Profit and Loss MCQ Quiz - Objective Question with Answer for Profit and Loss - Download Free PDF

Given:

The shopkeeper announced 20% discount after increasing the price by 30%.

Actual costs/ CP = Rs. 300

Calculation:

According to the question,

Increasing the price by 30% of the actual price.

So, Increasing price = 300 × \(\dfrac{130}{100}\) = Rs. 390

Now, the shopkeeper announced 20% discount.

Discount price/SP = 390 × \(\dfrac{80}{100}\) = Rs. 312

Profit = SP - CP

⇒ 312 - 300 = Rs. 12

∴ He will get Rs.12 profit for that item.

Calculation

P Invested Rs.24000 for 12 months

→ Capital × Time = 24000×12=288000

Q Invested x for 4 months

→ x × 4 = 4x

Profits are equal,

so: 24000 × 12 = x × 4

⇒ x = 24000 × 12/4 =72000

Calculation

Let cost price = x

Marked price = x + 150

Selling price = 90% of marked price = 0.9(x+150)

Profit = 20%

→ Selling price = 1.2x

So, 0.9(x + 150) = 1.2x

⇒0.9x + 135 = 1.2x

⇒ 135 = 0.3x

⇒ x = 450

Selling Price = 1.2 × 450 = Rs.540

Calculation

Total cost = 6000, profit = 20%

⇒ Selling price = 6000 × 1.2 = 7200

Let M's saree cost = x,

then R's saree cost = x + 250

2x + 250 = 7200

⇒ 2x = 6950

⇒ x = Rs. 3475

∴ M buys the saree at Rs. 3475

Given:

Selling Price (SP) = ₹66,411

Loss Percentage = 6%

Desired Profit Percentage = 6%

Formula Used:

Cost Price (CP) = SP × 100 / (100 - Loss Percentage)

Selling Price for Profit = CP × (100 + Profit Percentage) / 100

Calculation:

CP = 66411 × 100 / (100 - 6)

CP = 66411 × 100 / 94

CP = 6641100 / 94

CP = ₹70,650

Selling Price for Profit = 70650 × (100 + 6) / 100

Selling Price for Profit = 70650 × 106 / 100

Selling Price for Profit = 70650 × 1.06

Selling Price for Profit = ₹74,889

∴ Sekhar should sell his motorcycle for ₹74,889 to get a profit of 6%.

Given:

Profit = 25 Percent

Discount = 15 Percent

Formula:

MP/CP = (100 + Profit %)/(100 – Discount %)

MP = Printed Price

CP = Cost Price

Calculation:

We know that –

MP/CP = (100 + Profit %)/(100 – Discount %)   ………. (1)

Put all given values in equation (1) then we gets

MP/CP = (100 + 25)/(100 – 15)

⇒ 125/85

⇒ 25/17

Given:

A shopkeeper normally makes a profit of 20% in a certain transaction,

He weights 900 g instead of 1 kg, due to an issue with the weighing machine.

He charges 10% less than what he normally charges.

Formula used:

SP = \(\frac{100 - discount}{100}×CP\)

Calculations:

Let the cost price of 1 Kg of goods = Rs. 100

So, the selling price of 1 Kg of goods = 100 × 120/100 = Rs. 120

Cost price of 900 grams of goods = Rs. 90

According to question,

Shopkeeper charges 10% less what he normally charges

So, the new selling price = old selling price × (100 - 10)/100

⇒ New selling price = 120 × \(\frac{90}{100}\) =Rs. 108

So, profit = Rs. (108 - 90) = Rs. 18

So, profit % = (\(\frac{18}{90}\)) × 100 = 20%

Hence, Profit percentage is 20%.

Given:

A dishonest merchant sells goods at a 12.5% loss on the cost price but uses 28 g weight instead of 36 g. 

Concept used:

Final percentage change after two successive increments of A% and B% = (A + B + \(AB \over 100\)) %

Calculation:

Percentage gain by using 28 g weight instead of 36 g = \(\frac {36 - 28}{28} × 100\) = \(\frac {200}{7}\%\)

Percentage loss = 12.5%

Considering 12.5% loss as -12.5% profit,

Now, the final percentage profit/loss = \({\frac {200}{7} - 12.5 - {\frac {200}{7} × 12.5 \over 100}}\) = +12.5%

Here, the positive sign indicates a percentage profit.

