Quiz: Profit and Loss Set 8

 

  • A man purchases some apples at the rate of 3 for Rs 4 and same quantity at 4 for Rs 7. If he sells all the apples at the rate of 5 for Rs 9, find his gain or loss percent?
    a) 17% loss
    b) 17% gain
    c) 15% loss
    d) 15% gain
    e) None of these

    Answer – b) 17% gain
    Explanation :
    Let he buys x apples at the rate 4/3 and x apples at the rate of 7/4
    so cost price  = 4x/3 + 7x/4 = 37x/12
    and selling price = (9/5)*2x = 18x/5
    % gain = [(37x/12 – 18x/5)/(37x/12)]*100 = 17% (approx)
  • A man buys some quantity of rice for Rs 4800. He sells one third of it at a profit of 10%. At what percent gain should he sell the remaining two-third so as to make an overall profit of 20% on the whole transaction?
    a) 10%
    b) 15%
    c) 20%
    d) 25%
    e) None of these

    Answer –d) 25%
    Explanation :
    (1/3)*4800*110/100 + (2/3)*4800*(x/100) = (120/100)*4800
    x = 125 so he should sell the remaining at 25% profit
  • A dealer sold two ACs at Rs. 5940 each. On selling one AC he gained 10% and on selling the other he lost 10%. Find the dealer’s gain or loss percent?
    a) 1% gain
    b) 1% loss
    c) 2% loss
    d) 2% gain
    e) None of these

    Answer – b) 1% loss
    Explanation :
    5940 = (110/100)*cp1, cp1 = 5400
    5940 = (90/100)*cp2, cp2 = 6600
    So, CP = 5400 + 6600 = 12000
    And selling price = 5940 + 5940 = 11880
    % loss = (120/12000)*100 = 1
  • A, B and C invests rupees 2000, 8000 and 10000 respectively in a business. At the end of the year the balance sheet shows a loss of 40% of the initial investment. Find the share of loss of B.
    a) 2200
    b) 2800
    c) 3000
    d) 3200
    e) None of these

    Answer – d) 3200
    Explanation :
    Total loss after one year = 20000*40/100 = 8000
    share of B = (4/10)*8000 = 3200
  • A shopkeeper buys 60 cycles and marks them at 20% above the cost price. He allows a discount of 10% on the marked price for cash sale and 5% discount for credit sales. If three-fourth of the cycles are sold at cash and remaining for credit, the total profit be Rs. 11400. What is the cost price of a cycle?
    a) 1000
    b) 1500
    c) 2000
    d) 4000
    e) None of these

    Answer – c) 2000
    Explanation :
    Marked price = (120/100)*CP
    cash sales = 45 and credit sales =15
    (120/100)*cp*90/100*45 + (120/100)*cp*95/100*15 – 60*cp = 11400
    Cp = 2000
  • A sold his bike to B at a loss of 20%. B spent rupees 1500 on its repair and sold the bike to C for 42000, thereby making a profit of 5%. Find the cost of bike for A?
    a) 44125
    b) 46125
    c) 48125
    d) 49715
    e) None of these

    Answer – c) 48125
    Explanation :
    Cost of A is CP,
    cost for B = (80/100)*cp + 1500
    selling price of B = 42000 = (105/100)*[(80/100)*cp + 1500] cp = 48125
  • A wholesaler sells 30 pens at the marked price of 20 pens to the retailer. The retailer in turns sells them at the marked price. Determine the loss or gain percent?
    a) 25% gain
    b) 50% gain
    c) 50% loss
    d) 25% loss
    e) None of these

    Answer – b) 50% gain
    Explanation :
    SP of 30 pens = MP of 20 pens = x (let it is x)
    MP of one pen = x/20, he sells 30 pens at x/20, so SP = 3x/2
    Cp =x
    So % profit = [(3x/2 – x)/x]*100 = 50%
  • A defective chair costing rupees 2000 is being sold at 10% loss. If the price is further reduced by 8 percent. Find its approximate selling price?
    a) 1556
    b) 1656
    c) 1756
    d) 1856
    e) None of these

    Answer & Explanation
    Answer – b) 1656
    Explanation :
    2000*90/100*92/100 = 1656
  • A person saves 20 percent of his income. If the income of that person increased by 16 percent and he decided to save 25 percent, then find the percent increase in his saving as compared to previous one.
    a) 40%
    b) 45%
    c) 50%
    d) 55%
    e) None of these

    Answer – b) 45%
    Explanation :
    Let initial income = 100 so his saving is rupees = 20.
    Now his income is 116 and he save = 116*25/100 = 29
    So % increase in saving = (9/20)*100 = 45′
  • The percent profit when an article is sold for rupees 400 is twice than when the same article is sold for 250. The cost price of the article is-
    a) 100
    b) 150
    c) 180
    d) 200
    e) None of these

    Answer – a) 100
    Explanation :
    400 = [(100+ 2p)/100]*cp
    250 = [(100 + p)/100]*cp
    Solve both equation, we will get CP = 100

 

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