MCQ on profit and loss with solutions and explanations| Page 10 of 10

mcq on profit and loss questions and answers for railway exams

mcq on profit and loss questions and answers for rrb ntpc, mcq on profit and loss questions and answers for rrb group d,

Percentage

Simple Interest

Compound Interest

Speed Distance

91. If bananas are bought at the rate of 4 for a rupee, how many must be sold for a rupee so as to gain \(\displaystyle 33\frac{1}{3}\%\)

(a) 2.5

(b) 2

(d) 4

(e) 5

Solution: (a)
S.P. of 4 bananas
\(\displaystyle =\left( {100+\frac{{100}}{3}} \right)\%ofRs.1\)
= \(\displaystyle Rs.\frac{{400}}{{300}}=Rs.\frac{4}{3}\)
\(\displaystyle \Rightarrow \)Number of bananas sold for \(\displaystyle Rs.\frac{4}{3}=4\)
\(\displaystyle \Rightarrow \)Number of bananas sold for Re. 1 = \(\displaystyle \frac{4}{4}\times 3=3\)

92. If the profit on selling an article for Rs. 425 is the same as the loss on selling it for Rs. 355, then the cost price of the article is

(a) Rs. 410

(b) Rs. 380

(d) Rs. 390

(e) Rs. 420

Solution: (d)
Let the C.P. of article be Rs. x.
According to the question,
425 – x = x – 355
\(\displaystyle \Rightarrow \)2x = 425 + 355 = 780
\(\displaystyle \Rightarrow \)\(\displaystyle x=\frac{{780}}{2}=Rs.390\)

93. The selling price of 6 bananas is equal to the cost price of 8 bananas. Then the percentage of profit is:

(a) 20

(b) \(\displaystyle 33\frac{1}{3}\)

(d) \(\displaystyle 30\frac{1}{3}\)

(e) 35

Solution: (b)
Let the C.P. of each banana be Rs. 1.
Therefore, C.P. of 6 bananas = Rs. 6
Their S.P = Rs. 8
Profit percent = \(\displaystyle \frac{{8-6}}{6}\times 100\)
= \(\displaystyle \frac{{200}}{6}=\frac{{100}}{3}=33\frac{1}{3}\%\)

94. A trader sold a cycle at a loss of 10%. If the selling price had been increased by Rs. 200, there would have been a gain of 6%. The cost price of the cycle is

(a) Rs. 1200

(b) Rs. 1205

(d) Rs. 1275

(e) Rs. 1290

Solution: (c)
Let the C.P. of cycle be Rs. x.
Case I,
S.P. of cycle = Rs. \(\displaystyle \frac{{90x}}{{100}}\)
= Rs. \(\displaystyle \frac{{9x}}{{10}}\)
Case II,
106% of x = \(\displaystyle \frac{{9x}}{{10}}+200\)
\(\displaystyle \Rightarrow \)\(\displaystyle \frac{{106x}}{{100}}-\frac{{9x}}{{10}}=200\)
\(\displaystyle \Rightarrow \)\(\displaystyle \frac{{106x-90x}}{{100}}=200\)
\(\displaystyle \Rightarrow \)\(\displaystyle \frac{{16x}}{{100}}=230\)
\(\displaystyle \Rightarrow \)\(\displaystyle x=\frac{{200\times 100}}{{16}}\)
= Rs. 1250

95. If the selling price of 40 articles is equal to the cost price of 50 articles, the loss or gain percent is

(a) 25% gain

(b) 20% gain

(d) 20% loss

(e) 30% gain

Solution: (a)
Let C.P. of each article be Rs. 1.
Therefore, C.P. of 40 articles = Rs. 40
S.P. of 40 articles = Rs. 50
Therefore, Profit percent = \(\displaystyle (\frac{{50-40}}{{10}}\times 100)\%=25\%\)

96. If the cost price of 20 books is the same as selling price of 25 books, then the loss percentage is

(a) 20

(b) 25

(d) 24

(e) 28

Solution: (a)
Let the C.P. of each book be Rs. 1.
Therefore, Total C.P. of 25 books= Rs. 25
Their S.P. = Rs. 20
Therefore, Loss percent = \(\displaystyle \frac{{25-20}}{{20}}\times 100\)
= \(\displaystyle \frac{5}{{25}}\times 100=20\%\)

97. To make a profit of 20% the selling price of the goods is Rs. 240. The cost price of the goods is :

(a) Rs. 200

(b) Rs. 210

(d) Rs. 230

(e) Rs. 250

Solution: (a)
C.P. of an article,
\(\displaystyle \begin{array}{l}=\left[ {\frac{{100}}{{100+profit\%}}} \right]\times SP\\=\left[ {\frac{{100}}{{100+20}}} \right]\times 240=200\end{array}\)

98. Anil makes a profit of 18% on cost price by selling a washing machine for Rs. 5900. If the cost price of the machine is increased by 5% and he wants to earn the same profit, What will be the new profit percent on selling price?

