Profit and Loss Quiz Set 016 | Maths Aptitude Mock Test on Profit and Loss Set 16 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

Mr. X purchased a machine at a cost of Rs. 7800. After spending Rs. 1200 on its repairs, he sells it at a price of Rs 10620. What is the profit percentage?

18%.

19%.

17%.

20%.

Soln.
Ans: a

The profit is sale price - total cost = $10620 - (7800 + 1200)$ = 1620. Percent profit is ${1620/9000} × 100$, which gives 18%.

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Question 2

An item has a printed price of Rs. 8500 which includes the shopkeeper's profit of 25%. What is the cost price of the shopkeeper?

Rs. 6800.

Rs. 6810.

Rs. 6795.

Rs. 6805.

Soln.
Ans: a

If the sale price is (100 + 25), i.e. Rs. 125, then cost is Rs. 100. So if the sale is Rs. 8500, the cost = $100/125$ × 8500 = Rs. 6800.

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Question 3

A profit of 20%, as calculated on the cost price, is made by selling an item for Rs. 96. What is the profit in rupees?

Rs. 16.

Rs. 17.

Rs. 15.

Rs. 18.

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 ${96 × 20}/{100 + 20}$ = Rs. 16.

Shortcut Method: If sale is 120, profit is Rs. 20. So if sale is 96, profit = Rs. $20/120$ × 96 = Rs. 16.

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Question 4

What should be the marked price of an item if a profit of 70% is to be made after allowing a discount of 15%?

Rs. 200.

Rs. 210.

Rs. 190.

Rs. 220.

Soln.
Ans: a

If the cost is 100, the sale price would be 100 + 70 = Rs. 170. If M is the marked price, then sale price is (100 - 15)% of M = 170. Which gives 85M/100 = 170, which gives M = Rs. 200

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