Profit and Loss Questions and Answers

Q 1

An article when sold at a certain price gives a profit of 20%. Find the gain % if it is sold for twice the price.


A)  

40%

B)  

80%

C)  

200%

D)  

140%


Correct Option - D

Explanation

SP = 1.2CP

If it is sold for twice the price,

New SP = 2.4CP

Gain = SP-CP = 1.4CP

Gain% = (Gain/CP)*100 = 140%

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Q 2

A shopkeeper sells a bag at a gain of 25%. He offers a discount of 10% on the bag. What is his profit %?


A)  

20%

B)  

15%

C)  

12.5%

D)  

10%


Correct Option - C

Explanation

Let the C.P of the bag be Rs.x

S.P = 1.25x

After discount, the selling price is 

0.9*1.25x = 1.125x

Gain % = ((1.125x-x)/x)*100 = 12.5%

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Q 3

The SP of an article is twice the CP. The shopkeeper offers a discount of 20% on the product. Find his net gain %.


A)  

16%

B)  

40%

C)  

60%

D)  

80%


Correct Option - C

Explanation

Let the CP be Rs.x.

SP=2x

Discount 

= 20% of 2x

= 0.4x

Price after discount

= 1.6x

Gain=0.6x

Gain%

= (0.6x/x)*100

= 60%

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Q 4

A man bought a horse and a cart. If he sold the horse at 10% loss and the cart at 20% gain, he would not lose anything; but if he sold the horse at 5% loss and the cart at 5% gain, he would lose Rs.10 in the bargain. The amount paid by him was Rs._____ for the horse and Rs._____ for the cart.


A)  

200, 400

B)  

250, 450

C)  

300, 500

D)  

400, 200


Correct Option - D

Explanation

Let the cost of the horse and the cart be Rs.h and Rs.c

0.9h+1.2c=h+c

0.1h=0.2c

h=2c

0.95h+1.05c=h+c-10

0.05h-10=0.05c

0.1c-10=0.05c

0.05c=10

c=200

h=400

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Q 5

Tarun bought 10 toffees for Rs.8 and sold 8 toffees for Rs.10. Find his gain percent.


A)  

40%

B)  

45%

C)  

50%

D)  

56.25%


Correct Option - D

Explanation

C.P = 8/10 = Rs.0.8

S.P = 10/8 = Rs.1.25

Gain = 0.45

Gain = (0.45/0.8) * 100 = 56.25%

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Q 6

The price of an item including tax is Rs.2376. The tax levied on it is 8% and the shopkeeper has made a profit of 10%. Find its CP.


A)  

Rs.2200

B)  

Rs.2160

C)  

Rs.1967

D)  

Rs.2000


Correct Option - D

Explanation

The price of the item before tax

= 2376*(100/108)

= Rs.2200

Profit = 10%

CP = 2200*(100/110)

 = Rs.2000

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Q 7

Ganesh bought a watch for Rs.3200 and sold it at a loss of 15%. At what price did he sell it?


A)  

Rs.2720

B)  

Rs.3185

C)  

Rs.2270

D)  

Rs.3080


Correct Option - A

Explanation

SP = 85% of 3200

= 85*32

= 2720

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