This Article consist of most important ” Profit and Loss Questions and Answers ” topic that are mostly asked in all competitive exams. We collected these questions from the students who appeared in exams. Now try to solve these questions.
Profit and Loss Questions and Answers
Question : 1 A man bought a horse and a cart. If he sold the horse at 10 % loss and the cart at 20 % gain, he would not lose anything; but if he sold the horse at 5% loss and the cart at 5% gain, he would lose Rs. 10 in the bargain. The amount paid by him was Rs._______ for the horse and Rs.________ for the cart.
A. Cost price of horse = Rs. 200 & the cost price of cart = 500
B. Cost price of horse = Rs. 200 & the cost price of cart = 300
C. Cost price of horse = Rs. 400 & the cost price of cart = 100
D. Cost price of horse = Rs. 400 & the cost price of cart = 200
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Correct Answer : D
Explanation :
Let x be the cost price of the horse and y be the cost price of the cart.
In the first sale there is no loss or profit. (i.e.) The loss obtained is equalto the gain.
Therefore (10/100) * x = (20/100) * y
X = 2 * y —————–(1)
In the second sale, he lost Rs. 10. (i.e.) The loss is greater than the profit by Rs. 10.
Therefore (5 / 100) * x = (5 / 100) * y + 10 ——-(2)
Substituting (1) in (2) we get
(10 / 100) * y = (5 / 100) * y + 10
(5 / 100) * y = 10
y = 200
From (1) 2 * 200 = x = 400
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Question : 2 A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
A. 3
B. 4
C. 5
D. 6
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Correct Answer : C
Explanation :
C.P. of 6 toffees = Re. 1
S.P. of 6 toffees = 120% of Re. 1 = Rs. 6/5
For Rs. 6/5, toffees sold = 6.
For Re. 1, toffees sold = 6 x 5/6 = 5
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Question : 3 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%
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Correct Answer : B
Explanation :
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) x 100 %
= 1475/21 %
= 70% (approximately)
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Question : 4 The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:
A. 15
B. 16
C. 18
D. 25
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Correct Answer : B
Explanation :
Let C.P. of each article be Re. 1 C.P. of x articles = Rs. x.
S.P. of x articles = Rs. 20.
Profit = Rs. (20 – x).
==> {(20 – x)/x} * 100 = 25
==> 2000 – 100x = 25x
125x = 2000
x = 16
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Question : 5 Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent is:
A. 32/7%
B. 60/11%
C. 10%
D. 12%
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Correct Answer : B
Explanation :
Cost Price (C.P.) = Rs. (4700 + 800) = Rs. 5500.
Selling Price (S.P.) = Rs. 5800.
Gain = (S.P.) – (C.P.) = Rs.(5800 – 5500) = Rs. 300.
Gain % = (300/550) x 100 % = 60/11 %
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