ExamVeda
Login
Home

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-2

Each section contains 100 MCQs on Profit and Loss .
31
Abhishek purchased 140 shirts and 250 trousers @ Rs. 450 and @ Rs. 550 respectively. What should be the overall average selling price of shirts and trousers so that 40% profit is earned ? (rounded off to next integer)
Discuss
Answer & Solution
Answer: Option C
Solution:
Total Cost Price
= Rs. (140 × 450 + 250 × 550)
$$\eqalign{ & = {\text{Rs}}.\left( {63000 + 137500} \right) \cr & = {\text{Rs}}{\text{. }}200500. \cr & {\text{Total Selling Price}} \cr & = {\text{Rs}}.\left( {\frac{{140}}{{100}} \times 200500} \right) \cr & = {\text{Rs}}{\text{. }}280700. \cr & \therefore {\text{Average Selling Price}} \cr & = {\text{Rs}}.\left( {\frac{{280700}}{{140 + 250}}} \right) \cr & = {\text{Rs}}.\left( {\frac{{280700}}{{390}}} \right) \cr & = {\text{Rs}}{\text{. }}719.74 \approx 720 \cr} $$
32
A man sells two chairs at Rs. 120 each and by doing so he gains 25% on one chair and loses 25% on the other. His loss on the whole in Rs. is = ?
Discuss
Answer & Solution
Answer: Option B
Solution:
$$\eqalign{ & {\text{C}}{\text{.P}}{\text{.}}\,{\text{of first chair}} \cr & = \frac{{100}}{{125}} \times 120 = {\text{Rs}}{\text{.}}\,96 \cr & {\text{C}}{\text{.P}}{\text{.}}\,\,{\text{of}}\,{\text{second}}\,{\text{chair}} \cr & = \frac{{100}}{{75}} \times 120 = {\text{Rs}}{\text{.}}\,160 \cr & \therefore {\text{Loss}} = 160 + 96 - 240 \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs}}{\text{.}}\,16 \cr} $$
33
A man wanted to sell an article with 20% profit: but he actually sold at 20% loss for Rs. 480, at what price he wanted to sell it to earn the profit = ?
Discuss
Answer & Solution
Answer: Option A
Solution:
According to the question,
$$\eqalign{ & {\text{Loss }}20\% \cr & {\text{Selling price}} \cr & = 100\% - 20 = 80\% \cr & 80\% = 480 \cr & 1 = \frac{{480}}{{80}} \cr & \therefore \left( {{\text{Profit }}20\% } \right) \cr & = \frac{{480}}{{80}} \times 120 \cr & = {\text{Rs}}{\text{. }}720 \cr} $$
34
A shopkeeper sells an article at a loss of $$12\frac{1}{2}$$% . Had he sold it for Rs. 51.80 more, he would have earned a profit of 6% . The cost price of the article is = ?
Discuss
Answer & Solution
Answer: Option A
Solution:
Let C.P. be Rs. x Then
(106% of x) - $$\left( {87\frac{1}{2}\% \,\,{\text{of}}\,x} \right) = 51.80$$
$$\eqalign{ & \Rightarrow 18\frac{1}{2}\% \,\,{\text{of}}x = 51.80 \cr & \Rightarrow x = \left( {\frac{{51.80 \times 100 \times 2}}{{37}}} \right) \cr & \therefore x = 280 \cr} $$
35
A person purchased 10 dozen pens at the rate of Rs. 4 per dozen. On checking, he found that 20 pens were not working. In order to earn 25% profit, he should sell the remaining pens each at -
Discuss
Answer & Solution
Answer: Option C
Solution:
Total C.P. of (10 × 12) i.e.,
120 pens = Rs. (4 × 10) = Rs. 40
Number of working pens
= (120 - 20) = 100
Total selling price of 100 pens
$$\eqalign{ & = {\text{Rs}}{\text{.}}\left( {\frac{{125}}{{100}} \times 40} \right) \cr & = {\text{Rs}}{\text{. }}50. \cr & \therefore {\text{S}}{\text{.P}}{\text{.of each pen}} \cr & = {\text{Rs}}.\left( {\frac{{50}}{{100}}} \right) \cr & = {\text{50 paise}}{\text{}} \cr} $$
36
Jacob bought a scooter for a certain sum of money. He spent 10% of the cost on repairs and sold the scooter for a profit of Rs. 1100. How much did he spend on repairs if he made a profit of 20% ?
