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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-6 section-5

Each section contains 100 MCQs on Profit and Loss .
51
A shopkeeper sells guava worth 22 per kg to Anand and Sakshi for Rs. 25 each. He sold Anand 950 g instead of 1 kg. He sold the 'x' gm to Sakshi instead of 1 kg using a defective weight. If he earns a real profit of Rs. 7.76 by selling both, then what is the value of 'x'?
Discuss
Answer & Solution
Answer: Option A
Solution:
Total profit = 7.76
In Ist case, (Anand) instead of 1 kg, he gave 950 gm
So, profit = 50 gm
⇒ 1000 gm = Rs. 22
1 gm = $$\frac{{22}}{{1000}}$$
50 gm = $$\frac{{1100}}{{1000}}$$  = 1.1
In Ist case, total profit = 3 + 1.1 = Rs. 4.1
So, left profit = 7.76 - 4.1 = Rs. 3.66
In IInd case, (Sakshi) profit is Rs. 3 as he sold (in Rs. 25) and left Rs. 0.66 is because he sold less of instead of 1000 gm
So, Rs. 22 → 1000 gm
Rs. 1 → $$\frac{{1000}}{{22}}$$  × 0.66 = 30 gm
So he sold 970 gm instead of 1000 gm Answer
52
A shopkeeper bought 40 pieces of an article at a rate of Rs. 50 per item. He sold 35 pieces with 20% profit. The remaining 5 pieces were found to be damaged and he sold them with 10% loss. Find his overall profit percentage.
Discuss
Answer & Solution
Answer: Option C
Solution:
$$\eqalign{ & {\text{Total cost price of 40 article}} = {\text{Rs}}{\text{. }}2000 \cr & {\text{Sale price of 35 article}} \cr & = 35 \times 50 \times \frac{{120}}{{100}} = {\text{Rs}}{\text{. }}2100 \cr & {\text{Sale price of 5 article}} \cr & = 5 \times 50 \times \frac{{90}}{{100}} = {\text{Rs}}{\text{. }}225 \cr & \therefore {\text{Total sale price of 40 article}} \cr & = 2100 + 225 = {\text{Rs}}{\text{. }}2325 \cr & \therefore {\text{Overall profit}} = 2325 - 2000 = {\text{Rs}}{\text{. }}325 \cr & \therefore {\text{Profit }}\% = \frac{{325}}{{2000}} \times 100 = 16.25\% \cr & \cr & {\bf{Alternate}}\,{\bf{solution}} \cr} $$
\[\begin{array}{*{20}{c}} {{\text{Article}} \to }&{35}&:&5 \\ {}&7&:&1 \\ {}&{20\% }&{}&{ - 10\% } \end{array}\]
$$\eqalign{ & {\text{Overall profit }}\% \cr & = \frac{{7 \times 20\% - 1 \times 10\% }}{{7 + 1}} \cr & = \frac{{140\% - 10\% }}{8} \cr & = \frac{{130}}{8}\% \cr & = 16.25\% \cr} $$
53
A sold a watch to B at a profit of 20%. B sold it to C at 30% profit. C sold it to D at 10% loss. If B's profit is Rs. 80 more than that of A, then D bought it for:
Discuss
Answer & Solution
Answer: Option D
Solution:
Let A purchased at Rs. 100
⇒ A sold to B at a 20% profit = 100 × $$\frac{{120}}{{100}}$$
⇒ A sold to B at a 20% profit = 120
⇒ A's profit = 120 - 100
⇒ A's profit = 20 - - - - - - - - (1)
⇒ B sold to C at a 30% profit = 120 × $$\frac{{130}}{{100}}$$
⇒ B sold to C at 30% profit = 156
⇒ B's profit = 156 - 120
⇒ B's profit = 36 - - - - - - - - (2)
⇒ C sold to D at a 10% loss = 156 × $$\frac{{90}}{{100}}$$
⇒ C sold to D at a 10% loss = 140.4
From equation (1) and (2)
The difference in profit of B and A
⇒ B's profit - A's profit = 36 - 20
⇒ B's profit - A's profit = 16
So. 16x = 80
⇒ x = 5
∴ D bought it for 140.4 × 5 = Rs. 702.
