Profit And Loss- Chapter Wise Test
TEST DESCRIPTION Total No. Of Questions = 10Test Duration = 15 minutesTotal Marks = 40Negative Marking = YES(1 mark will be deducted for each wrong answered question
Questions and Answers
- 1.
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. 25,300Explanation
When the plot is sold for Rs. 18,700 and the owner loses 15%, it means that the selling price is only 85% of the original price. To find the original price, we can set up the equation: 0.85x = 18,700, where x is the original price. Solving for x, we get x = 18,700 / 0.85 = Rs. 22,000.
To gain 15% on the original price, the plot must be sold for 115% of the original price. Therefore, the selling price should be 1.15 * 22,000 = Rs. 25,300.Rate this question:
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- 2.
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
To determine the maximum percentage discount, we need to consider that the merchant initially marked the goods up by 50%. To end up selling at no profit or loss, the selling price should be equal to the cost price. If the merchant offers a discount of 33.33%, the selling price will be 66.67% of the marked price, which means the merchant will be selling at the cost price and there will be no profit or loss. Therefore, the maximum percentage discount that the merchant can offer is 33.33%.Rate this question:
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- 3.
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.2040Explanation
Solution :
Let the labeled price be Rs.x. Then, 120% of x = 2880
Therefore x=(2880×100/120) = 2400.
C.P = 85% of Rs.2400 = Rs(85/100x2400) =Rs.2040.Rate this question:
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- 4.
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 1.5Explanation
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 1.5Rate this question:
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- 5.
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. 1,07,500Explanation
Solution:
C.P = Rs.(80000+5000+1000)
= Rs.86000
Profit= 25%.
S.P = 12.5% of Rs. 86000
=Rs.(125/100×86000)
=Rs.107500.Rate this question:
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- 6.
'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. YExplanation
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.Rate this question:
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- 7.
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 % appoxRate this question:
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- 8.
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% lossExplanation
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.Rate this question:
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- 9.
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. 1000Explanation
Solution:
Let C.P be Rs.x
Then,
2% of x=(400 - 380)=20
x/50 = 20 x
x= =1000.Rate this question:
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- 10.
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 is 125% of the original cost. Since the profit is 320% of the original cost, it remains the same when the cost increases. Therefore, the profit is still 320% of the original cost, which is now 320% of 125% of the selling price. Simplifying this, the profit is 400% of the selling price. To find the percentage of the selling price that the profit represents, we divide the profit by the selling price and multiply by 100. This gives us 400%/100% = 4. Therefore, the profit is 4 times the selling price, which is equivalent to 400%.Rate this question:
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Current Version
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Mar 22, 2023Quiz Edited by
ProProfs Editorial Team -
Jul 14, 2013Quiz Created by
Deepakiimt.2008
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