Profit and Loss Quiz Set 019

Question 1

When 16 items are sold at an amount of Rs. 45, a loss equal to the cost of 7 items is incurred. What is the cost of one item?

A

Rs. 5.

B

Rs. 6.

C

Rs. 7.

D

Rs. 4.

Soln.
Ans: a

Let the cost per item be c. Then loss = 7c. So we can write 16c - 45 = 7c. Solving we get c = Rs. 5.

Question 2

3774 items are purchased at a cost of Rs. 17. How many items should be sold for Rs. 17 to make a profit of 11%?

A

3400.

B

3401.

C

3399.

D

3402.

Soln.
Ans: a

The sale price should be 17 × (1 + 11/100), which equals Rs. 1887/100. So, Rs. 1887/100 is the sale price of 3774 items. And, 17 shall be the sale price of \$(3774 × 100/1887)\$ × 17 = 3400 items.

Question 3

A merchant purchased 64 Kg of wheat at the rate of 4.00 Rs./Kg, and 36 Kg wheat at 15.00 Rs./Kg. At what rate must he sell the mixture to make an overall gain of 15%?

A

9.15.

B

10.15.

C

8.15.

D

11.15.

Soln.
Ans: a

The overall cost is \$64 × 4 + 36 × 15\$ = Rs. 796. Add a profit of 15% to get SP = \$796 + (15 × 796)/100\$ = Rs. 915.4. So the rate = \$915.4/{64 + 36}\$ = \$915.4/100\$ = 9.15.

Question 4

A retailer buys an item of marked price Rs. 7100 at a discount of 5%. What will be his profit percentage(approx.) when he sells it at the marked price?

A

5% (approx.).

B

15% (approx.).

C

0% (approx.).

D

10% (approx.).

Soln.
Ans: a

The discount is 5 % of 7100 = \${5 × 7100}/100\$ = Rs. 355. The cost to the retailer is \$7100 - 355\$ = Rs. 6745. The discount that he gets from the wholesaler becomes his profit = Rs. 355. So Profit% = \${355 × 100}/6745\$ = 5%(approx.).

Question 5

A packet of 100 electronics components is purchased at a cost of Rs. 500. Each component is sold at Rs. 30. What is the profit in percent terms?

A

500%.

B

510%.

C

495%.

D

505%.

Soln.
Ans: a

Cost of each component = 500/100 = Rs. 5. Profit per component = 30 - 5 = 25. Profit percentage = (25/5) × 100 = 500%. 