Profit and Loss Quiz Set 004 | Maths Aptitude Mock Test on Profit and Loss Set 4 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

The total cost of two cows is Rs. 230. The owner sells the first cow at a profit of 50%, and the second one at a loss of 20%. If he sells them at the same price, what are the costs of the two cows?

Rs. 80 and 150.

Rs. 180 and 50.

Rs. 30 and 200.

Rs. 40 and 190.

Soln.
Ans: a

Let the costs of the cows be C and 230 - C. The sale price is given as same. So (100 + 50) × C = (100 - 20) × (230 - C). Simplifying, we get 150 × C = 80 × (230 - C). Solving for C we get, C = Rs. 80. The cost of the other cow is 230 - 80 = Rs. 150.

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Question 2

Goods are purchased at a cost price of Rs. 500 and sold at a loss of 5%. What is the sale price?

Rs. 475.

Rs. 476.

Rs. 474.

Rs. 477.

Soln.
Ans: a

The loss in rupees is cost × 5%. Which is ${500 × 5}/100$ = Rs. 25. So the sale price is cost - loss = 500 - 25 = Rs. 475.

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Question 3

A profit of 50%, as calculated on the cost price, is made by selling an item for Rs. 39. What is the profit in rupees?

Rs. 13.

Rs. 14.

Rs. 12.

Rs. 15.

Soln.
Ans: a

If cost is C, profit is P% and sale is S, then we know that C = $S/(1 + P/100)$. So the profit in rupees would be S - C = S - $S/(1 + P/100)$, which simplifies to ${S × P}/{100 + P}$, which is ${39 × 50}/{100 + 50}$ = Rs. 13.

Shortcut Method: If sale is 150, profit is Rs. 50. So if sale is 39, profit = Rs. $50/150$ × 39 = Rs. 13.

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Question 4

A merchant is selling cloth at a profit of 206%. If the cost increases by 2%, but he continues to sell at the same price, then what is the new profit percentage?

200%.

300%.

100%.

400%.

Soln.
Ans: a

Let the cost price be CP. Then the SP = CP x (1 + $206/100$) = $306/100$ × CP. New CP = (1 + $2/100$) × CP, which is $102/100$ × CP. New Profit% = (SP/CP - 1) × 100, which is $(({306/100 × CP}/{102/100 × CP}) - 1) × 100)$, which becomes $(306 - 102)/102$ × 100 = 200%.

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Question 5

A merchant purchased 37 Kg of wheat at the rate of 6.00 Rs./Kg, and 63 Kg wheat at 8.00 Rs./Kg. At what rate must he sell the mixture to make an overall gain of 5%?

7.62.

8.62.

6.62.

9.62.

Soln.
Ans: a

The overall cost is $37 × 6 + 63 × 8$ = Rs. 726. Add a profit of 5% to get SP = $726 + (5 × 726)/100$ = Rs. 762.3. So the rate = $762.3/{37 + 63}$ = $762.3/100$ = 7.62.

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