Profit and Loss MCQs

Profit and Loss: Formulas, Shortcuts and Tricks

Cost Price
Cost Price is the price at which an article is purchased, abbreviated as C.P.
Selling Price
Selling Price is the price at which an article is sold, abbreviated as S.P.
Profit
If the Selling Price exceeds the Cost Price, then there is Profit.
Profit or gain = SP – CP
Profit % = Profit/(C P)×100
S P = (100+gain % )/100  ×C P
C P = 100/(100+gain %)×S P
Loss
If the overall Cost Price exceeds the selling price of the buyer then he is said to have incurred loss.
Loss = C P – S P
Loss % = LOSS/(C P)×100
S P = (100-loss %)/100×C P
C P = 100/(100-loss %)×S P

Q.The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:
A. 15
B. 16
C. 18
D. 25
Answer: Option B

Q. 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?
A. 30%
B. 70%
C. 100%
D. 250%
Answer: Option B

Explanation:

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 = Rs. (420 – 125) = Rs. 295.

Required percentage =(295/420 * 100)%=(1475/21)% =70% (approximately)

Q. A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
A. 3
B. 4
C. 5
D. 6
Answer: Option C
Q.The percentage profit earned by selling an article for Rs. 1920 is equal to the percentage loss incurred by selling the same article for Rs. 1280. At what price should the article be sold to make 25% profit?
A. Rs. 2000
B. Rs. 2200
C. Rs. 2400
D. Data inadequate
Answer: Option A
Q.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?
A. Rs. 18.20
B. Rs. 70
C. Rs. 72
D. Rs. 88.25
Answer: Option C
Q. A man buys a cycle for Rs. 1400 and sells it at a loss of 15%. What is the selling price of the cycle?
A. Rs. 1090
B. Rs. 1160
C. Rs. 1190
D. Rs. 1202
Answer: Option C

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