Simple Profit and Loss MCQ Quiz - Objective Question with Answer for Simple Profit and Loss - Download Free PDF
Last updated on May 30, 2025
Latest Simple Profit and Loss MCQ Objective Questions
Simple Profit and Loss Question 1:
Gopal sold 152 chairs and had a gain equal to the selling price of 76 chairs. What is his profit percentage?
Answer (Detailed Solution Below)
Simple Profit and Loss Question 1 Detailed Solution
Given:
Number of chairs sold = 152
Gain = Selling price of 76 chairs
Formula used:
Profit = Selling Price (SP) - Cost Price (CP)
Profit % = (Profit / CP) × 100
Calculation:
Let the selling price of 1 chair be ₹1.
Selling Price (SP) of 152 chairs = 152 × ₹1 = ₹152
Gain = Selling price of 76 chairs = 76 × ₹1 = ₹76
We know that Profit = SP - CP
⇒ 76 = 152 - CP
⇒ CP = 152 - 76
⇒ CP = ₹76
Now, calculate the profit percentage:
Profit % = (Profit / CP) × 100
⇒ Profit % = (76 / 76) × 100
⇒ Profit % = 1 × 100
⇒ Profit % = 100%
∴ Gopal's profit percentage is 100%.
Simple Profit and Loss Question 2:
A shopkeeper bought an article for ₹500. At what price (in ₹) should he sell the article to make 26% profit?
Answer (Detailed Solution Below)
Simple Profit and Loss Question 2 Detailed Solution
Given:
Cost Price (C.P.) = ₹500
Profit Percentage (P%) = 26%
Formula used:
Selling Price (S.P.) = C.P. × (1 + P% / 100)
Calculation:
S.P. = 500 × (1 + 26 / 100)
⇒ S.P. = 500 × (1 + 0.26)
⇒ S.P. = 500 × 1.26
⇒ S.P. = ₹630
∴ The correct answer is option (1).
Simple Profit and Loss Question 3:
400 apples were bought at ₹1200 per hundred and were sold at a profit of ₹800. Find the selling price (in ₹) per dozen of apples.
Answer (Detailed Solution Below)
Simple Profit and Loss Question 3 Detailed Solution
Given:
Number of apples = 400
Cost price per hundred apples = ₹1200
Profit = ₹800
Calculation:
Cost price (CP) for 400 apples = (1200 / 100) × 400 = ₹4800
Selling price (SP) = Cost price + Profit = ₹4800 + ₹800 = ₹5600
Number of dozens in 400 apples = 400 / 12 = 33.33 dozens
Selling price per dozen = Total selling price / Number of dozens
Selling price per dozen = ₹5600 / 33.33 ≈ ₹168
Therefore, the selling price per dozen of apples is ₹168.
Simple Profit and Loss Question 4:
If the cost price of a camera is 75% of its selling price, then the profit per cent is:
Answer (Detailed Solution Below)
Simple Profit and Loss Question 4 Detailed Solution
Given:
Cost Price (CP) of the camera = 75% of Selling Price (SP)
Formula Used:
Profit% =
Calculation:
Let the Selling Price (SP) be 100
Cost Price (CP) = 75% of SP = 75
Profit = SP - CP = 100 - 75 = 25
Profit% =
⇒ Profit% =
⇒ Profit% = 33.33%
The profit percent is 33(1)/(3) %.
Simple Profit and Loss Question 5:
If the ratio of cost price and selling price of an article be as 10 : 11, the percentage of profit is
Answer (Detailed Solution Below)
Simple Profit and Loss Question 5 Detailed Solution
Given:
Ratio of cost price (CP) to selling price (SP) = 10 : 11
Formula Used:
Percentage of Profit =
Calculation:
Let the cost price (CP) be 10 units and the selling price (SP) be 11 units.
Profit = SP - CP
⇒ Profit = 11 - 10
⇒ Profit = 1 unit
Percentage of Profit =
⇒ Percentage of Profit = 10%
The percentage of profit is 10%.
Top Simple Profit and Loss MCQ Objective Questions
If the selling price of an article is doubled, then the profit becomes four times. What was the original profit percentage?
Answer (Detailed Solution Below)
Simple Profit and Loss Question 6 Detailed Solution
Download Solution PDFGiven:
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%.
