss%):(1st S.P)=(100+gain%):(2nd S.P)
=>${ \left(\begin{array}{c}\frac{95}{1140}=\frac{105}{x}\end{array}\right)}$
=>x= 1260

12.   The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, find out the value of x

  • 13
  • 14
  • 15
  • 16
4
The Correct answer is :16

Let the Cost Price of one article = Rs. 1
CP of x articles = Rs. x
CP of 20 articles = 20
S.P of x articles = 20
Gain = 20 - x
=> 25 = ${(\frac{20-x}{x}\times100)}$
=> 2000 - 100x = 25x
=> x = 16

13.   Sahil purchased a machine at Rs 10000, then got it repaired at Rs 5000, then gave its transportation charges Rs 1000. Then he sold it with 50% of profit. At what price he actually sold it.

  • Rs. 22000
  • Rs. 24000
  • Rs. 26000
  • Rs. 28000
4
The Correct answer is :Rs. 24000

Calculate all Cost price, then get 150% of CP.
C.P = (10000+5000+1000=16000)
150% of 16000 =${ \frac{150}{100}\times16000}$ = 24000

14.   An article when sold at a gain of 5% yields Rs 15 more than when sold at a loss of 5%. Its cost Price would be ?

  • Rs 100
  • Rs 150
  • Rs 200
  • Rs 250
4
The Correct answer is :Rs 150

Let the CP is x then
=> ${\frac{105x}{100}-\frac{95x}{100}}$ =15
=> ${\frac{10x}{100}}$ =15
=> x= 150

15.   A producer of tea blends two varieties of tea from two tea gardens one costing Rs 18 per kg and another Rs 20 per kg in the ratio 5 : 3. If he sells the blended variety at Rs 21 per kg, then his gain percent is

  • 11
  • 12
  • 13
  • 14
4
The Correct answer is :12

Suppose he bought 5 kg and 3 kg of tea.
C.P = Rs.(5 x 18 + 3 x 20) = Rs. 150.
Selling price = Rs.(8 x 21) = Rs. 168.
Profit = 168 - 150 = 18
Profit% =${\frac{18}{150}\times100}$ =12%