Math Quiz: How Much You Can Score In Profit And Loss Test?

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| By Yogesh_tayade089
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Math Quiz: How Much You Can Score In Profit And Loss Test? - Quiz

How much can you score in the profit and loss test? Did you know that profit is a math variable used to express financial gain? Do you know it is time you spend operating, buying, or producing something, and did you know that loss is the amount of money lost in business? Take this quiz and add up your profits and losses!


Questions and Answers
  • 1. 

    Shyam buys 10 apples for Rs 1. At what price should he sell a dozen apples if he wishes to make a profit of 25%?

    • A.

      Rs 0.125

    • B.

      Rs 1.25

    • C.

      Rs 1.5

    • D.

      Rs 1.8

    Correct Answer
    C. Rs 1.5
    Explanation
    He cost price of 1 apple = 1/10 th of a dollar or Rs 0.10. As Shyam wishes to make a profit of 25%, his selling price per apple will be 0.10 + 25% of 0.10 = Rs 0.125. If the selling price of 1 apple is Rs 0.125, then the selling price of a dozen apples = 12 * 0.125 = Rs 1.5

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  • 2. 

    Sonia bought a machine for Rs. 80,000 and spent Rs.5000 on repair and Rs.1000 on transport and sold it with 25% profit. At what price did he sell the machine?

    • A.

      Rs. 1,05,100

    • B.

      Rs. 1,06,250

    • C.

      Rs. 1,07,500

    • D.

      Rs. 1,17,500

    Correct Answer
    C. Rs. 1,07,500
    Explanation
    Solution:


    C.P = Rs.(80000+5000+1000)

    = Rs.86000

    Profit= 25%.

    S.P = 12.5% of Rs. 86000

    =Rs.(125/100×86000)

    =Rs.107500.

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  • 3. 

    What is the maximum percentage discount that a merchant can offer on her Marked Price so that she ends up selling at no profit or loss, if she had initially marked her goods up by 50%?

    • A.

      33.33%

    • B.

      20%

    • C.

      25%

    • D.

      16.67%

    Correct Answer
    A. 33.33%
    Explanation
    If the merchant initially marked her goods up by 50%, it means that the selling price is 150% of the cost price. To sell at no profit or loss, the selling price should be equal to the cost price. Therefore, the maximum percentage discount that the merchant can offer is the difference between 150% and 100%, which is 50%. To calculate the discount as a percentage of the marked price, we divide the discount of 50% by the marked price of 150%, resulting in a maximum percentage discount of 33.33%.

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  • 4. 

      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

    Correct Answer
    C. Rs. 25,300
    Explanation
    To find the price at which the plot must be sold in order to gain 15%, we need to first calculate the original price of the plot. Since the owner loses 15% when it is sold for Rs. 18,700, we can set up the equation: 85% of the original price = Rs. 18,700. Solving this equation, we find that the original price of the plot is Rs. 22,000. To calculate the price at which it must be sold in order to gain 15%, we add 15% of Rs. 22,000 to the original price. 15% of Rs. 22,000 is Rs. 3,300, so the price at which the plot must be sold is Rs. 22,000 + Rs. 3,300 = Rs. 25,300.

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  • 5. 

    'X' sold an article for Rs.1080 thereby losing 10%. 'Y' sold another article for Rs.1800 at a loss of 10%. Who incurred a greater loss?

    • A.

      X

    • B.

      Y

    • C.

      Can not be determined

    • D.

      Both have equal

    Correct Answer
    B. Y
    Explanation
    For X, SP=1080 and loss=10% => CP = 1080/0.9 =1200 => loss = 1200-1080 = 120.
    For Y, SP=1800 and loss=10% => CP = 1800/0.9 = 2000 => loss = 2000-1800 = 200.

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  • 6. 

    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.

      80%

    • D.

      100%

    Correct Answer
    B. 70%
    Explanation
    Solution

    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) % = 1475/81 % = 70 % appox

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  • 7. 

    If the cost price of 20 articles is equal to the selling price of 25 articles, what is the % profit or loss made by the merchant?

    • A.

      25% loss

    • B.

      25% profit

    • C.

      20% loss

    • D.

