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Profit And Loss - Aptitude MCQ Questions and Solutions with Explanations

Profit And Loss MCQ Questions and answers with easy and logical explanations.Arithmetic Ability provides you all type of quantitative and competitive aptitude mcq questions on Profit And Loss with easy and logical explanations. Profit And Loss MCQ is important for exams like Banking exams,IBPS,SCC,CAT,XAT,MAT etc. Page-10 section-4

Each section contains 100 MCQs on Profit and Loss .
91
Rajlani sold a machine for Rs. 22000 with a discount of 8% on the labeled price and made a profit of $$22\frac{2}{3}$$% . What would have been the profit percent if the machine was sold without discount on the label price?
Discuss
Answer & Solution
Answer: Option D
Solution:
Marked price of the machine = Rs. 22000
Selling price
$$\eqalign{ & = {\text{Rs}}{\text{.}}\left( {22000 - \frac{{8 \times 22000}}{{100}}} \right) \cr & = {\text{Rs}}{\text{. 20240}} \cr & {\text{Profit}} = 22\frac{2}{3}\% = \frac{{68}}{3}\% \cr} $$
Let cost price of the machine be Rs. x
$$\eqalign{ & \Rightarrow x + \frac{{68}}{3}\% {\text{ of }}x = {\text{Rs}}{\text{. }}20240 \cr & \Rightarrow x + \frac{{68x}}{{300}} = {\text{Rs}}{\text{. }}20240 \cr & \Rightarrow \frac{{368x}}{{300}} = {\text{Rs}}{\text{. }}20240 \cr & \Rightarrow x = {\text{Rs}}.\left( {\frac{{20240 \times 300}}{{368}}} \right) \cr & \Rightarrow x = {\text{Rs}}{\text{. }}16500 \cr} $$
Profit % when machine was sold without discount
$$\eqalign{ & = \frac{{22000 - 16500}}{{16500}} \times 100 \cr & = 33\frac{1}{3}\% \cr} $$
92
A shopkeeper sells rice at 10% profit and uses weight 30% less the actual measure. His gain percent is = ?
Discuss
Answer & Solution
Answer: Option B
Solution:
Let CP of 1 kg. of rice be Rs. 100
As he uses 30% less weight
∴ SP of 700 gm. of rice = Rs. 110
∴ SP of 100 gm. of rice
$$\eqalign{ & = \frac{{110}}{{700}} \times 1000 \cr & = \frac{{1100}}{7} \cr & = 157\frac{1}{7} \cr & \therefore {\text{Profit}}\% = 57\frac{1}{7}\% \cr} $$
93
A dinner set is quoted for Rs. 1500. A customer pays Rs. 1173 for it. If the customer get a series of two discounts and the rate of first discount is 15% then the rate of second discount was?
Discuss
Answer & Solution
Answer: Option D
Solution:
According to the question,
First discount = 15%
S.P. of dinner set after first discount = (100 – 15)% of Rs. 1500
$$\eqalign{ & = Rs.\,\left( {\frac{{1500 \times 85}}{{100}}} \right) \cr & = {\text{Rs}}{\text{.}}\,1275 \cr} $$
Second discount = Rs. ( 1275 – 1173 ) = Rs. 102
If second discount be d %, then
$$\eqalign{ & \therefore \frac{{1275 \times {\text{d}}}}{{100}} = 102 \cr & \Rightarrow d = \frac{{102 \times 100}}{{1275}} \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\, = 8\% \cr} $$
94
A dishonest dealer defrauds to the extent of x% in buying as well as selling is goods by using faulty weight. What will be the gain percent on his outlay?
Discuss
Answer & Solution
Answer: Option C
Solution:
$$\eqalign{ & {\text{Total profit}} \cr & = x + x + \frac{{x \times x}}{{100}} \cr & = \left( {2x + \frac{{{x^2}}}{{100}}} \right)\% \cr} $$
95
When an article was sold for Rs. 696, percent profit earned was P%. When the same article was sold for Rs. 841, percent profit earned was (p + 25%). What is the value of P?
Discuss
Answer & Solution
Answer: Option D
Solution:
Sale price of an article is Rs. 696, when profit = P%
Sale price of an article is Rs. 841, when profit = P + 25%
Difference in selling price
= Rs. (841 - 696)
= Rs. 145
Difference of profit percentages = P + 25% - p = 25%
∴ Let the cost price of article be Rs. x, then, 25% of x = Rs. 145
$$\eqalign{ & \Rightarrow x \times \frac{{25}}{{100}} = {\text{Rs}}.145 \cr & \Rightarrow x = \frac{{145 \times 100}}{{25}} \cr & \Rightarrow {\text{Rs}}{\text{. }}580 \cr} $$
∴ Profit = Sale Price - Cost Price
            = Rs. (696 - 580)
            = Rs. 116
$$\eqalign{ & {\text{Profit}} = {\text{p}}\% \cr & \therefore 580 \times \frac{p}{{100}} = 116 \cr & \Rightarrow {\text{p}} = \frac{{116 \times 100}}{{580}} \cr & \Rightarrow {\text{p}} = 20\% \cr} $$
96
Raza purchased a bicycle for Rs. 6810. He had paid a VAT of 13.5%. The list price of the bicycle was = ?
Discuss
Answer & Solution
Answer: Option D
Solution:
VAT % = 13.5%
Cost price (including VAT) = Rs. 6810
$$\eqalign{ & \therefore {\text{List price}} = \frac{{6810}}{{113.5}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs}}{\text{. }}6000 \cr} $$
97
The ratio of cost price and selling price of an article is 20 : 21. The gain percent on it is = ?
Discuss
Answer & Solution
Answer: Option B
Solution:
According to the question,
$$\eqalign{ & \frac{{{\text{CP}}}}{{{\text{SP}}}} = \left. {\frac{{20}}{{21}}} \right) + 1 = {\text{Profit}} \cr & {\text{Profit }}\% = \frac{1}{{20}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = 5\% \cr} $$
98
Mr. Kapur purchased two toy cycles for Rs. 750 each. He sold these cycles, gaining 6% on one and losing 4% on the other. The gain or loss percent in the whole transaction is = ?
Discuss
Answer & Solution
Answer: Option B
Solution:
$$\eqalign{ & {\text{Total selling price}} \cr & = \frac{{750 \times 100}}{{100}} + \frac{{750 \times 96}}{{100}} \cr & = 795 + 720 \cr & = 1515 \cr & {\text{Profit}} = 1515 - 1500 \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs}}{\text{. 15}} \cr & \therefore {\text{Profit }}\% = \frac{{15}}{{1500}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = 1\% {\text{ gain}} \cr} $$
99
The profit earned by a shopkeeper by selling a bucket at a gain of 8% is Rs. 28 more than when he sells it at a loss of 8%. The cost price (in Rupees) of the bucket is = ?
Discuss
Answer & Solution
Answer: Option C
Solution:
Let CP be 100
    CP         SP  
Case 1 →   100 108
Case 2 →   100 92

