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

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%.

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).

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.

Given:

Cost Price (CP) of the camera = 75% of Selling Price (SP)

Formula Used:

Profit% = SP−CPCP×100" id="MathJax-Element-25-Frame" role="presentation" style="position: relative;" tabindex="0">SP−CPCP×100SP−CPCP×100 $\frac{SP - CP}{CP} \times 100$

Calculation:

Let the Selling Price (SP) be 100

Cost Price (CP) = 75% of SP = 75

Profit = SP - CP = 100 - 75 = 25

Profit% = 2575×100" id="MathJax-Element-26-Frame" role="presentation" style="position: relative;" tabindex="0">2575×1002575×100 $\frac{25}{75} \times 100$

⇒ Profit% = 13×100" id="MathJax-Element-27-Frame" role="presentation" style="position: relative;" tabindex="0">13×10013×100 $\frac{1}{3} \times 100$

⇒ Profit% = 33.33%

The profit percent is 33(1)/(3) %.

Given:

Ratio of cost price (CP) to selling price (SP) = 10 : 11

Formula Used:

Percentage of Profit = (SP−CPCP)×100" id="MathJax-Element-20-Frame" role="presentation" style="position: relative;" tabindex="0">(SP−CPCP)×100(SP−CPCP)×100 $\left(\frac{SP - CP}{CP}\right) \times 100$

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 = (110)×100" id="MathJax-Element-21-Frame" role="presentation" style="position: relative;" tabindex="0">(110)×100(110)×100 $\left(\frac{1}{10}\right) \times 100$

⇒ Percentage of Profit = 10%

The percentage of profit is 10%.

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%.

Given:

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.

Given:

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.

Given:

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

Given:

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.

Given:

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%.

Given:

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.

Given:

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.

Given: 

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