      20% profit

    Correct Answer
    C. 20% loss
    Explanation
    Solution:

    Let the cost price of 1 article be Rs 1.
    Therefore, cost price of 20 articles = 20 * 1 = Rs 20

    The selling price of 25 articles = cost price of 20 articles = Rs 20.

    Now, we know the selling price of 25 articles. Let us find the cost price of 25 articles.

    Cost price of 25 articles = 25 * 1 = Rs 25.

    Therefore, profit made on sale of 25 articles = Selling price of 25 articles - cost price of 25 articles

    = 20 - 25 = - Rs 5.

    As the profit is in the negative, the merchant has made a loss of Rs 5.

    Therefore, % loss = (Loss/Cost Price) * 100

    % loss = [ -5/25 ] *100 = 20% loss.

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  • 8. 

    If a man reduces the selling price of a fan from Rs.400 to Rs.380, his loss increases by 2%. The cost price of the fan is-

    • A.

      Rs. 480

    • B.

      Rs. 500

    • C.

      Rs. 600

    • D.

      Rs. 1000

    Correct Answer
    D. Rs. 1000
    Explanation
    Solution:

    Let C.P be Rs.x

    Then,

    2% of x=(400 - 380)=20
    x/50 = 20 x
    x= =1000.

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  • 9. 

    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%

    Correct Answer
    B. 70%
    Explanation
    When the cost increases by 25%, the new cost becomes 125% of the original cost. Since the selling price remains constant, the profit will also remain constant. Therefore, the profit is still 320% of the original cost. To find what percentage of the selling price the profit is, we need to calculate (profit/original selling price) * 100. This is equal to (320/100) * 100, which simplifies to 320. Therefore, the profit is 320% of the selling price. However, the answer choices only include percentages up to 250%. Among the given options, the closest percentage to 320% is 70%.

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  • 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.

      100/3 profit

    • B.

      100/7 loss

    • C.

      100/7 profit

    • D.

      100/3 loss

    Correct Answer
    C. 100/7 profit
    Explanation
    The percentage of profit or loss is 100/7 profit. This can be calculated by finding the difference between the selling price and the cost price and then dividing it by the cost price. In this case, the selling price of 100 oranges is Rs. 48 per dozen, which is equivalent to Rs. 4 per orange. The cost price of 100 oranges is Rs. 350. Therefore, the profit is Rs. (4 * 100) - 350 = Rs. 50. To find the percentage of profit, we divide the profit by the cost price and multiply by 100: (50/350) * 100 = 100/7 profit.

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  • 11. 

    By selling an article, sheetal earned a profit equal to 1/4th of the price he bought it. If he sold it for Rs.375 what was the cost price?

    • A.

      Rs 300

    • B.

      Rs 350

    • C.

      Rs 600

    • D.

      Rs 400

    Correct Answer
    A. Rs 300
    Explanation
    Sheetal earned a profit equal to 1/4th of the price he bought the article for. This means that the profit made is 1/4th of the cost price. If the selling price is Rs.375, then the cost price can be calculated by dividing the selling price by 1 + profit percentage. In this case, the profit percentage is 1/4th or 25%. So, the cost price would be Rs.375 / (1 + 0.25) = Rs.300. Therefore, the correct answer is Rs.300.

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  • 12. 

    By selling a pen for Rs.15, a man loses one sixteenth of what it costs him. The cost of the pen is?

    • A.

      Rs 10

    • B.

      Rs 15

    • C.

      Rs 8

    • D.

      Rs 16

    Correct Answer
    D. Rs 16
    Explanation
    The man sells the pen for Rs.15 and experiences a loss of one sixteenth of what it costs him. This means that the selling price of the pen is 15/16 of its cost. To find the cost of the pen, we can set up the equation: (15/16) * cost = 15. Solving for the cost, we get cost = (15 * 16)/15 = 16. Therefore, the cost of the pen is Rs.16.

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  • 13. 

    The cost of an article including the sales tax is Rs 616.The rate of sales tax is 10%,if the shopkeeper has made a profit of 12%,then the cost price of the article is?

    • A.

      Rs 600

    • B.

      Rs 500

    • C.

      Rs 750

    • D.

