Profit and Loss Quiz Set 007 | Maths Aptitude Mock Test on Profit and Loss Set 7 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

When an item is sold for Rs. 7000, a loss of 64% is incurred. What should be the sale price to earn a profit of 116%?

Rs. 42000.

Rs. 42010.

Rs. 42020.

Rs. 41990.

Soln.
Ans: a

As a shortcut, we can set a proportionality ${X/{100 + 116}$ = ${7000/{100 - 64}.$ Solving, X = 216 × $7000/$36, which gives X = 42000.

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Question 2

The cost price of 290 items is same as the sale price of N items. If the profit is 45%, then what is N?

200.

201.

199.

202.

Soln.
Ans: a

Let the cost per unit be r. CP of N items is rN, and SP of N items is already given to us as 290r. Profit percent is ${{290r - rN}/{rN}} × 100$ = 45. Cancelling r, and solving for N we get N = 200.

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Question 3

A merchant purchased 28 Kg of wheat at the rate of 3.00 Rs./Kg, and 72 Kg wheat at 2.00 Rs./Kg. At what rate must he sell the mixture to make an overall gain of 5%?

2.39.

3.39.

1.39.

4.39.

Soln.
Ans: a

The overall cost is $28 × 3 + 72 × 2$ = Rs. 228. Add a profit of 5% to get SP = $228 + (5 × 228)/100$ = Rs. 239.4. So the rate = $239.4/{28 + 72}$ = $239.4/100$ = 2.39.

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Question 4

A retailer buys an item of marked price Rs. 2200 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 2200 = ${15 × 2200}/100$ = Rs. 330. The cost to the retailer is $2200 - 330$ = Rs. 1870. The discount that he gets from the wholesaler becomes his profit = Rs. 330. So Profit% = ${330 × 100}/1870$ = 17%(approx.).

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Question 5

Mr. X purchased a machine at a cost of Rs. 6900. After spending Rs. 700 on its repairs, he sells it at a price of Rs 8436. What is the profit percentage?

11%.

12%.

10%.

13%.

Soln.
Ans: a

The profit is sale price - total cost = $8436 - (6900 + 700)$ = 836. Percent profit is ${836/7600} × 100$, which gives 11%.

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