On selling a painting at Rs. 1,498 , the gain is 25% more than the loss incurred on selling it at Rs.1,300. In order to gain 25%, the selling price will be:
Answer (Detailed Solution Below)
Simple Profit and Loss Question 7 Detailed Solution
Download Solution PDFGiven:
1st Selling price (S.P) = Rs.1498
2nd selling price (S.P) = Rs.1300
Formula used:
Profit = (S.P - C.P)
Loss = (C.P - S.P)
S.P = C.P × (100 ± P/L)
Where, C.P = cost price; S.P = Selling price
Calculation:
According to the question:
⇒ (1498 - C.P) = 125% × (C.P - 1300)
⇒ (1498 - C.P) = (5/4) × (C.P - 1300)
⇒ 4 × (1498 - C.P) = 5 × (C.P - 1300)
⇒ 5992 - 4C.P = 5C.P - 6500
⇒ 9C.P = (6500 + 5992)
⇒ C.P = 12492/9 = Rs.1388
Required S.P = C.P × (100 + 25)% = 1388 × 125% = Rs.1735
∴ The correct answer is Rs.1735.
A shopkeeper bought certain number of apples for Rs. 3,600. He sold one-fifth of them at a loss of 10%, one-fourth of the remaining apples at a loss of 5%, and two-third of the rest at a profit of 15%. At what price (in Rs.) should he sell the remaining apples to earn a profit of 27% overall?
Answer (Detailed Solution Below)
Simple Profit and Loss Question 8 Detailed Solution
Download Solution PDFGiven:
Cost price (C.P) = Rs.3600
Overall profit on apples = 27%
Concept used:
If profit P% occurred then
Selling price (S.P) = C.P × (100 + P)%
Where, P = profit%
Calculation:
Let the price of one apple = Rs.1
Quantity of apples = 3600
According to the question:
⇒ 3600 × (1/5) × (- 10%) + 2880 × (1/4) × (- 5%) + 2160 × (2/3) × 15% + 720 × (x%) = 3600 × 27%
⇒ - 7200 - 3600 + 21600 + 720x = 3600 × 27
⇒ - 720 - 360 + 2160 + 72x = 360 × 27
⇒ 72 × (- 10 - 5 + 30 + x) = 360 × 27
⇒ 15 + x = 5 × 27
⇒ x = 135 - 15 = 120%
Selling price of rest apple = 720 × (100 + 120)%
⇒ 720 × 220% = Rs.1584
∴ The correct answer is Rs.1584.
Ankita sold her watch at 5% loss. If she had sold it for Rs. 300 more, she would have gained 5%. Find the selling price of the watch.
Answer (Detailed Solution Below)
Simple Profit and Loss Question 9 Detailed Solution
Download Solution PDFGiven:
Firstly sold at a loss of 5%
Secondly sold at a profit of 5%
Formula used:
S.P = (100 + P%)/100 * CP
S.P = (100 - L%)/100 * CP
Where, S.P = Selling Price, C.P = Cost Price, P = Profit, L = Loss
Calculation:
Firstly sold at a loss of 5%
Then, S.P1 = (100 - 5%)/100 * CP
⇒ S.P1 = 95/100 × C.P
Secondly sold at a profit of 5%
Then, S.P2 = (100 + P%)/100 * CP
⇒ S.P2 = 105/100 × C.P
According to the question:
S.P2 - S.P1 = (105/100 × C.P) - (95/100 × C.P)
⇒ S.P1 - S.P2 = 105% C.P - 95% C.P
⇒ 300 = 10% × C.P
⇒ C.P = [(300/10) × 100] = Rs. 3000
S.P = 95/100 × 3000
⇒ S.P = 2850
∴ The selling price is Rs. 2850.
Shortcut Trick
105% - 95% = 300
⇒ 10% = 300
⇒ 1% = 30
⇒ 100% = 3000
⇒ 95% = 2850
The percentage profit earned by selling an article for Rs. 2,000 is the same as the percentage loss incurred by selling the same article for Rs. 1,200. At what price should that article be sold to make a profit of 20%?
Answer (Detailed Solution Below)
Simple Profit and Loss Question 10 Detailed Solution
Download Solution PDFGiven:
1st Selling price (S.P)1 = Rs.2000
2nd Selling price (S.P)2 = Rs.1200
Formula used:
Profit = (S.P - C.P)
Loss = (C.P - S.P)
Where, C.P = cost price
Calculation:
According to the question:
⇒ (S.P1 - C.P) = (C.P - S.P2)
⇒ (2000 - C.P) = (C.P - 1200)
⇒ 2 × C.P = 3200
⇒ C.P = Rs.1600
Required profit % = 1600 × 120%
⇒ 16 × 120 = Rs.1920
∴ The correct answer is 1920.
