Quiz: Profit and Loss Set 11

  1. By selling 55 meters of cloth a merchant gains the cost price of 11 meters. Find his gain percent?
    a) 10%
    b) 15%
    c) 20%
    d) 30%
    e) None of these

    Answer – c) 20%
    Explanation :
    55sp – 55cp = 11cp, 55sp = 66cp
    let cost price is one rupee, then cp of 55 meter of cloth = 55 and sp of 55 meter of cloth = 66
    so % profit = (11/55)*100 = 20%
  2. A trader buys 1260 kg of wheat. One-fourth of which he sells at a gain of 5 percent, one-third at a gain of 8 percent and the remaining at a gain of 12 percent. If he had sold the whole lot at a gain of 10 percent, he would have gained Rs 40.95 more. Find the cost price per kg?
    a) 1
    b) 2
    c) 3
    d) 4
    e) None of these

    Answer – c) 3
    Explanation :
    Let cost price per kg = C, then
    [1260*c*110/100] – [(1260/4)*c*105/100 + (1260/3)*c*108/100 + (525*c)*112/100] = 40.95
    U will get C = 3
  3. If a trader estimates his loss as 10% of the selling price, what is his real loss percent?
    a) 100/9 %
    b) 100/11 %
    c) 100/13 %
    d) 100/7%
    e) None of these

    Answer – b) 100/11 %
    Explanation :
    (cp – sp)/sp = 10/100
    10cp = 11sp, now let cp = 1
    So cp of 11 items = 11 and sp = 10, loss percent = (1/11)*100 = 100/11 %
  4. What will be percentage profit after selling an article at a certain price if there is a loss of 30% when the article is sold at 1/3 of the previous selling price?
    a) 80%
    b) 90%
    c) 100%
    d) 110%
    e) None of these

    Answer – d) 110%
    Explanation :
    sp/3 = (70/100)*cp
    sp = (210/100)*cp
    now profit percent = [[(210/100)*cp – cp]/cp]*100 = 110
  5. A dealer sells a table for Rs 460 making a profit of 10%. He sells another table at a loss of 5% and on the whole he makes neither profit nor loss. What did the second table cost him
    a) 836
    b) 822
    c) 832
    d) 842
    e) None of these

    Answer – a) 836
    Explanation :
    no loss/ no profit means cp = sp i.e. cp1 + cp2 = sp1 + sp2
    sp1 = 460 = (115/100)*cp1
    sp2 = (95/100)*cp2
    (460*100)/115 + cp2 = 460 + (95/100)*cp2
    Cp2 = 836.36
  6. A farmer sold a goat and a cow for rupees 800 and got a profit of 20% on goat and 25% on cow. If he sells the goat and the cow for rupees 820, he gets a profit of 25% on goat and 20% on cow. Find the cost price of cow?
    a) 120.6
    b) 130.6
    c) 140.6
    d) 150.6
    e) None of these

    Answer – b) 130.6
    Explanation :
    let cost price of goat = a and cost price of cow = b
    800 = (120/100)*a + (125/100)*b
    820 = (125/100)*a + (120/100)*b
    Solve both equation to get a and b
  7. A shopkeeper bought 120 chairs at the rate of 250 each. He spends 3000 rupees on transportation. He marked the price of each chair at 400 rupee. On the marked price he gives 10% discount, and then find the profit incurred by the shopkeeper.
    a) 350/11%
    b) 340/11%
    c) 330/13%
    d) 330/11%
    e) None of these

    Answer – b) 340/11%
    Explanation :
    cost price of each chair = 250 + 3000/120 = 275
    selling price = 400*90/100 = 360
    % profit = [(360 – 275)/275]*100
  8. A milkman buys some milk. If he sells it at rupees 10 a litre, he losses 800 rupees but when he sells it at 12 a litre, he gains 600 rupees. How much milk did he purchase ?
    a) 200 litre
    b) 350 litre
    c) 500 litre
    d) 700 litre
    e) None of these

    Answer – d) 700 litre
    Explanation :
    let he buys x litres of milk and cost price = c and selling price = s
    x*c – x*10 = 800 and x*12 – x*c = 600
    add both equation, we get, 2*x = 1400, so x = 700 litres
  9. If a discount of 10 percent is given on the marked price of the article then the seller gains 20 percent profit. Find the percent profit if the article is sold at 20 percent discount.
    a) 10/3 %
    b) 20/3 %
    c) 25/3 %
    d) 40/3 %
    e) None of these

    Answer – b) 20/3 %
    Explanation :
    Let marked price = 100
    90 = (120/100)*cp, cp = 75
    Now discount = 20% so, SP = 80
    % profit = [(80 – 75)/75]*100 = 20/3
  10. A t what price must a trader sell the mixture of 60 kg sugar at Rs 7 per kg with 120 kg at Rs 8 per kg to gain 20%?
    a) 8.2
    b) 9.2
    c) 10.2
    d) 11.2
    e) None of these

    Answer – b) 9.2
    Explanation :
    Total cost = 60*7 + 120*8 = 420 + 960 = 1380
    sp (per kg) = (1380/180)*120/100 = 9.2

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