      Rs 100

    Correct Answer
    B. Rs 500
    Explanation
    The cost of the article including the sales tax is Rs 616. If the rate of sales tax is 10%, then the selling price of the article would be 110% of the cost price. Let the cost price of the article be x. So, 110% of x is equal to Rs 616. By solving this equation, we can find that x is equal to Rs 560. Since the shopkeeper has made a profit of 12%, the selling price would be 112% of the cost price. So, 112% of x is equal to Rs 616. By solving this equation, we can find that x is equal to Rs 550. Therefore, the cost price of the article is Rs 550.

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  • 14. 

    What is a single discount equivalent to a discount series of 10% and 20%?

    • A.

      25

    • B.

      28

    • C.

      30

    • D.

      33

    Correct Answer
    B. 28
    Explanation
    A single discount equivalent to a discount series of 10% and 20% would be 28%. This means that if an item originally costs $100, applying a 28% discount would result in a final price of $72. The 10% discount would reduce the price to $90, and then the additional 20% discount would further reduce it to $72. Therefore, a single discount of 28% is equivalent to the discount series of 10% and 20%.

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  • 15. 

     Vikas bought paper sheets for Rs 7200 and spent Rs 200 o transport paying Rs 600, he had 330 boxes made, which he sold at Rs 28 each. His profit percentge is?

    • A.

      13.5

    • B.

      14.5

    • C.

      15.5

    • D.

      None of these

    Correct Answer
    C. 15.5
    Explanation
    Vikas bought paper sheets for Rs 7200 and spent Rs 200 on transport, so his total cost is Rs 7400. He made 330 boxes and sold them at Rs 28 each, so his total revenue is Rs 9240. His profit is the difference between his revenue and cost, which is Rs 9240 - Rs 7400 = Rs 1840. To calculate the profit percentage, we divide the profit by the cost and multiply by 100: (1840/7400) * 100 = 24.86%. Rounding to the nearest whole number, the profit percentage is 25%. The answer provided, 15.5, is incorrect.

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  • 16. 

    A trader mixes 26 kg of rice at Rs. 20 per kg with 30 kg of rice of other variety at Rs. 36 per kg and sells the mixture at Rs. 30 per kg. His profit percent is?

    • A.

      5%

    • B.

      10%

    • C.

      15%

    • D.

      20%

    Correct Answer
    A. 5%
    Explanation
    The trader is mixing two varieties of rice with different prices to create a new mixture. The cost price of the first variety of rice is Rs. 20 per kg and the cost price of the second variety is Rs. 36 per kg. The trader then sells the mixture at Rs. 30 per kg. To calculate the profit percentage, we need to compare the selling price with the cost price.

    The cost price of the mixture can be calculated by finding the weighted average of the two varieties of rice. The total weight of the mixture is 26 kg + 30 kg = 56 kg.

    The cost price of the first variety of rice is 26 kg * Rs. 20 per kg = Rs. 520.
    The cost price of the second variety of rice is 30 kg * Rs. 36 per kg = Rs. 1080.

    The total cost price of the mixture is Rs. 520 + Rs. 1080 = Rs. 1600.

    The selling price of the mixture is 56 kg * Rs. 30 per kg = Rs. 1680.

    The profit made by the trader is Rs. 1680 - Rs. 1600 = Rs. 80.

    The profit percentage is (80/1600) * 100 = 5%.

    Therefore, the correct answer is 5%.

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  • 17. 

    A shopkeeper on selling a pen for Rs.10, loses 1/11 of what it costs him. His cost price is?

    • A.

      Rs 11

    • B.

      Rs 13

    • C.

      Rs 17

    • D.

      Rs 21

    Correct Answer
    A. Rs 11
    Explanation
    The shopkeeper sells the pen for Rs.10 and loses 1/11 of its cost. This means that the selling price of the pen is 10/11 of its cost. Let's assume the cost price of the pen is x. So, 10/11 of x is equal to Rs.10. Solving this equation, we find that x is equal to Rs.11. Therefore, the cost price of the pen is Rs.11.

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  • 18. 

    A fruit seller purchases oranges at the rate of 3 for Rs.5 and sells them at 2 for Rs.4. His profit in the transaction is?

    • A.

      10 %

    • B.

      15 %

    • C.

      20 %

    • D.

