# Profit and Loss Quiz Set 014

### Question 1

A loss of 30% is made by selling an article at Rs. 210. 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 - 30 = 70, the cost is Rs. 100. So, when the sale is 210 the cost should be \${100/70} × 210\$ = Rs. 300.

### Question 2

A merchant is selling cloth at a profit of 248%. If the cost increases by 16%, but he continues to sell at the same price, then what is the new profit percentage?

A

200%.

B

300%.

C

100%.

D

400%.

Soln.
Ans: a

Let the cost price be CP. Then the SP = CP x (1 + \$248/100\$) = \$348/100\$ × CP. New CP = (1 + \$16/100\$) × CP, which is \$116/100\$ × CP. New Profit% = (SP/CP - 1) × 100, which is \$(({348/100 × CP}/{116/100 × CP}) - 1) × 100)\$, which becomes \$(348 - 116)/116\$ × 100 = 200%.

### Question 3

When an item is sold for Rs. 44000, a loss of 56% is incurred. What should be the sale price to earn a profit of 164%?

A

Rs. 264000.

B

Rs. 264010.

C

Rs. 264020.

D

Rs. 263990.

Soln.
Ans: a

As a shortcut, we can set a proportionality \${X/{100 + 164}\$ = \${44000/{100 - 56}.\$ Solving, X = 264 × \$44000/\$44, which gives X = 264000.

### Question 4

Goods are purchased at a cost price of Rs. 1400 and sold at a loss of 10%. What is the sale price?

A

Rs. 1260.

B

Rs. 1261.

C

Rs. 1259.

D

Rs. 1262.

Soln.
Ans: a

The loss in rupees is cost × 10%. Which is \${1400 × 10}/100\$ = Rs. 140. So the sale price is cost - loss = 1400 - 140 = Rs. 1260.

### Question 5

When 13 items are sold at an amount of Rs. 36, a loss equal to the cost of 7 items is incurred. What is the cost of one item?

A

Rs. 6.

B

Rs. 7.

C

Rs. 8.

D

Rs. 5.

Soln.
Ans: a

Let the cost per item be c. Then loss = 7c. So we can write 13c - 36 = 7c. Solving we get c = Rs. 6.