Profit and Loss Quiz Set 008

Question 1

When 13 items are sold at an amount of Rs. 49, a loss equal to the cost of 6 items is incurred. What is the cost of one item?

A

Rs. 7.

B

Rs. 8.

C

Rs. 9.

D

Rs. 6.

Soln.
Ans: a

Let the cost per item be c. Then loss = 6c. So we can write 13c - 49 = 6c. Solving we get c = Rs. 7.

Question 2

The total cost of two cows is Rs. 1125. The owner sells the first cow at a profit of 35%, and the second one at a loss of 10%. If he sells them at the same price, what are the costs of the two cows?

A

Rs. 450 and 675.

B

Rs. 550 and 575.

C

Rs. 400 and 725.

D

Rs. 225 and 900.

Soln.
Ans: a

Let the costs of the cows be C and 1125 - C. The sale price is given as same. So (100 + 35) × C = (100 - 10) × (1125 - C). Simplifying, we get 135 × C = 90 × (1125 - C). Solving for C we get, C = Rs. 450. The cost of the other cow is 1125 - 450 = Rs. 675.

Question 3

1776 items are purchased at a cost of Rs. 8. How many items should be sold for Rs. 8 to make a profit of 11%?

A

1600.

B

1601.

C

1599.

D

1602.

Soln.
Ans: a

The sale price should be 8 × (1 + 11/100), which equals Rs. 888/100. So, Rs. 888/100 is the sale price of 1776 items. And, 8 shall be the sale price of \$(1776 × 100/888)\$ × 8 = 1600 items.

Question 4

A loss of 10% is made by selling an article at Rs. 270. What is the cost of the article?

A

300.

B

310.

C

320.

D

295.

Soln.
Ans: a

Build it like this: if the sale is 100 - 10 = 90, the cost is Rs. 100. So, when the sale is 270 the cost should be \${100/90} × 270\$ = Rs. 300.

Question 5

The cost price of 280 items is same as the sale price of N items. If the profit is 40%, 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 280r. Profit percent is \${{280r - rN}/{rN}} × 100\$ = 40. Cancelling r, and solving for N we get N = 200.