Profit & Loss practice set 1 for RRVUNL AE & JE,UPPCL AE,DMRC/NMRC,SSC JE,BSPHCL JE

Profit
& Loss Important formulas:



Cost
Price
:
The price for which an article is purchased is called the Cost Price
(C.P.)

Selling price:
The price at which an article is sold is called the Selling Price (S.P.)
Market Price: The price for which an article
can be bought or sold i.e. the price at which the article is available to the
market.
Profit or
Gain
:
The difference between the selling price and the cost price (when
S.P. is more than C.P) is called the Profit.
Loss:
The difference between the cost price and selling price (when C.P. is more than
S.P.) is called the Loss.
Important Point to be Remember: The
Loss or Gain is always Computation on the cost price only.
If, S.P =
Selling Price, C.P = Cost Price and M.P = Market Price,

Then the
important formulas for profit & loss are as bellow:

Question No. 01
A shopkeeper
sells one transistor for Rs. 840 at a gain of 20% and another for Rs. 960 at a
loss of 4%. His total gain or loss percent is:
(A) 5 15/17 % loss
(B) 5 15/17 % gain
(C) 6 2/3 % gain
(D) None of
these
Answer:
Option
Explanation:
C.P. of 1st transistor
= Rs. {(100/120) × 840} = Rs. 700
C.P. of 2nd transistor
= Rs. {(100/96) × 960} = Rs. 1000
So, total
C.P. = Rs. (700 + 1000) = Rs. 1700
Total S.P. =
Rs. (840 + 960) = Rs. 1800
∴ Gain
% = {(100/1700) × 100} % = 5 15/17
%
Question No. 02
In a certain
store, the profit is 320% of the cost. If the cost increases by 25% but the
selling price remains constant, approximately what percentage of the selling
price is the profit?
(A) 30%
(B) 70%
(C) 100%
(D) 250%
Answer:
Option B
Explanation:
Let C.P.=
Rs. 100. Then, Profit = Rs. 320, S.P. = Rs. 420
New C.P. =
125% of Rs. 100 = Rs. 125
New S.P. =
Rs. 420
Profit = Rs.
(420 – 125) = Rs. 295
∴ Required
percentage = {(295/420) × 100} % = (1475/21) % = 70% (approximately).
Question No. 03
On selling
17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. The
cost price of a ball is:
(A) Rs. 45
(B) Rs. 50
(C) Rs. 55
(D) Rs. 60
Answer:
Option D
Explanation:
(C.P. of 17
balls) – (S.P. of 17 balls) = (C.P. of 5 balls)
=> C.P. of 12 balls = S.P. of 17 balls
= Rs.720
=> C.P.
of 1 ball = Rs. (720/12) = Rs. 60
Question No. 04
A vendor
bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
(A) 3
(B) 4
(C) 5
(D) 6
Answer:
Option C
Explanation:
C.P. of 6 toffees
= Re. 1
S.P. of 6
toffees = 120% of Re. 1 = Rs. 6/5
For Rs. 6/5,
toffees sold = 6
For Rs. 1,
toffees sold = {6 × (5/6)} = 5
Question No. 05
A shopkeeper
expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs.
392, what was his profit?
(A) Rs.
18.20
(B) Rs. 70
(C) Rs. 72
(D) Rs.
88.25
Answer:
Option C
Explanation:
C.P. = Rs.
{(100/122.5) × 392} = Rs. {(1000/1225) × 392} = Rs. 320
∴ Profit
= Rs. (392 – 320) = Rs. 72
Question No. 06
Sam
purchased 20 dozens of toys at the rate of Rs. 375 per dozen. He sold each one
of them at the rate of Rs. 33. What was his percentage profit?
(A) 3.5
(B) 4.5
(C) 5.6
(D) 6.5
Answer:
Option C
Explanation:
Cost Price
of 1 toy = Rs. (375/12) = Rs. 31.25
Selling
Price of 1 toy = Rs. 33
So, Gain =
Rs. (33 – 31.25) = Rs. 1.75
∴ Profit
% = {(1.75/31.25) × 100} % = (28/5) % = 5.6%
Question No. 07
When a plot
is sold for Rs. 18,700, the owner loses 15%. At what price must that plot be
sold in order to gain 15%?
(A) Rs.
21,000
(B) Rs.
22,500
(C) Rs.
25,300
(D) Rs.
25,800
Answer:
Option C
Explanation:
Here, 85 :
18700 = 115 : x
=> x = (18700 × 115)/85
= 25300
Hence, S.P.
= Rs. 25,300.
Question No. 08
If selling
price is doubled, the profit triples. Find the profit percent.
(A) 66⅔
(B) 100
(C) 105 1/3
(D) 120
Answer:
Option B
Explanation:
Let C.P. be
Rs. x and S.P. be Rs. y
Then, 3(y – x)
= (2y – x)
=> y =
2x
Profit = Rs.
(y – x) = Rs. (2x – x) =
Rs. x
∴ Profit
% = {(x/x) x 100} % = 100%
Question No. 09
A man buys a
cycle for Rs. 1400 and sells it at a loss of 15%. What is the selling price of
the cycle?
(A) Rs. 1090
(B) Rs. 1160
(C) Rs. 1190
(D) Rs. 1202
Answer:
Option C
Explanation:
S.P. = 85%
of Rs. 1400 = Rs. {(85/100) × 1400} = Rs. 1190
Question No. 10
100 oranges
are bought at the rate of Rs. 350 and sold at the rate of Rs. 48 per dozen. The
percentage of profit or loss is:
(A) 14 2/7 % gain
(B) 15 %
gain
(C) 14 2/7 % loss
(D) 15 %
loss
Answer:
Option A
Explanation:
C.P. of 1
orange = Rs. (350/100) = Rs. 3.50
S.P. of 1
orange = Rs. (48/12) = Rs. 4
∴ Gain%
= {(0.50/3.50) × 100} % = (100/7) % = 14 2/7 %

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