A shopkeeper purchased 1600 mangoes at the rate of ₹120 per dozen. Out of these, he sold 900 mangoes at ₹15 per mango and the remaining mangoes at ₹14 per mango. His gain percentage is:
Answer (Detailed Solution Below)
Simple Profit and Loss Question 11 Detailed Solution
Download Solution PDFGiven:
Total quantity of mangoes = 1600
Cost price of mangoes = Rs.120/dozen
Formula used:
Gain = (S.P - C.P)
Gain% = (P × 100)/C.P
Where, P = profit; C.P = cost price; S.P = selling price
Calculation:
Price of 12 mangoes = 120
Price of 1 mango = 120/12 = 10
Total C.P = 1600 × 10 = Rs.16000
Total S.P = 900 × 15 + 700 × 14
⇒ 13500 + 9800 = 23300
Gain = (23300 - 16000) = Rs.7300
Gain% = (Gain × 100)/C.P
⇒ (7300 × 100)/16000
⇒ 730/16 = 45.625%
∴ The correct answer is 45.625%.
A pen was sold for Rs. 166.44 with a profit of 14%. If it were sold for Rs. 154.76, then what would have been the percentage of profit or loss?
Answer (Detailed Solution Below)
Simple Profit and Loss Question 12 Detailed Solution
Download Solution PDFGiven:
Selling price = 166.44
Profit = 14%
Formula used:
C.P = 100/(100 + Profit%) × S.P
Profit = S.P – C.P
Profit% = Profit/C.P × 100
Calculation:
C.P = 100/(100 + Profit%) × S.P
⇒ C.P = 100/(100 + 14%) × 166.44
⇒ C.P = (100/114) × 166.44 = Rs. 146
According to the question:
If S.P = Rs. 154.76
Profit = 154.76 – 146 = Rs. 8.76
Profit% = Profit/C.P × 100
⇒ Profit% = 8.76/146 × 100 = 6%
∴ The percentage of profit is 6%.
∴ Option 2 is the correct answer.
By selling a car for Rs. 2,78,000, a dealer gains 25%. If the profit is reduced to 18%, then the selling price will be :
Answer (Detailed Solution Below)
Simple Profit and Loss Question 13 Detailed Solution
Download Solution PDFGiven:
By selling a car for Rs. 2,78,000, a dealer gains 25%.
Concept used:
Selling price = Cost price × (100 + profit)%
Calculation:
According to the question,
Cost price × (125/100) = 278000
⇒ Cost price = 278000 × (100/125)
Now,
For 18% profit selling price = 278000 × (100/125) × (118/100)
⇒ Rs. 2,62,432
∴ The required selling price will be Rs. 2,62,432.
A seller professes to sell his fruits at cost price but still gains \(5\frac{5}{19}\)%. How much does he give for 1 kg?
Answer (Detailed Solution Below)
Simple Profit and Loss Question 14 Detailed Solution
Download Solution PDFLet us assume the dealer purchases 1000 gm at Rs. 1000
Let the dealer sell N gm at Rs. 1000
Gain percentage = (100/19)%
Then,
⇒ 100/19 = [(1000 - N)/N] × 100
⇒ N = 19000 - 19N
⇒ 20N = 19000
⇒ N = 950
∴ He uses a weight of 950 gm.
A shopkeeper gains 20% in place of 16% loss if the selling price of an article is increased by Rs. 324. The cost price of the article is:
Answer (Detailed Solution Below)
Simple Profit and Loss Question 15 Detailed Solution
Download Solution PDFGiven:
The initial loss = 16%
Profit = 20%
The selling price of an article is increased by = Rs. 324
Formula used:
S.P. = [(100 + Profit%)/100] × C.P.
Profit% = [(S.P. - C.P.)/C.P.] × 100
Where, C.P. = Cost price; S.P. = Selling price
Calculation:
Let, the cost price = 100x
So, the selling price = 84x
The final selling price = 100x × (120/100) = 120x
⇒ 120x - 84x = 324
⇒ 36x = 324
⇒ x = 9
⇒ 100x → 9 × 100 = 900
Cost price = Rs. 900
∴ The Cost price of the article is Rs. 900
Shortcut Trick
Let the CP be 100%
Initial SP = 84%
Final SP = 120%
The gap in the two SPs is due to 324.
⇒ 36% = 324
⇒ 1%→ 9
⇒ 100%→ 900