Sample QuestionsProfit and Loss questions
One sample from each question group in this chapter. Select any group above to see the full set with answer keys.
Tick $(\checkmark)$ the correct answer in the following:
A man buys an article for $Rs. 150$ and makes overhead expenses which are $10\%$ of the cost price. At what price must he sell it to gain $20\%?$
- A
$Rs. 182$
- B
$Rs. 192$
- ✓
$Rs. 198$
- D
$Rs. 208$
Answer: C.
View full solution →Tick $(\checkmark)$ the correct answer in the following:
On selling a chair for $Rs. 720$, a man loses $25\%.$ To gain $25\%$ it must be sold for.
- A
$Rs. 900$
- ✓
$Rs. 1200$
- C
$Rs. 1080$
- D
$Rs. 1440$
Answer: B.
View full solution →Tick $(\checkmark)$ the correct answer in the following: Rajan buys a toy for $Rs. 75$ and sells it for $Rs. 100$. His gain percent is:
- A
$25\%$
- B
$20\%$
- ✓
$33\frac{1}{3}\%$
- D
$37\frac{1}{2}\%$
Answer: C.
View full solution →Tick $(\checkmark)$ the correct answer in the following: The marked price of an article is $10\%$ more than the cost price and a discount of $10\%$ is given on the marked price. The seller has.
Answer: C.
View full solution →Tick $(\checkmark)$ the correct answer in the following: A man sold two chairs for $Rs. 500$ each. On one he gains $20\%$ and on the other he loses $12\%.$ His net gain or loss percent is:
- ✓
$1.5\%$ gain
- B
$2\%$ gain
- C
$1.5\%$ loss
- D
$2\%$ loss
Answer: A.
View full solution →Assertion (A): Successive discounts of $20 \%$ and $10 \%$ are equivalent to a single discount of $30 \%$.
Reason (R): Single discount equivalent to successive discounts of $a \%$ and $b \%$ is always less than $(a+b) \%$.
- A
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
- B
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
- C
Assertion (A) is true but Reason (R) is false.
- ✓
Assertion (A) is false but Reason (R) is true.
Answer: D.
View full solution →Assertion (A): A trader marks his goods at $10 \%$ above the cost price and allows a discount of 10%. Thus, he loses $1 \%$.
Reason (R): Discount is always reckoned on the selling price.
- A
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
- B
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
- ✓
Assertion (A) is true but Reason (R) is false.
- D
Assertion (A) is false but Reason (R) is true.
Answer: C.
View full solution →Assertion (A): Ashish sold two watches for the same price, gaining $15 \%$ on one and losing $15 \%$ on the other. Thus, he neither gains nor loses in the entire deal.
Reason (R): When two articles purchased for ₹ $x$ each are sold, one at a gain of $p \%$ and the other at a loss of $p \%$ then there is no net gain or loss.
- A
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
- B
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
- C
Assertion (A) is true but Reason (R) is false.
- ✓
Assertion (A) is false but Reason (R) is true.
Answer: D.
View full solution →Assertion (A): A trader sells $\frac{2}{5}$ of a lot of goods at a loss and the remaining $\frac{3}{5}$ of the lot at a profit. Then, he incurs a net profit on the entire deal.
Reason (R): The profit or loss is always reckoned on the cost price.
- A
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
- B
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
- C
Assertion (A) is true but Reason (R) is false.
- ✓
Assertion (A) is false but Reason (R) is true.
Answer: D.
View full solution →Assertion (A): A shopkeeper purchases eggs at ₹ 96 per dozen and sold them at ₹ 160 per score. Thus, he neither gained nor lost anything.
Reason (R): If $SP > CP$ then the shopkeeper incurs a gain.
- A
Both Assertion (A) and Reason (R) are true and Reason (R) is the correct explanation of Assertion (A).
- ✓
Both Assertion (A) and Reason (R) are true and Reason (R) is not the correct explanation of Assertion (A).
- C
Assertion (A) is true but Reason (R) is false.
- D
Assertion (A) is false but Reason (R) is true.
Answer: B.
View full solution →A trader marks his goods at $30\%$ above cost price and allows a discount of $10\%$. What is his gain percent$?$
View full solution →A tea set was bought for $Rs. 528$ after getting a discount of $12\%$ on its marked price. Find the marked price of the tea set.
