Profit and Loss Quiz Set 018 | Maths Aptitude Mock Test on Profit and Loss Set 18 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

Goods are purchased at a cost price of Rs. 1700 and sold at a loss of 25%. What is the sale price?

Rs. 1275.

Rs. 1276.

Rs. 1274.

Rs. 1277.

Soln.
Ans: a

The loss in rupees is cost × 25%. Which is ${1700 × 25}/100$ = Rs. 425. So the sale price is cost - loss = 1700 - 425 = Rs. 1275.

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Question 2

1260 items are purchased at a cost of Rs. 6. How many items should be sold for Rs. 6 to make a profit of 5%?

1200.

1201.

1199.

1202.

Soln.
Ans: a

The sale price should be 6 × (1 + 5/100), which equals Rs. 630/100. So, Rs. 630/100 is the sale price of 1260 items. And, 6 shall be the sale price of $(1260 × 100/630)$ × 6 = 1200 items.

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Question 3

A merchant is selling cloth at a profit of 376%. If the cost increases by 19%, but he continues to sell at the same price, then what is the new profit percentage?

300%.

400%.

200%.

500%.

Soln.
Ans: a

Let the cost price be CP. Then the SP = CP x (1 + $376/100$) = $476/100$ × CP. New CP = (1 + $19/100$) × CP, which is $119/100$ × CP. New Profit% = (SP/CP - 1) × 100, which is $(({476/100 × CP}/{119/100 × CP}) - 1) × 100)$, which becomes $(476 - 119)/119$ × 100 = 300%

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Question 4

A profit of 50%, as calculated on the cost price, is made by selling an item for Rs. 36. What is the profit in rupees?

Rs. 12.

Rs. 13.

Rs. 11.

Rs. 14.

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 ${36 × 50}/{100 + 50}$ = Rs. 12.

Shortcut Method: If sale is 150, profit is Rs. 50. So if sale is 36, profit = Rs. $50/150$ × 36 = Rs. 12.

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