Quiz: Profit and Loss Set 1

  1. A manufacture undertakes to supply 2000 pieces of a particular component at Rs.25 per piece. According to his estimates, even if 5% fail to pass the quality tests, then he will make a profit of 25%. However as it turned out, 50% of the components were rejected. What is the loss to the manufacture? 
    A. Rs 12,000
    B. Rs 13,000
    C. Rs 14,000
    D. Rs 15,000
    E. None f these

    Answer – B. Rs 13,000
    Explanation:
    5% of 2000=100 so 2000-100=1900 so,if he sells 1900 he will get 25% profit
    cost per piece rs 25……so 25x 1900 don’t solve here
    if 125%…………………..25×1900
    100 %………………….?
    ?= 25x1900x100/125=38000=CP
    if 50% rejected,only 1000 pieces sold
    so 1000×25=25000=SP
    loss=cp-sp= 38000-25000=13000
  2. Shan bought 30 liters of milk at the rate of Rs.8 per liter. He got it churned after spending Rs.10 and 5kg of cream and 30 liter of toned milk were obtained. If he sold the cream at Rs.30 per kg and toned milk at Rs.4 per liter, his profit in the transaction is:
    A. 20%
    B. 8%
    C. 30%
    D. 40%

    Answer – B .8%
    Explanation:
    CP =Rs.(30 x 8 + 10) = Rs.250
    SP = Rs. (30 x 5 + 30 x 4) = Rs.270
    Gain% = (20/250 x 100)% = 8%
  3. The sale price of an article including the sale tax is Rs. 616. The rate of sale tax is 10% . If the shopkeeper has made a profit of 12%, the cost price of the article is [The Pearson Guide book]
    A. Rs 500
    B. Rs 515
    C. Rs 550
    D. Rs 600

    Answer – A. Rs 500
    Explanation – 110% of S.P. = 616
    = S.P. = Rs.(616 x 100/110) = Rs.560.
    C.P. = Rs (100/112 x 560)
    = Rs 500
  4. When a article is sold for Rs.3400, there is a loss of 2%. What is the cost price of the commodity?
    A. Rs 3500.50
    B. Rs 3200
    C. Rs 3400.56
    D. Rs 3469.34

    Answer – D. Rs 3469.34
    Explanation – loss=2% so,
    98%………….3400
    100%………..?
    ?=(3400×100)/98=3469.34
  5. The marked price of a watch was Rs. 720.A man brought the same for Rs.550.80 after getting two successive discounts the first being 10% .What was the second discount rate?
    A. 12%
    B. 14%
    C. 15%
    D. 18%

    Answer – C. 15%
    Explanation – Let the second discount rate be x% Then,
    (100 – x)% of 90% of 720 = 550.80
    => (100 – x)/100 x 90/100 x 720 = 550.80
    = (100-x) = [55080/(9 x 72) = 85
    => x= 15
    second discount rate =15%
  6. Jagdeep bought a refrigerator with 20% discount on the labeled price. Had he bought at it with 30% discount, he would have saved Rs. 500 more. At what price did he buy the refrigerator?
    A. Rs 5000
    B. Rs 10,000
    C. Rs 12,500
    D. Rs 15,000

    Answer – A. Rs 5,000
    Explanation – Let the labelled price be Rs.x Then,
    (80% of x)- (70% of x) = 500
    10% of x =500
    10%………..500
    100%…………? ?= (500 x 100/10) = 5000=x
  7. If the S.P of Rs.40 results in a 20% discount on list price. What S.P would result in a 30% discount on list price?
    A. Rs 18
    B. Rs 20
    C. Rs 35
    D. Rs 27

    Answer – C. Rs 35
    Explanation – Let the list price be Rs. x
    80/100x = 40
    => x = 40 x 100/80 = 50
    ∴ Required S.P. = 70% of Rs. 50=Rs.35
  8. A discount of 25% on one article is same as a discount of 50% on another article .The costs of two article can be:
    A. Rs 30, Rs 20
    B. Rs 90, Rs 40
    C. Rs 80, Rs 40
    D. Rs 50, Rs 40

    Answer – C. Rs 80, Rs 40
    Explanation – Let the costs of the two articles be x and y. Then,
    25% of x = 50% of y
    => x/y = 50/25 = 2/1
    So,x and y must be in the ratio of 2:1
  9. A article is listed at Rs. 2000 and a discount of 20% is offered on the list price .What additional discount must be offered to the customer bring the net price to Rs. 1400?
    A. 12.5%
    B. 10%
    C. 12%
    D. 15%

    Answer – A. 12.5%
    Explanation – S.P after 1st discount,
    100%………2000
    80%………?
    ?=2000×80/100=1600
    Net S.P = Rs. 1400.
    Discount on Rs. 1600 = Rs. 200.
    ∴Required discount = (200/1600 x 100)% =12.5%
  10. A shopkeeper gives 12% additional discount on the discounted price, after giving an initial discount of 20% on the labeled price of a mobile. If the final sale price of the mobile is 704. then what is its labelled price?
    A. Rs 844
    B. Rs 920
    C. Rs 1000
    D. Rs 1100

    Answer – C. Rs 1000
    Explanation – Let the labeled price be Rs. x
    88% of 80% of x = 704
    => x = (704 x 100 x 100/88 x 80)= 1000.
  11. The difference between the cost price and sale price of an article is Rs. 500 if the profit is 20%. The selling price is:
    A. Rs 4000
    B. Rs 1500
    C. Rs 3000
    D. Rs 3300

    Answer – C. Rs.3000
    Explanation – 120%-100%=20%
    20%…………………500
    120%…………….?
    ?=3000
  12. A dealer sold a Radio at a loss of 2.5%. Had he sold it for Rs. 100 more, he would have gained 7.5%. To gain 12.5% he should sell it for :
    A. Rs 2200
    B. Rs 1000
    C. Rs 1100
    D. Rs 1125

    Answer – D. Rs.1125
    Explanation – Let C.P be Rs.x then,(107.5 % of x) – (97.5 % of x) = 100
    => 10% of x = 100
    => x =1000
    ∴ desired S.P = 112.5 % of Rs. 100
    = Rs.(225/2 x 1/100 x 1000) =Rs. 1125

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