Profit and Loss Quiz Set 020 | Maths Aptitude Mock Test on Profit and Loss Set 20 | mock tests for Bank PO, SSB/SSC Exams, SO Clerical Exam, GATE Exam, LIC AO, GIC AO, etc.

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Question 1

When 14 items are sold at an amount of Rs. 72, a loss equal to the cost of 6 items is incurred. What is the cost of one item?

Rs. 9.

Rs. 10.

Rs. 11.

Rs. 8.

Soln.
Ans: a

Let the cost per item be c. Then loss = 6c. So we can write 14c - 72 = 6c. Solving we get c = Rs. 9.

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Question 2

The total cost of two cows is Rs. 1200. The owner sells the first cow at a profit of 45%, and the second one at a loss of 5%. If he sells them at the same price, what are the costs of the two cows?

Rs. 475 and 725.

Rs. 575 and 625.

Rs. 425 and 775.

Rs. 237 and 963.

Soln.
Ans: a

Let the costs of the cows be C and 1200 - C. The sale price is given as same. So (100 + 45) × C = (100 - 5) × (1200 - C). Simplifying, we get 145 × C = 95 × (1200 - C). Solving for C we get, C = Rs. 475. The cost of the other cow is 1200 - 475 = Rs. 725.

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Question 3

What should be the marked price of an item if a profit of 140% is to be made after allowing a discount of 20%?

Rs. 300.

Rs. 310.

Rs. 290.

Rs. 320.

Soln.
Ans: a

If the cost is 100, the sale price would be 100 + 140 = Rs. 240. If M is the marked price, then sale price is (100 - 20)% of M = 240. Which gives 80M/100 = 240, which gives M = Rs. 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. 18. What is the profit in rupees?

Rs. 6.

Rs. 7.

Rs. 5.

Rs. 8.

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 ${18 × 50}/{100 + 50}$ = Rs. 6.

Shortcut Method: If sale is 150, profit is Rs. 50. So if sale is 18, profit = Rs. $50/150$ × 18 = Rs. 6.

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Question 5

The total cost of two cows is Rs. 470. The owner sells the first cow at a profit of 45%, and the second one at a loss of 10%. If he sells them at the same price, what are the costs of the two cows?

Rs. 180 and 290.

Rs. 280 and 190.

Rs. 130 and 340.

Rs. 90 and 380.

Soln.
Ans: a

Let the costs of the cows be C and 470 - C. The sale price is given as same. So (100 + 45) × C = (100 - 10) × (470 - C). Simplifying, we get 145 × C = 90 × (470 - C). Solving for C we get, C = Rs. 180. The cost of the other cow is 470 - 180 = Rs. 290.

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