Profit and Loss Questions and Answers : Quantitative Aptitude

FORMULAS:

1. SP > CP --> Profit
2. SP < CP ---> Loss
3. MRP - P ---> SP
4. Profit and Loss is always depended on Cost price only

Question and Answer for Profit and Loss Questions and Answer

1. A table is bought for Rs.400/- and sold at Rs.500/- find gain or loss percentage

A.) 25%loss B.) 30%gian  C.) 25%gian D.) 30%loss

Answer: Option 'C'
Formula = (Selling price ~ Cost price)/Cost price * 100
            = (500 - 400)/400 = 25% gain

2. A chair is bought for Rs.900/- and sold at Rs.810/- find the loss percentage


A.) 10%gain B.) 10%loss
C.) 12%loss D.) 12%gain

Answer: Option 'B'
Formula = (Selling price ~ Cost price)/Cost price * 100
            = (810 ~ 900)/900 = 10% Loss

3. A bat is bought for Rs.400 and sold at a gain of 20% find its selling price

A.) Rs.320/- B.) Rs.350/-
C.) Rs.370/- D.) Rs.480/-

Answer: Option 'D'
100 % ------> 400 (100 * 4 = 400)
120 % ------> 480 (120 * 4 = 480)
Selling price = Rs.480/-

4. A chair is bought for Rs.600/- and sold at a loss of 10% find its selling price

A.) Rs.540/- B.) Rs.560/-
C.) Rs.580/- D.) Rs.600/-

Answer: Option 'A'
100 % ------> 600 (100 * 6 = 600)
90 % ------> 540 (90 * 6 = 540)
Selling price = Rs.540/-

5. By selling a watch for Rs.640/-, a man loses 20% what is that watch cost price

A.) Rs.400/- B.) Rs.600/-
C.) Rs.800/- D.) Rs.1000/-

Answer: Option 'C'
80 % ------> 640 (80 * 8 = 640)
100 % ------>800 (100 * 8 = 800)
Cost price = Rs. 800/-

6.By selling a bat for Rs.720/- a man loses 10% what is that bat cost price

A.) Rs.800/- B.) Rs.820/-
C.) Rs.840/- D.) Rs.860/-

Answer: Option 'A'
90 % ------> 720 (90 * 8 = 720)
100 % ------>800 (100 * 8 = 800)
Cost price = Rs.800/-

7. By selling a watch for Rs.720/- a man loses 10% at what price should he sell it to gain 10%?

A.) Rs.800/- B.) Rs.880/-
C.) Rs.900/- D.) Rs.990/-

Answer: Option 'B'
90 % ------> 720 (90 * 8 = 720)
110 % ------> 880 (110 * 8 = 880)
= Rs.880/-

8. A man sells an article at 10% gain. Had be sold at for Rs.60/- more he could have gained 20% what is cost price of article

A.) Rs.500/- B.) Rs.600/-
C.) Rs.700/- D.) Rs.800/-

Answer: Option 'B'
First selling price = 110 % -----> X Rupees
=sold at for Rs.60/- = 120 % -----> X + 60 Rupees
                                       ~
                     ----------------------------------------------
                                      10 % --------> 60
                                     100 % ------->Rs.600/-
OR
Short cut method :
---------------------------
Profit,Profit = -
Ptofit,Loss = +
Loss,Loss = -
Loss,Profit = +
---------------------------
OPPOSITE ==> +
SAME ===> -
----------------------------
Profit ==> 10 %
profit ==> 20%
                      ~
            ----------------
                     10 % ---------> 60
                    100 % --------> Rs.600/-

9. A man sells an article at 5% loss. Had he sold it for Rs.60 more he could have gained 10%. What is the cost price of the article?

A.) Rs.400/- B.) Rs.600/-
C.) Rs.722/- D.) Rs.700/-

Answer: Option 'A'
Short cut method:
Loss =====> 5 %
Profit ====> 10 %
                           ~
                         ----------------
                         15 % ---------> Rs.60/-
                        100 % --------> Rs.400/-

10. A man sells an article at 7% loss. Had he sold it for Rs.72 more he could have gained 5%. what is the cost price of the article

A.) Rs.522/- B.) Rs.622/-
C.) Rs.722/- D.) Rs.600/-

Answer: Option 'D'
Short cut method:
Loss =====> 7 %
Profit ====> 5 %
                           ~
                         ----------------
                          12 % ---------> 72
                         100 % --------> Rs.600/-

11. If the cost price of 8 articles is the same as the selling price of 10 articles. Find the gain or loss percentage?

A.) 20%gain B.) 20%loss
C.) 30%gain D.) 30%loss

Answer: Option 'B'
Ex:-
2X = 3Y
X = 3
Y = 2
8 cp = 10 sp
Cost price CP = 10
Selling price SP = 8
Formula = (SP-CP)/CP * 100 = (8 - 10)/10 * 100 = 20 % Loss