Discuss
Answer & Solution
Answer: Option C
Solution:
$$\eqalign{ & {\text{Let the C.P. be Rs. }}x \cr & {\text{Then, }}20\% {\text{ of }}x = 1100 \cr & \Rightarrow \frac{{20}}{{100}} \times x = 1100 \cr & \Rightarrow x = 5500 \cr & {\text{C}}{\text{.P}}. = {\text{Rs}}{\text{. }}5500 \cr} $$
Expenditure on repairs = 10%
$$\eqalign{ & {\text{Actual price}} \cr & = {\text{Rs}}.\left( {\frac{{100}}{{110}} \times 5500} \right) \cr & = {\text{Rs}}{\text{. }}5000. \cr & \therefore {\text{Expenditure on repairs}} \cr & = {\text{Rs}}.\left( {5500 - 5000} \right) \cr & = {\text{Rs}}{\text{. }}500 \cr} $$
37
A person sells a table at a profit of 10% . If he had bought the table at 5% less cost and sold for Rs. 80 more, he would have gained 20% . The cost price of the table is = ?
Discuss
Answer & Solution
Answer: Option C
Solution:
Let the CP1 of Table = 100x
Initial SP1 = 100x + 10% of 100x = 100x + 10x = 110x
Now, If He brought table at 5% discount. Therefore CP2 = 95x
Now SP2 = 95x + 20% of 95x = 95x + 19x =114x
According to question
SP2 - SP1 = 80
⇒ 114x - 110x = 80
⇒ 4x = 80
⇒ x = 20
Initial Cost of table = 100 × 20 = Rs. 2000
38
A radio is sold for Rs. 990 at a profit of 10% . What would have been the actual profit or loss on it had it been sold for Rs. 890 ?
Discuss
Answer & Solution
Answer: Option A
Solution:
Selling price of a radio (SP) = Rs 990
profit (g) = 10%
Let the cost price = CP
$$\eqalign{ & {\text{CP}} = \frac{{{\text{SP}} \times 100}}{{100 + {\text{g}}}} \cr & \Rightarrow CP = \frac{{990 \times 100}}{{100 + 10}} \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = \frac{{990 \times 100}}{{110}} \cr & \,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\,\, = {\text{Rs}}{\text{.}}\,900 \cr & {\text{Now,}} \cr & {\text{CP}} = Rs.\,900 \cr & {\text{SP}} = Rs.\,890 \cr & {\text{CP}} > {\text{SP}} \cr & {\text{He}}\,{\text{gets}}\,{\text{loss}} \cr & = {\text{Rs}}{\text{.}}\,900 - {\text{Rs}}{\text{.}}\,890 \cr & = {\text{Rs}}{\text{.}}\,10 \cr} $$
39
A man sells an article at 10% loss. If he had sold it at Rs. 10 more, he would have gained 10% . The cost price of the article is = ?
Discuss
Answer & Solution
Answer: Option A
Solution:
Let the CP1 of Article= 100x
Initial SP1 = 100x - 10% of 100x = 100x - 10x = 90x
If He sold the Article 10% profit
Now SP2 = 100x + 10% of 100x = 100x + 10x =110x
According to question
SP2 - SP1 = 10
⇒ 110x - 90x = 10
⇒ 20x = 10
⇒ x = $$\frac{1}{2}$$
Initial Cost of Article = 100 × $$\frac{1}{2}$$ = Rs. 50
40
By selling a bicycle for Rs. 2850, a shopkeeper gains 14% . If the profit is reduced to 8% then the selling price will be -
Discuss
Answer & Solution
Answer: Option B
Solution:
Let the new S.P. be Rs. x
then, 114 : 2850 = 108 : x
$$\eqalign{ & \Rightarrow x = \left( {\frac{{2850 \times 108}}{{114}}} \right) \cr & \Rightarrow x = 2700 \cr} $$