Profit and Loss Questions and Answers

Profit and Loss Questions and Solutions

Concept of Profit and Loss

Profit and Loss Questions and basic concepts used are given here on this page. When a person conducts business, if he or she earns a certain amount of money after the transaction, it is called a profit. While, if he or she loses a certain amount of money, it is referred to as a loss. Profit and loss are the amounts of money when someone earns or loses money during a business transaction. The money paid over the original cost is loss, while the amount of money earned over the original cost is refered as a profit in a business transaction.

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%

Question 1

Time: 00:00:00
Ravindra and Yash are employees of an IT firm in Bangalore, where ravindra recently sold his Hyundai car worth Rs1, 50,000 was sold to Yash at 5% profit. At 2% loss Yash sold the car back to Ravindra. Find gain of  Ravindra (i.e. Difference between the price at which Ravindra sold the car to the price at which he finally bought it again.)

Ravindra gained Rs 4,350

Ravindra gained Rs 4,350

Yash lost Rs 4,350

Yash lost Rs 4,350

Ravindra gained Rs 3,150

Ravindra gained Rs 3,150

Ravindra lost Rs 3,150

Ravindra lost Rs 3,150

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Question 2

Time: 00:00:00
The aristo complex is a prominent residence in beautiful city of Jaipur where it had recently got a grocery shop opened where the profit is 320% of the cost in the shop. If the selling price remains constant while the cost increases by 25%, find out approximately what percentage of the selling price is the profit?

250%

250%

100%

100%

70%

70%

30%

30%

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Question 3

Time: 00:00:00
Ricosta has a Pawn Shop and a visitor comes to his prominent shop in the busy city of Chennai where Ricosta buys a vintage scooter for Rs.4700 from him. On its repairs he spends Rs.800. If he sells the vintage scooter for Rs.5800 what is his profit%?

12%

12%

10%

10%

20%

20%

\frac{60}{11} %

\frac{60}{11} %

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Question 4

Time: 00:00:00
The government had released a very good scheme for local vendors on the variety of rice and their prices .A local dealer purchased two varieties of rice, 100 kilogram at Rs.14.50 per kilogram and 110 kilogram at Rs.15 per kilogram. The shopkeeper being greedy, had combined the two varieties of rice and sold the mixture at a profit of 15 %. Calculate the S.P of the mixture per KG.

Rs 16.97

Rs 16.97

Rs 17.45

Rs 17.45

Rs 13.78

Rs 13.78

Rs 10.21

Rs 10.21

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Question 5

Time: 00:00:00
Raman lives in pune, he and his dad together opened a new Casio watch showroom on his birthday. Raman sold two watches at the same price, one at 10 % profit and other at 10 % loss. Find his overall gain or loss percent

1.5%

1.5%

1%

1%

2%

2%

1.75%

1.75%

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Question 6

Time: 00:00:00
Havells is a leader in the market for water heater. A salesman of havells is selling a liquid heater kettle for Rs. 4200, the salesman incurs a loss of 20%. If he wants to earn a profit of 20%, at what price should he sell the liquid heater kettle?

Rs 7000

Rs 7000

Rs 2200

Rs 2200

Rs 6300

Rs 6300

Rs 9900

Rs 9900

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Question 7

Time: 00:00:00
Jayce is an independent woman who has not completed her education so she earns for her living by selling rice. She decided to get 15% profit by selling rice. She buys two varieties of rice.
V1: 150 kg at Rs. 35/ Kg;
V2: 190 kg at Rs. 50/ kg.
At what price per kg she should sell the rice mix per kg?

Rs 68.45

Rs 68.45

Rs 96.91

Rs 96.91

Rs 49.88

Rs 49.88

Rs 32.12

Rs 32.12

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Question 8

Time: 00:00:00
Manish buys an electronic fan at 6 per rupee for his child. From another shop at 2 per rupee he buys same number of paper wind fans. He puts them all together and sells them at 2 per rupee. Will he make profit or loss? How much?

Profit = 78 %

Profit = 78 %

Loss = 40%

Loss = 40%

Profit = 50 %

Profit = 50 %

Loss = 100 %

Loss = 100 %

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Question 9

Time: 00:00:00
Jamuna live in old city and she is very fond of candies, while going to school every day waits for the candy vendor to come who will sell a unique variety of mango candy for Rs 200. If the vendor makes a Profit of 20% then find the Price at which the vendor himself bought the candy?

85

85

166.66

166.66

99

99

247

247

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Question 10

Time: 00:00:00
Jasmine Bought a flower pot for Rs 200 and then sold it at a profit of 10%. Find the Price at which she sold the pot.

240

240

200

200

462

462

147

147

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Question 11

Time: 00:00:00
Rocco has a laptop in old city of Delhi near the government school where he sold a laptop to Serco at a profit of 35%. Serco faced a loss of 15% when he sold the same laptop to Bravo. Rocco bought this laptop for Rs. 50,000/-. At what price did Bravo buy it?

Rs. 62,500

Rs. 62,500

Rs. 63,500

Rs. 63,500

Rs. 63,750

Rs. 63,750

Rs. 75,000/-

Rs. 75,000/-