Profit and Loss Quiz Set 003 | Maths Aptitude Mock Test on Profit and Loss Set 3 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

A retailer makes a gain of 30% when he sells the first item for Rs. 1170. But he suffers a loss of 30% when he sells the second item for Rs. 280. What is his combined loss or gain?

$11{7/13}$.

$12{7/13}$.

$13{7/13}$.

$10{7/13}$.

Soln.
Ans: a

The cost of the first item is 1170 × $100/{100 + 30}$ which is Rs. 900. The cost of the second item is 280 × $100/{100 - 30}$ which is Rs. 400. The combined cost is 900 + 400 = Rs. 1300. The combined sale is 1170 + 280 = Rs. 1450. The profit percent is 100 × ${1450 - 1300}/1300$, which is $11{7/13}$%.

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Question 2

A retailer buys an item of marked price Rs. 7000 at a discount of 15%. What will be his profit percentage(approx.) when he sells it at the marked price?

17% (approx.).

27% (approx.).

12% (approx.).

22% (approx.).

Soln.
Ans: a

The discount is 15 % of 7000 = ${15 × 7000}/100$ = Rs. 1050. The cost to the retailer is $7000 - 1050$ = Rs. 5950. The discount that he gets from the wholesaler becomes his profit = Rs. 1050. So Profit% = ${1050 × 100}/5950$ = 17%(approx.).

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Question 3

A loss of x% is incurred if an item is sold for Rs. 5400. But if the same item is sold for Rs. 14800 a profit of x% is earned. At what price should the item be sold so as to earn a profit of 36%?

Rs. 13736.

Rs. 13737.

Rs. 13735.

Rs. 13738.

Soln.
Ans: a

Let the cost of the item be C. Then, ${C - 5400}/C$ = ${14800 - C}/C$, which gives C = Rs. 10100. To sell it it a profit of 36%, ${S - 10100}/10100$ × 100 = 36, which gives S = Rs. 13736.

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Question 4

A merchant purchased 22 Kg of wheat at the rate of 16.00 Rs./Kg, and 78 Kg wheat at 11.00 Rs./Kg. At what rate must he sell the mixture to make an overall gain of 15%?

13.92.

14.92.

12.92.

15.92.

Soln.
Ans: a

The overall cost is $22 × 16 + 78 × 11$ = Rs. 1210. Add a profit of 15% to get SP = $1210 + (15 × 1210)/100$ = Rs. 1391.5. So the rate = $1391.5/{22 + 78}$ = $1391.5/100$ = 13.92.

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