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# Profit and Loss Questions and Answers

**Profit And Loss Questions and Answers**

**I**n this Page you will Find Profit and Loss Questions and Answers that will help in Different Examinations. The questions are prepared based on the concept of averages and as per the latest exam pattern.

Profit
Profit is the financial gain obtained when the selling price of a product or service exceeds its cost price.
\text{Profit} = \text{Selling Price} - \text{Cost Price}

Loss
Loss, on the other hand, occurs when the cost price of a product or service exceeds its selling price.
\text{Loss} = \text{Cost Price} - \text{Selling Price}

**Basic concept used in Profit and Loss**

**Cost Price**– It is basically the price at which a commodity or object is bought at. e.g. Shopkeeper buying Sugar from Farmer to sell in his grocery store. In its short form it is denoted as C.P.**Selling Price**– The price at which the commodity is sold at. e.g. Shopkeeper selling sugar to his customer. In its short form is denoted as S.P.**Gain or Profit**– If Cost Price is lesser than Selling Price, gain is made.**Loss**– If Cost price is greater than the Selling price, Loss is incurred.

**Rules**

- If an item is sold at a profit of 25%, then its selling price = 125% of the Cost Price.
- If an item is sold at a loss of 25%, then its selling price is 75% of the Cost Price.
- When two similar items are sold by a person, one at the profit of a%, and the other at a loss of a%, then the vender’s faces a loss which is given by:

Loss% = \left ( \frac{a}{10}\right )^{2} - If a vender wants to sell his items at cost price and uses incorrect weights, then

Gain% = \frac{Error}{True\: value – Error }x100%

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- Averages – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts
- Allegations and Mixtures – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts
- Ratio and Proportions – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts
- Simple & Compound Interest – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts
- Simple Interest – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts
- Compound Interest – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts
- Percentages – Questions | Formulas | How to Solve Quickly | Tricks & Shortcuts

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Tricks & Shortcuts - Ratio and Proportions – Questions |

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Tricks & Shortcuts - Simple & Compound Interest – Questions |

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Tricks & Shortcuts - Simple Interest – Questions |

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Tricks & Shortcuts - Compound Interest – Questions |

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Tricks & Shortcuts - Percentages – Questions |

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Tricks & Shortcuts - Averages – Questions |

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