View full solution →Find the selling price when. $CP = Rs. 645$ and loss % $=13\frac{1}{3}\%$
View full solution →Find the cost price when. $SP = Rs. 657.60$ and loss $\% = 4\%$
View full solution →Find the selling price when. $CP = Rs. 875$ and loss $\% = 12\%$
View full solution →Hema bought two pairs of jeans for $Rs. 1450$ each. She sold one of them at a gain of $8\%$ and the other at a loss of $4\%$. Find her gain or loss percent in the whole transaction.
View full solution →A radio is sold for $Rs. 3120$ at a loss of $4\%.$ What will be the gain or loss percent if it is sold for $Rs. 3445?$
View full solution →A jeweller allows a discount of $16\%$ to his customers and still gains $20\%$. Find the marked price of a ring which costs the jeweller $Rs. 1190.$
View full solution →A dealer gets $Rs. 56$ less if instead of selling a chair at a gain of $15\%$, it is sold at a gain of $8\%.$ Find the cost price of the chair.
View full solution →Oranges are bought at $6$ for $Rs. 20$ and sold at $4$ for $Rs. 18.$ Find the gain or loss percent.
View full solution →Ahmed buys a plot of land for $Rs. 480000.$ He sells of it at a loss of $6\%.$ At what gain percent should he sell the remaining part of the plot to gain $10\%$ on the whole$?$
View full solution →Vinod sold a watch to Arun at a gain of $12\%$ and Arun had to sell it to Manoj at a loss of $5\%.$ If manoj paid $Rs. 3990$ for it, how much did vinod pay for the watch$?$
View full solution →A dealer sold a camera for $Rs. 1080$ gaining $\frac{1}{8}$ of its cost price. Find $(i)$ the cost price of the camera, and $(ii)$ the gain percent earned by the dealer.
View full solution →Luxmi sold two sarees for $Rs. 1980$ each. On one, she lost $10\%,$ while on the other she gained $10\%$. Find her gain or loss percent in the whole transaction.
View full solution →Meenakshi sells a pen for $Rs. 54$ and loses $\frac{1}{10}$ of her outlay. Find $(i)$ the cost price of the pen, and $(ii)$ the loss percent.
View full solution →Kunal owns an electrical goods shop wherein he trades in home appliances and also undertakes repair of appliances. On a certain day, he bought an electric iron for ₹ 415 but it turned out fauity and he had to spend ₹ 35 on its repairs. Thereafter he sold the iron for $₹ 486$. He then bought an electric kettle for ₹ 702 including VAT at $8 \%$. He paid $₹ 48$ for its transportation and sold it, gaining $12 \%$. Next, he bought a heater for ₹ 3600 . He marked it at a price $15 \%$ above its cost and then sold it at a discount of $15 \%$ on it.
(1) What percentage of profit did Kunal earn on the electric iron?
(a) $5 \%$$\quad$(b) $8 \%$$\quad$(c) $9 \%$$\quad$(d) $14.6 \%$
(2) The original or basic cost price (excluding VAT) of the electric kettle is
(a) ₹ 646$\quad$(b) ₹ 650$\quad$(c) ₹ 654$\quad$(d) ₹ 670
(3) The price at which Kunal sold the kettle was
(a) ₹ 786$\quad$(b) ₹ 825$\quad$(c) ₹ 840$\quad$(d) ₹ 850
(4) How much profit or loss did Kunal earn by selling the heater?
(a) No profit no loss$\quad$(b) Profit of ₹ 71$\quad$(c) Loss of ₹ 71$\quad$(d) Loss of ₹ 81
View full solution →Fill in the blanks. $VAT$ is charged on the _____ of the article.
View full solution →Write $'T'$ for true and $'F'$ for false for the following: $\text{CP}=\frac{(100+\text{gain}\%)}{100}\times\text{SP}$
View full solution →Fill in the blanks. $SP = ($Marked price$) - ($____$)$
View full solution →Write $'T'$ for true and $'F'$ for false for the following:
Gain is reckoned on the selling price.
View full solution → Fill in the blanks.
Gain or loss is always reckoned on the _____.