Profit And Loss MCQs
Practice Profit and Loss MCQs with answers and detailed explanations. Learn concepts such as cost price, selling price, profit percentage, loss percentage, discount, marked price and quantitative aptitude questions designed for SSC, Railway, Banking, UPSC, JKSSB, Police, Teaching and other competitive exams.
Question #1
Report Error
A shopkeeper buys a watch for Rs. 1200 and sells it for Rs. 1500. What is his profit percentage?
Correct Answer: Option D
Explanation:
Profit = SP - CP = 1500 - 1200 = 300. Profit % = (Profit / CP) * 100 = (300 / 1200) * 100 = 25%.
Profit = SP - CP = 1500 - 1200 = 300. Profit % = (Profit / CP) * 100 = (300 / 1200) * 100 = 25%.
This question belongs to:
Maths
Profit And Loss
Question #2
Report Error
A trader marks his goods 40% above the cost price and allows a discount of 15%. What is his actual profit percentage?
Correct Answer: Option A
Explanation:
Let CP = 100. Marked Price (MP) = 140. Discount = 15% of 140 = 21. Selling Price (SP) = 140 - 21 = 119. Profit % = ((119 - 100) / 100) * 100 = 19%.
Let CP = 100. Marked Price (MP) = 140. Discount = 15% of 140 = 21. Selling Price (SP) = 140 - 21 = 119. Profit % = ((119 - 100) / 100) * 100 = 19%.
This question belongs to:
Maths
Profit And Loss
Question #3
Report Error
A dishonest milkman professes to sell his milk at cost price but he mixes it with water and thereby gains 25%. What is the percentage of water in the mixture?
Correct Answer: Option B
Explanation:
Let the CP of 1 liter of pure milk be Rs. 1. SP of 1 liter of mixture is Rs. 1. Gain is 25%. Thus, CP of 1 liter of mixture = 100/125 * 1 = Rs. 0.8. Using alligation, ratio of milk to water is (1 - 0.8) : (0.8 - 0) = 0.8 : 0.2 = 4:1. Percentage of water in the mixture = (1 / (4 + 1)) * 100 = 20%.
Let the CP of 1 liter of pure milk be Rs. 1. SP of 1 liter of mixture is Rs. 1. Gain is 25%. Thus, CP of 1 liter of mixture = 100/125 * 1 = Rs. 0.8. Using alligation, ratio of milk to water is (1 - 0.8) : (0.8 - 0) = 0.8 : 0.2 = 4:1. Percentage of water in the mixture = (1 / (4 + 1)) * 100 = 20%.
This question belongs to:
Maths
Profit And Loss
Question #4
Report Error
A man sells two articles for Rs. 4000 each. On one, he gains 20% and on the other, he loses 20%. Find his overall profit or loss percentage.
Correct Answer: Option C
Explanation:
When two articles are sold at the same selling price, and one is sold at a profit of x% and the other at a loss of x%, there is always an overall loss. Loss % = (x^2)/100. Here, x = 20. Loss % = (400)/100 = 4%.
When two articles are sold at the same selling price, and one is sold at a profit of x% and the other at a loss of x%, there is always an overall loss. Loss % = (x^2)/100. Here, x = 20. Loss % = (400)/100 = 4%.
This question belongs to:
Maths
Profit And Loss
Question #5
Report Error
A shopkeeper bought 600 kg of rice. He sold a part of it at 15% profit and the remaining at 20% loss. If he incurred an overall loss of 6%, what quantity of rice was sold at 20% loss?
Correct Answer: Option C
Explanation:
Let the quantity sold at 15% profit be x kg. The quantity sold at 20% loss is (600 - x) kg. Overall loss is 6%. So, 15x - 20(600 - x) = -6 * 600. 15x - 12000 + 20x = -3600. 35x = 8400. x = 240. Quantity sold at 20% loss = 600 - 240 = 360 kg.
Let the quantity sold at 15% profit be x kg. The quantity sold at 20% loss is (600 - x) kg. Overall loss is 6%. So, 15x - 20(600 - x) = -6 * 600. 15x - 12000 + 20x = -3600. 35x = 8400. x = 240. Quantity sold at 20% loss = 600 - 240 = 360 kg.
This question belongs to:
Maths
Profit And Loss
Question #6
Report Error
A merchant buys a calculator for Rs. 800 and sells it for Rs. 1000. What is his profit percentage?
Correct Answer: Option B
Explanation:
Profit = Selling Price - Cost Price = 1000 - 800 = 200. Profit percentage = (200 / 800) * 100 = 25%.
Profit = Selling Price - Cost Price = 1000 - 800 = 200. Profit percentage = (200 / 800) * 100 = 25%.
This question belongs to:
Maths
Profit And Loss
Question #7
Report Error
By selling a bicycle for Rs. 2850, a shopkeeper gains 14%. If the profit is reduced to 8%, what is the new selling price?
Correct Answer: Option C
Explanation:
Cost Price = (2850 / 114) * 100 = Rs. 2500. New Selling Price at 8% profit = 2500 * 1.08 = Rs. 2700.
Cost Price = (2850 / 114) * 100 = Rs. 2500. New Selling Price at 8% profit = 2500 * 1.08 = Rs. 2700.
This question belongs to:
Maths
Profit And Loss
Question #8
Report Error
A shopkeeper marks his goods at 20% above the cost price and allows a discount of 10%. What is his net profit percentage?
Correct Answer: Option D
Explanation:
Let Cost Price = 100. Marked Price = 120. Selling Price after 10% discount = 120 * 0.90 = 108. Profit = 108 - 100 = 8. Net profit percentage = 8%.
Let Cost Price = 100. Marked Price = 120. Selling Price after 10% discount = 120 * 0.90 = 108. Profit = 108 - 100 = 8. Net profit percentage = 8%.
This question belongs to:
Maths
Profit And Loss
Question #9
Report Error
An article was sold at a 10% profit. Had it been sold for Rs. 60 more, the profit would have been 15%. Find the cost price of the article.
Correct Answer: Option D
Explanation:
The difference in profit percentage is 15% - 10% = 5%. 5% of the Cost Price equals Rs. 60. Cost Price = (60 / 5) * 100 = Rs. 1200.
The difference in profit percentage is 15% - 10% = 5%. 5% of the Cost Price equals Rs. 60. Cost Price = (60 / 5) * 100 = Rs. 1200.
This question belongs to:
Maths
Profit And Loss
Question #10
Report Error
A dishonest dealer professes to sell his goods at cost price, but he uses a weight of 800 grams for 1 kg. What is his actual profit percentage?
Correct Answer: Option C
Explanation:
He gives 800 grams but charges for 1000 grams. Profit = 1000 - 800 = 200 grams. Profit percentage = (200 / 800) * 100 = 25%.
He gives 800 grams but charges for 1000 grams. Profit = 1000 - 800 = 200 grams. Profit percentage = (200 / 800) * 100 = 25%.
This question belongs to:
Maths
Profit And Loss