      25 %

    Correct Answer
    C. 20 %
    Explanation
    The fruit seller purchases 3 oranges for Rs. 5, which means the cost price of each orange is Rs. 5/3. He sells 2 oranges for Rs. 4, which means the selling price of each orange is Rs. 2. Therefore, the profit per orange is Rs. 2 - Rs. 5/3 = Rs. 1/3. The profit percentage can be calculated as (profit per orange / cost price per orange) * 100 = (1/3 / 5/3) * 100 = 20%. Hence, the profit in the transaction is 20%.

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  • 19. 

    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.

      100/3 profit

    • B.

      100/7 loss

    • C.

      100/7 profit

    • D.

      100/3 loss

    Correct Answer
    C. 100/7 profit
    Explanation
    The percentage of profit or loss can be calculated by finding the difference between the selling price and the cost price, dividing it by the cost price, and multiplying by 100. In this case, the cost price of 100 oranges is Rs. 350. The selling price can be calculated by converting the rate of Rs. 48 per dozen to the rate per orange, which is Rs. 4. The selling price of 100 oranges is Rs. 400. The profit is Rs. 400 - Rs. 350 = Rs. 50. To find the percentage of profit, we divide the profit (Rs. 50) by the cost price (Rs. 350) and multiply by 100. Therefore, the percentage of profit is (50/350) * 100 = 100/7 profit.

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  • 20. 

    By selling an article, sheetal earned a profit equal to 1/4th of the price he bought it. If he sold it for Rs.375 what was the cost price?

    • A.

      Rs 300

    • B.

      Rs 350

    • C.

      Rs 600

    • D.

      Rs 400

    Correct Answer
    A. Rs 300
    Explanation
    Sheetal earned a profit equal to 1/4th of the price he bought the article for. This means that the profit made is 1/4th of the cost price. If the selling price is Rs.375, then the cost price would be 4 times the profit, which is Rs.300.

    Rate this question:

  • 21. 

    By selling a pen for Rs.15, a man loses one sixteenth of what it costs him. The cost of the pen is?

    • A.

      Rs 10

    • B.

      Rs 15

    • C.

      Rs 8

    • D.

      Rs 16

    Correct Answer
    D. Rs 16
    Explanation
    The cost of the pen is Rs. 16. This can be determined by setting up a proportion based on the given information. If the man sells the pen for Rs. 15 and loses one sixteenth of what it costs him, then the cost of the pen can be represented as x. The proportion can be set up as (1/16) = (15/x). Cross multiplying and solving for x gives the cost of the pen as Rs. 16.

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  • 22. 

    The cost of an article including the sales tax is Rs 616.The rate of sales tax is 10%,if the shopkeeper has made a profit of 12%,then the cost price of the article is?

    • A.

      Rs 600

    • B.

      Rs 500

    • C.

      Rs 750

    • D.

      Rs 100

    Correct Answer
    B. Rs 500
    Explanation
    The cost of the article including the sales tax is Rs 616. If the rate of sales tax is 10%, then the cost of the article before the sales tax is Rs 560 (616/1.1). Since the shopkeeper has made a profit of 12%, the cost price of the article is Rs 500 (560/1.12).

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  • 23. 

    The price of the jewel,passing through three hands,rises on the whole by65%.if the first and the second sellers 20%and25% profit respectively find the percentage profit earned by the third seller?

    • A.

      10%

    • B.

      20%

    • C.

      25%

    • D.

      5%

    Correct Answer
    A. 10%
    Explanation
    The price of the jewel increases by 65% in total. The first seller makes a profit of 20% and the second seller makes a profit of 25%. To find the profit earned by the third seller, we need to subtract the profits made by the first two sellers from the total increase in price.

    Let's assume the original price of the jewel is 100.

    The first seller sells it for 120 (100 + 20% profit)
    The second seller sells it for 150 (120 + 25% profit)

    The total increase in price is 50 (150 - 100)

    Therefore, the profit earned by the third seller is 10% (50/500 * 100).

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  • 24. 

    What is a single discount equivalent to a discount series of 10% and 20%?

    • A.

      25

    • B.

      28

    • C.

      30

    • D.

      33

    Correct Answer
    B. 28
  • 25. 

     Vikas bought paper sheets for Rs 7200 and spent Rs 200 o transport paying Rs 600, he had 330 boxes made, which he sold at Rs 28 each. His profit percentge is?