$$\eqalign{ & \Rightarrow \left( {108 - 92} \right){\text{unit}} = {\text{Rs}}{\text{.}}\,28 \cr & \Rightarrow 16{\text{unit}} = {\text{Rs}}{\text{.}}\,28 \cr & \Rightarrow 1{\text{unit}} = \frac{{28}}{{16}} \cr & \therefore 100{\text{unit}} = \frac{{28}}{{16}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs}}{\text{.}}\,175 \cr & {\text{Cost}}\,{\text{Price}} = {\text{Rs}}{\text{.}}\,175 \cr} $$
100
Srinivas sold an article for Rs. 6800 and incurred a loss. Had he sold the article foe Rs. 7850, his gain would have been equal to half of the amount of loss that he incurred. At what price should he sell the article to have 20% profit = ?
Discuss
Answer & Solution
Answer: Option B
Solution:
Let the cost price of a article be x
Then, loss = (x - 6800)
Again, profit = (7850 - x)
According to given information we get
Now,
$$\eqalign{ & \left( {7850 - x} \right) = \frac{{x - 6800}}{2} \cr & \Rightarrow 15700 - 2x = x - 6800 \cr & \Rightarrow 2x + x = 15700 + 6800 \cr & \Rightarrow 3x = 22500 \cr & \therefore x = \frac{{22500}}{3} = 7500 \cr & {\text{If profit }}\% = 20\% {\text{ then}} \cr & \therefore {\text{SP}} = \frac{{7500 \times 120}}{{100}} \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs}}{\text{.9000}} \cr} $$