∴ His percentage profit is 12.5%

Shortcut TrickCalculation:

Merchant sells goods at a 12.5% loss:

C.P : S.P = 8 : 7

Merchant uses 28 g weight instead of 36 g

C.P : S.P = 28 : 36 = 7 : 9

We can use successive methods:

So, C.P : S.P = 56 : 63 = 8 : 9

Profit% = {(9 - 8)/8} × 100 

⇒ 12.5%

∴ The correct answer is 12.5%.

Given:

Two discounts = 40% and 20%

Formula:

Two discounts a% and b%

Total discount = \((a +b)- \frac{ab}{100}\)

Discount amount = (marked price) × (discount %)/100

Calculation:

Single discount percentage = \((40 +20)- \frac{40× 20}{100}\) = 52%

⇒ 52 = 988/marked price × 100

⇒ Marked price = 1900

∴ Marked price of an article is Rs.1900.

Alternate MethodLet the MP be x.

x - [x × (100 - 40)/100 × (100 - 20)/100] = 988

⇒ x - [x × (60/100) × (80/100)] = 988

⇒ x - x × (3/5) × (4/5) = 988

⇒ 13x/25 = 988

⇒ x = (988 × 25)/13

⇒ x = 1900

∴ Marked price of an article is Rs.1900.

Given:

Cost price of 36 kg sugar = Rs.1040

Formula used:

Profit = Selling price - Cost price

Calculation:

CP of 1 kg sugar = Rs.1040/36 

According to the question, 

SP × 10 = SP × 36 - CP × 36

⇒ CP × 36 = 26 × SP

⇒ 1040/ 36 × 36 = 26 × SP 

⇒ 1040 = 26 × SP

⇒ SP = 1040/26 = 40

Now, SP of 5 kg of sugar = 40 × 5 = Rs. 200

∴ The selling price of 5 kg sugar = Rs.200

Given:

A grocery shop is offering a 10% discount on the purchase of Rs.500 and above. A 5% discount is given on the purchase of value above Rs.250 but below Rs.500. A discount of an additional 1% is given if payment is made instantly in cash. 

He bought 25 packets of biscuits and one packet is priced at Rs.30.

Concept used:

1. Final discount percentage after two successive discounts of A% and B% = \((A + B - {AB \over 100})\%\)

2. Selling price = Marked Price × (1 - Discount%)

Calculation:

Total billed price = 25 × 30 = Rs. 750

Since he paid in cash, he would get two consecutive discounts of 10% and 1%.

So, final discounts = 10 + 1 - (10 × 1)/100 = 10.9%

Now, he would have to pay = 750 × (1 - 10.9%) = Rs. 668.25

∴ He would have to pay Rs. 668.25.

Given:

A and B invested money in a business in the ratio of 7 ∶  5.

15% of the total profit goes for charity, and A's share in the profit is Rs. 5,950

Calculation:

The total profit of A and B will be 5950 × 12 / 7 = Rs 10200

The total profit including charity is 10200 × 100/85 = Rs 12000

∴ The correct option is 2

Calculation:

Let cost price of the item be Rs. x

According to the question

(x – 440) = (1000 – x) × 60/100

⇒ (x – 440) = (1000 – x) × 3/5

⇒ 5x – 2200 = 3000 – 3x

⇒ 5x + 3x = 3000 + 2200

⇒ 8x = 5200

⇒ x = 5200/8

⇒ x = 650

∴ The correct answer is option (1).

Shortcut Trick

Given:

Mark up percentage on goods = 30%

Discount Percentage = 10%

Formulas used:

Selling Price = Cost Price + Profit

Profit percent = Profit/Cost Price × 100

Discount = Marked Price - Selling Price

Discount percent = Discount/Marked Price × 100 

Calculation:

Let the cost price be = 100a 

Marked price = 100a + 100a × 30/100 = 130a 

Selling price after discount = 130a - 130a × 10/100 

⇒ 117a 

Selling price for 6.5% more profit = 117a + 100a × 6.5/100 

⇒ 117a + 6.5a = 123.5a 

∴ New Discount percent = (130a -123.5a)/130 × 100 

⇒ 5%

Shortcut Trick 

Given:

If the selling price of an article is doubled, then the profit becomes four times.

Formula used:

Profit = Selling price (S.P) - cost price (C.P)

Profit % = {profit (P) × 100}/C.P 

Calculation:

According to the question:

⇒ 4 × (S.P - C.P) = (2 × S.P - C.P)

⇒ 4 S.P - 4 C.P = 2 S.P - C.P

⇒ 2 S.P = 3 C.P

⇒ S.P/C.P = 3/2

Profit percentage = (P × 100)/C.P.

⇒ {(3 - 2) × 100}/2 = 100/2 = 50%.

∴ The correct answer is 50%.