# Profit and Loss Quiz Set 007

### 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%?

A

Rs. 42000.

B

Rs. 42010.

C

Rs. 42020.

D

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.

### 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?

A

200.

B

201.

C

199.

D

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.

### 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%?

A

2.39.

B

3.39.

C

1.39.

D

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.

### 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?

A

17% (approx.).

B

27% (approx.).

C

12% (approx.).

D

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.).

### 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?

A

11%.

B

12%.

C

10%.

D

13%.

Soln.
Ans: a

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