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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-4 section-1

Each section contains 100 MCQs on Profit and Loss .
31
A man buys a chair and table for Rs. 6000. He sells the chair at a loss of 10% and the table at gain of 10%. He still gains Rs. 100 on the whole. Cost price of chair is:
Discuss
Answer & Solution
Answer: Option A
Solution:
If the CP of the chair be Rs. x then,
Total SP = $$\frac{{{\text{x}} \times 90}}{{100}}$$  + $$\left( {\left( {6000 - {\text{x}}} \right) \times \frac{{110}}{{100}}} \right)$$
Or, 9x + 66000 - 11x = 61000
Or, 2x = 66000 - 61000 = 5000
Or, x = Rs. 2500
32
By selling a bicycle for Rs. 2,850, a shopkeeper gains 14%. If the profit is reduced to 8%, then the selling price will be:
Discuss
Answer & Solution
Answer: Option B
Solution:
CP of bicycle = $$100 \times \frac{{2850}}{{114}}$$  = Rs. 2500
SP for the profit of 8% = $$108 \times \frac{{2500}}{{100}}$$   = Rs. 2700
33
By selling an article, a man makes a profit of 25% of its selling price. His profit percent is:
Discuss
Answer & Solution
Answer: Option D
Solution:
He gets 25% profit on the selling price.
$$\eqalign{ & Let\,SP = x;\,then \cr & CP = x - {\frac{x}{4}} \cr & = Rs.\,\frac{{3x}}{4} \cr & Hence, \cr & \% \,gain = {\frac{{ {\frac{x}{4}} }}{{ {\frac{{3x}}{4}} }}} \times 100 \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = \frac{{100}}{3} \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = 33\frac{1}{3} \cr} $$
34
Two successive price increase of 10% and 10% of an article are equivalent to a single price increase of:
Discuss
Answer & Solution
Answer: Option C
Solution:
100 --- 10%↑ → 110 --- 10%↑ → 121
Equivalent price increase = 21%
35
A stockiest wants to make some profit by selling sugar. He contemplates about various methods. Which of the following would maximize his profit?
I. Sell sugar at 10% profit.
II. Use 900 g of weight instead of 1 kg.
III. Mix 10% impurities in sugar and selling sugar at cost price.
IV. Increase the price by 5% and reduced weights by 5%.
Discuss
Answer & Solution
Answer: Option B
Solution:
Let the CP of 1 kg of sugar be Rs. 100.
Then, CP of 900g sugar = $$\frac{{100 \times 900}}{{1000}}$$   = Rs. 90
Hence, profit % = $$ {\frac{{100 - 90}}{{90}}} \times 100$$     = 11.11%

If he add 10% impurity then his CP for 1 kg = $$\frac{{100 \times 1000}}{{1100}}$$   = Rs. 90.9
And % profit = $$ {\frac{{100 - 90.9}}{{90.9}}} \times 100$$     = 10.01%

If he reduces weight by 5% Then, cost price of 950 g = $$\frac{{100 \times 950}}{{1000}}$$   = Rs 95 and SP = 105;
% profit = $$ {\frac{{105 - 95}}{{95}}} \times 100$$     = 10.25%
36
A rickshaw dealer buys 30 rickshaws for Rs. 4725. Of these, 8 are four-seaters and the rest are two seaters. At what price must he sell the four-seaters so that if he sells the two-two seaters at $$\frac{3}{4}$$th of this price, he makes a profit 40% on his outlay?
Discuss
Answer & Solution
Answer: Option B
Solution:
On an investment of Rs. 4725, a profit of 40% means a profit of 1890.
Hence, the targeted sales realization is Rs. 6615.
The required equation;

8p + 22 × $$\frac{{3{\text{p}}}}{4}$$ = 6615
Or, 8p + $$\frac{{33{\text{p}}}}{2}$$ = 6615

In the expression for LHS = RHS; we need $$\frac{{33{\text{p}}}}{4}$$ to be odd number.
This can only happen when p is not a multiple of 4.
Hence, option a and c gets eliminated automatically.
Now, we check for option B which is correct.
37
A driver of auto rickshaw makes a profit of 20% on every trip when he carries 3 passengers and the price of petrol is Rs. 30 a litre. Find the % profit for the same journey if he goes for 4 passengers per trip and the price of petrol reduces to Rs. 24 litres? (revenue per passenger is same)
Discuss
Answer & Solution
Answer: Option C
Solution:
Assume the cost price = 100 and selling price = 120
Then, when price of petrol is reduced
Cost price become 60 and selling price = 160
Profit increased = 100%
38
A dishonest dealer marks up the price of his goods by 20% and gives a discount of 10% to the customer. He also uses a 900 gram weight instead of a 1 kilogram weight. Find his percentage profit due to these maneuvers?
Discuss
Answer & Solution
Answer: Option C
Solution:
He sells only 900 grams when he takes the money for 1 kg.
and
he sells at a 8% profit (20% markup, 10% discount)
Hence, his selling price is Rs. 108 for 900 grams
% profit = $$\frac{{18}}{{90}} \times 100$$   = 20%
39
A dishonest dealer marks up the price of his goods by 20% and gives a discount of 10% to the customer. He also uses a 900 gram weight instead of a 1 kilogram weight. Find his percentage profit due to these maneuvers?
Discuss
Answer & Solution
Answer: Option A
Solution:
Let CP = Rs. 1 per gram
Then SP of 1000gram is 1000 + 20% of 1000 = Rs. 1200
Now Dealer gives 10% discount = 1200 - 10% of 1200 = Rs. 1080

Then, Dealer is dishonest and sells 900 g is 1080
And, CP of 900 grams is 900
Profit = 1080 - 900 = 180
∴ % profit = $$\frac{{180 \times 100}}{{900}}$$   = 20%
40
The cost of setting up the type of a magazine is Rs. 1000. The cost of running the printing machine is Rs. 120 per 100 copies. The cost of paper, ink and so on is 60 paise per copy. The magazines are sold at Rs. 2.75 each. 900 copies are printed, but only 784 copies are sold. What is the sum to be obtained from advertisements to give profit of 10% on the cost?
Discuss
Answer & Solution
Answer: Option C
Solution:
Total cost = type + Printing + paper, ink
= 1000 + 120 × 9 + 540 = 2620
Net sum to be recovered = Rs. 2882
Total magazine sold 784 for = 784 × 2.75 = 2156
Sum obtained from advertisement = 2882 - 2156 = Rs. 726