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

Given:

Current selling price (after 10% profit) = ₹3,20,760

Depreciation rate = 10% per year

Profit percentage = 10%

Time = 3 years

Formula used:

Selling price = Cost price × (1 + Profit %)

Depreciation formula: Value after n years = Initial value × (1 - Depreciation rate)ⁿ

Calculation:

Let the cost price of the car 3 years ago be ₹X.

⇒ Current cost price = ₹3,20,760 ÷ (1 + 10/100)

⇒ Current cost price = ₹3,20,760 ÷ 1.1

⇒ Current cost price = ₹2,91,600

Depreciation formula: Value after 3 years = Initial value × (1 - 10/100)³

⇒ ₹2,91,600 = X × (0.9)³

⇒ ₹2,91,600 = X × 0.729

⇒ X = ₹2,91,600 ÷ 0.729

⇒ X = ₹4,00,000

∴ The price of the car 3 years ago was ₹4,00,000 (Option 2).

Given:

Cost Price (C.P.) = ₹100 (Assume for simplicity)

Marked Price (M.P.) = C.P. × 1.60 = ₹100 × 1.60 = ₹160

First Discount = 10%

Second Discount = 10%

Formula used:

Final Selling Price (S.P.) = M.P. × (1 - Discount1) × (1 - Discount2)

Profit Percentage = [(S.P. - C.P.) / C.P.] × 100

Calculation:

Final S.P. = ₹160 × (1 - 0.10) × (1 - 0.10)

⇒ Final S.P. = ₹160 × 0.90 × 0.90

⇒ Final S.P. = ₹160 × 0.81

⇒ Final S.P. = ₹129.6

Profit Percentage = [(S.P. - C.P.) / C.P.] × 100

⇒ Profit Percentage = [(₹129.6 - ₹100) / ₹100] × 100

⇒ Profit Percentage = (₹29.6 / ₹100) × 100

⇒ Profit Percentage = 29.6%

∴ The correct answer is option (1).

Given:

X bought 5 pencils at ₹24 and sold 4 of them at ₹20.

Formula used:

Profit or Loss Percentage = (Profit or Loss / Cost Price) × 100

Calculation:

Cost Price of 1 pencil = ₹24 ÷ 5 = ₹4.8

Cost Price of 4 pencils = ₹4.8 × 4 = ₹19.2

Selling Price of 4 pencils = ₹20

Profit = Selling Price - Cost Price = ₹20 - ₹19.2 = ₹0.8

Profit Percentage = (Profit ÷ Cost Price) × 100

⇒ Profit Percentage = (₹0.8 ÷ ₹19.2) × 100

⇒ Profit Percentage = 4.1666%

∴ The correct answer is option 2 (Profit 4(1/6) %).

Given:

Cost Price (C.P.) = 100 (assume for simplicity)

Profit = 10%

Selling Price (S.P.) = C.P. + Profit

Formula used:

S.P. = C.P. × x

Where x is the ratio by which C.P. is multiplied to get S.P.

Calculation:

S.P. = C.P. + Profit

⇒ S.P. = 100 + 10

⇒ S.P. = 110

Now, S.P. = C.P. × x

⇒ 110 = 100 × x

⇒ x = 110 ÷ 100

⇒ x = 11 ÷ 10

⇒ x = 1.1

∴ The correct answer is option (2): 11/10.

Given:

Investment by A = Rs. x

Investment by B = Rs. (x + 5000)

Profit share ratio of A to B = 7 : 9

Formula used:

Profit share ratio = Investment ratio (since profit is directly proportional to investment)

Calculations:

Let the total profit be P.

The ratio of profit shares of A and B is given as 7:9. So, the profit for A is 7 parts and for B is 9 parts.

The total parts = 7 + 9 = 16 parts.

The profit share of A and B is directly proportional to their investments.

Investment of A / Investment of B = Profit share of A / Profit share of B

So, x / (x + 5000) = 7 / 9

Cross multiplying:

9x = 7(x + 5000)

9x = 7x + 35000

9x - 7x = 35000

2x = 35000

x = 35000 / 2 = 17500

Now, find the value of 7x:

7x = 7 × 17500 = 122500

∴ The value of 7x is Rs. 122500.

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 Profit = 10%, Selling Price = Rs. 35.2

Cost Price = Selling Price/(1 + Profit%) = 35.2/(1 + 10%) = 35.2/(1 + 0.1) = 35.2/1.1 = Rs. 32

Now find the ratio in which the two varieties of sugar need to be mixed to get a cost price of Rs. 32

Using the formula for Allegations,

Quantity of lesser price/Quantity of higher price = (Average - Price of lesser quantity)/(Price of higher quantity Average)

⇒ (32 – 30)/(38 – 32) = 2/6 = 1 : 3

∴ Required ratio = 1 : 3

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 = 

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 ×  =Rs. 108

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

So, profit % = () × 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 + ) %

Calculation:

Percentage gain by using 28 g weight instead of 36 g =  = 

Percentage loss = 12.5%

Considering 12.5% loss as -12.5% profit,

Now, the final percentage profit/loss =  = +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 = 

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

Calculation:

Single discount percentage =  = 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% = 

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

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%

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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).

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