54
A shopkeeper bought toffees at a rate of 10 for Rs. 15 and sold them at a rate of 16 for Rs. 40. Find his profit percentage. (correct to two decimal places)
Discuss
Answer & Solution
Answer: Option D
Solution:
Cost price of 10 toffees = Rs. 15
Cost price of 80 toffees = Rs. 120
Selling price of 16 toffees = Rs. 40
Selling price of 80 toffees = Rs. 200
∴ Profit = 200 - 120 = Rs. 80
∴ Profit % = $$\frac{{80}}{{120}}$$ × 100 = 66.67%
55
Reshma buys two articles A and B for Rs. 1,734. She sells A at a loss of 16% and sells B at a gain of 20%. The selling price of both the articles is the same. If A is sold for Rs. 1147.50, then the gain percent on A is:
Discuss
Answer & Solution
Answer: Option A
Solution:
\[\begin{array}{*{20}{c}} {}&{{\text{Cost price}}}&{}&{{\text{Selling price}}} \\ {{\text{Article A}} \to }&{{{25}_{ \times 6}}}&:&{{{21}_{ \times 6}}} \\ {{\text{Article B}} \to }&{{5_{ \times 21}}}&:&{{6_{ \times 21}}} \end{array}\]
$$\eqalign{ & {\text{A}} + {\text{B}} = 255{\text{ units}} \to {\text{1734}} \cr & {\text{17 units}} \to 102 \cr & {\text{Cost price of Article A}} \to {\text{150}} \to {\text{1020}} \cr & 1147.50 - 1020 = 127.50 \cr & {\text{Gain }}\% = \frac{{127.50}}{{1020}} \times 100 = 12.5 \cr} $$
56
An article is sold at a certain price. If it is sold at 80% of this price, then there will be a loss of 10%. What is the percentage profit when the article is sold at the original selling price?
Discuss
Answer & Solution
Answer: Option B
Solution:
$$\eqalign{ & {\text{Let price}} = 100 \cr & {\text{Sold}} = 100 \times \frac{{80}}{{100}} = 80 \cr & {\text{Cost price}} = \frac{{80 \times 100}}{{90}} = \frac{{800}}{9} \cr & {\text{Cost price : Selling price}} \cr & = \frac{{800}}{9}:100 \cr & = 800:900 \cr & {\text{Profit }}\% = \frac{{100}}{{800}} \times 100 = 12\frac{1}{2}\% \cr} $$
57
The selling price of one article allowing a discount of 15% on its cost price, is the same as the selling price of another article after allowing a discount of 25% on its cost price. If the sum of the cost price of both the articles is Rs. 640, then find the selling price of each article.
Discuss
Answer & Solution
Answer: Option D
Solution:
\[\begin{array}{*{20}{c}} {}&{\text{I}}&{{\text{II}}} \\ {{\text{Cost price}}}&{{{20}_{ \times 3}}}&{{4_{ \times 17}}} \\ {{\text{Discount}}}&{ - 3}&{ - 1} \\ {{\text{Selling price}}}&{{{17}_{ \times 3}}}&{{3_{ \times 17}}} \end{array}\]
Cost price = 60 + 68 = 128 unit
128 unit → 640
1 unit → 5
Selling price = 51 unit = 51 × 25 = Rs. 255
58
Anu sold an article for Rs. 480 at some profit. Had she sold it for Rs. 400. Then there would have been a loss equal to one-third of the initial profit. What was the cost price of the article?
Discuss
Answer & Solution
Answer: Option C
Solution:
Loss = $$\frac{1}{3}$$ Profit
$$\frac{{{\text{Loss}}}}{{{\text{Profit}}}} = \frac{1}{3}$$
Cost price = 480 - 3x = 400 + x
4x = 80
x = 20
Cost price = 400 + 20 = 420
59
Ravi buys salt at Rs. 16 per kg and sells it at Rs. 18 per kg. He also uses the weight of 900 gm instead of 1000 gm. What is Ravi's actual profit percentage?
Discuss
Answer & Solution
Answer: Option D
Solution:
$$\eqalign{ & \frac{{{\text{Selling price}}}}{{{\text{Cost price}}}} = \frac{{18}}{{16}} \times \frac{{1000}}{{900}} = \frac{5}{4} \cr & {\text{Profit }}\% = \frac{1}{4} \times 100 = 25\% \cr} $$
60
A faulty weighing machine reads 1 kg when 900 gm is actually weighted on it. The shopkeeper marked the price of his goods by 10%, but unfortunately he was caught by the metrology department and then they ordered him to repair his weighing machine and gave punishment to sell the goods at 10% discount on cost price for a month. If each customer is now paying Rs. 20 for 1 kg, then before the raid . . . . . . . . amount they have paid for the same quantity. (Rounded off to two places of decimal)
Discuss
Answer & Solution
Answer: Option A
Solution:
After getting caught = as a punishment giving 10% discount on cost price for every 1 kg and customer is paying Rs. 20 for 1 kg.
Therefore,
Actual cost price (for customer) = $$ = \frac{{20}}{{0.9}} = \frac{{200}}{9}$$
But shopkeeper before raid was selling at marked price which is 10% more than cost price $$ = 1.1 \times \frac{{200}}{9} = \frac{{220}}{9}$$
But this amount was before raid paid for 900 gm
So, actual amount paid for 1000 gm before raid $$ = \frac{{\frac{{220}}{9}}}{{900}} \times 1000 = {\text{Rs}}{\text{. }}27.16$$