    • A.

      13.5

    • B.

      14.5

    • C.

      15.5

    • D.

      None of these

    Correct Answer
    C. 15.5
    Explanation
    Vikas bought paper sheets for Rs 7200 and spent Rs 200 on transport, making his total cost Rs 7400. He had 330 boxes made, which he sold at Rs 28 each, earning a total revenue of Rs 9240. To find the profit percentage, we need to calculate the profit first. Profit = Revenue - Cost = Rs 9240 - Rs 7400 = Rs 1840. Profit percentage can be calculated using the formula (Profit/Cost) * 100. In this case, (1840/7400) * 100 = 24.86%. However, none of the given options match this value, so the correct answer is "none of these".

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  • 26. 

    A trader mixes 26 kg of rice at Rs. 20 per kg with 30 kg of rice of other variety at Rs. 36 per kg and sells the mixture at Rs. 30 per kg. His profit percent is?

    • A.

      5%

    • B.

      10%

    • C.

      15%

    • D.

      20%

    Correct Answer
    A. 5%
    Explanation
    The trader mixes two varieties of rice at different prices to create a mixture. The cost price of the first variety is Rs. 20 per kg and the cost price of the second variety is Rs. 36 per kg. The trader then sells the mixture at Rs. 30 per kg. To find the profit percentage, we need to compare the selling price to the cost price. Here, the selling price is greater than the cost price, indicating a profit. The profit percentage can be calculated using the formula: (Profit/Cost Price) * 100. In this case, the profit percentage is 5%.

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  • 27. 

    A shopkeeper on selling a pen for Rs.10, loses 1/11 of what it costs him. His cost price is?

    • A.

      Rs 11

    • B.

      Rs 13

    • C.

      Rs 17

    • D.

      Rs 21

    Correct Answer
    A. Rs 11
    Explanation
    The shopkeeper sells the pen for Rs.10 and loses 1/11 of what it costs him. This means that the selling price is 10/11 of the cost price. To find the cost price, we can set up the equation: 10/11 * cost price = Rs.10. Solving this equation, we find that the cost price is Rs.11.

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  • 28. 

    A fruit seller purchases oranges at the rate of 3 for Rs.5 and sells them at 2 for Rs.4. His profit in the transaction is?

    • A.

      10 %

    • B.

      15 %

    • C.

      20 %

    • D.

      25 %

    Correct Answer
    C. 20 %
    Explanation
    The fruit seller purchases 3 oranges for Rs. 5, which means the cost price of one orange is Rs. 5/3. He sells 2 oranges for Rs. 4, so the selling price of one orange is Rs. 2. The profit is calculated by subtracting the cost price from the selling price, which is Rs. 2 - Rs. 5/3 = Rs. 1/3. To find the profit percentage, we divide the profit by the cost price and multiply by 100: (1/3) / (5/3) * 100 = 20%. Therefore, the profit percentage in the transaction is 20%.

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  • 29. 

    Vikash bought a suitcase with 15% discount on the labeled price. He said the suitcase for Rs.2880 with 20% profit on the labeled price. At what price did he buy the suitcase?

    • A.

      Rs.2040

    • B.

      Rs. 2400

    • C.

      Rs. 2604

    • D.

      Rs. 2640

    Correct Answer
    A. Rs.2040
  • 30. 

    The price of a jewel, passing through three hands, rises on the whole by 65%. If the first and the second sellers make a profit of 20% and 25% respectively, find the percentage profit earned by the third seller.

    • A.

      15%

    • B.

      20%

    • C.

      25%

    • D.

      5%

    Correct Answer
    B. 20%
    Explanation
    When the jewel passes through the first seller, its price increases by 20%. Then, when it goes to the second seller, its price further increases by 25% from the price set by the first seller. By the time it reaches the third seller, the price has already risen by a total of 45% (20% from the first seller and 25% from the second seller). Since the overall price of the jewel increases by 65%, and 45% of this increase is already accounted for by the profits of the first two sellers, the remaining 20% increase must be the profit earned by the third seller. Therefore, the percentage profit earned by the third seller is 20%.

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  • Current Version
  • Apr 22, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Mar 30, 2014
    Quiz Created by
    Yogesh_tayade089
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