Profit and Loss Quiz Set 017 | Maths Aptitude Mock Test on Profit and Loss Set 17 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

A loss of x% is incurred if an item is sold for Rs. 7200. But if the same item is sold for Rs. 10600 a profit of x% is earned. At what price should the item be sold so as to earn a profit of 31%?

Rs. 11659.

Rs. 11660.

Rs. 11658.

Rs. 11661.

Soln.
Ans: a

Let the cost of the item be C. Then, ${C - 7200}/C$ = ${10600 - C}/C$, which gives C = Rs. 8900. To sell it it a profit of 31%, ${S - 8900}/8900$ × 100 = 31, which gives S = Rs. 11659.

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Question 2

When 12 items are sold at an amount of Rs. 30, a loss equal to the cost of 6 items is incurred. What is the cost of one item?

Rs. 5.

Rs. 6.

Rs. 7.

Rs. 4.

Soln.
Ans: a

Let the cost per item be c. Then loss = 6c. So we can write 12c - 30 = 6c. Solving we get c = Rs. 5.

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Question 3

A retailer makes a gain of 30% when he sells the first item for Rs. 780. But he suffers a loss of 25% when he sells the second item for Rs. 375. What is his combined loss or gain?

Soln.
Ans: a

The cost of the first item is 780 × $100/{100 + 30}$ which is Rs. 600. The cost of the second item is 375 × $100/{100 - 25}$ which is Rs. 500. The combined cost is 600 + 500 = Rs. 1100. The combined sale is 780 + 375 = Rs. 1155. The profit percent is 100 × ${1155 - 1100}/1100$, which is 5%.

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