(a) 14.63%

(b) 12.25%

(d) 17.14%

(e) None of these

Solution: (a)
Cost price of the washing machine
\(\displaystyle =\left[ {\frac{{5900}}{{118}}} \right]\times 100=5000\)
Profit = 5900 – 5000 = Rs. 900
New selling price = 5250 + 900 = Rs. 6150
Profit percent=\(\displaystyle \frac{{900}}{{6150}}\times 100=14.63\%\)

100. After getting two successive discounts Shalini got a shirt at Rs. 136 whose marked price is Rs. 200. If the second discount is 15% find the first discount.

(a) 12.5%

(b) 15%

(d) 20%

(e) None of these

Solution: (d)
Let the first discount be x%.
Then, \(\displaystyle \begin{array}{l}85\%of(100-x)\%of200=136\\\frac{{85}}{{100}}\times \frac{{(100-x)}}{{100}}\times 200=136\\8500-85x=136\times 50=6800\\85x=1700\\\Rightarrow x=20\%\end{array}\)

Profit and Loss Questions for Competitive Exams

Understanding Profit and Loss is essential for anyone preparing for competitive exams, as it is one of the most frequently asked topics in the Quantitative Aptitude section. Whether you are preparing for banking exams, SSC exams, or Railway exams, Multiple Choice Questions (MCQ) related to profit and loss are bound to appear. Rankers Hub MCQ on Profit and Loss page will guide you through the various types of practice questions on Profit and Loss that will significantly enhance your chances of scoring high in your exams.

Rankers Hub has a large collection of Profit and Loss MCQs that cater to the needs of every competitive exam aspirant. These MCQs are designed to not only test your skills but also improve your accuracy, both of which are crucial for excelling in competitive exams.

Why Profit and Loss Practice is Important for Competitive Exams?

Profit and Loss is a fundamental concept in arithmetic and a important topic for many competitive exams. Understanding how to calculate profit, loss, and discounts can play a vital role in your exam performance. Questions on profit and loss involve simple arithmetic operations but require a solid understanding of the formulas and short cut tricks to solve them efficiently within time.

Common Profit and Loss objective questions

The Profit and Loss MCQs that are typically asked in competitive exams includes the following types of problems:

Profit Calculation: Involves calculating profit based on the cost price (C.P) and selling price (S.P).
Loss Calculation: Determines the loss incurred in a transaction.
Discounts: Questions involving discounts on marked price (M.P) are also commonly asked.
Cost Price and Selling Price Relation: Questions where you are asked to find either cost price or selling price when given the other values and profit or loss percentage.
Successive Discounts: Calculating the final price after applying two or more discounts successively.
Profit and Loss Based on Articles: You may be asked to calculate profit or loss when buying and selling multiple articles at different prices.

By solving MCQ on Profit and Loss, aspirants can familiarize themselves with the different types of problems and solve them quickly and accurately.

Competitive Exams in Which Profit and Loss Questions are Asked

1. Profit and loss questions for Bank Exams

In banking exams like IBPS PO, IBPS Clerk, IBPS RRB, SBI PO, SBI Clerk, RBI Assistant, and RBI Grade B, the Quantitative Aptitude section features objective questions on Profit and Loss regularly. These exams often include questions that test your ability to solve problems involving profit percentages, loss calculations, and discounts. Regular practice with MCQ on Profit and Loss with answers that are provided y Rankers Hub ensures that you can handle these questions confidently and quickly.

Key Bank Exams to practice Profit and loss MCQ:

IBPS PO (Probationary Officer)
IBPS Clerk
IBPS RRB (Regional Rural Bank)
IBPS SO (Specialist Officer)
SBI PO (State Bank of India Probationary Officer)
SBI Clerk
RBI Grade B Officer
RBI Assistant

2. Profit and Loss MCQ for SSC Exams

For exams like SSC CGL (Combined Graduate Level), SSC CHSL (Combined Higher Secondary Level), and SSC MTS (Multitasking Staff), questions related to Profit and Loss are commonly included in the Quantitative Aptitude section. These exams feature a mix of percentage-based profit and loss questions, which candidates must solve within a limited time. Practice MCQ on Profit and Loss for SSC exams will help aspirants improve both speed and accuracy.

Key SSC Exams to practice Profit and Loss questions:

SSC CGL
SSC CHSL
SSC MTS
SSC GD
SSC Stenographer
SSC CPO
SSC JE (Junior Engineer)

3. Railway Exams Profit and Loss Questions

In Railway exams, including RRB NTPC, RRB Group D, and RRB ALP (Assistant Loco Pilot), Profit and Loss questions are an essential part of the Mathematical Ability section. Given that these exams often contain a General Intelligence and Reasoning component, the Profit and Loss MCQs help candidates gauge their analytical skills and speed in solving arithmetic problems.

Profit and loss practice for Railway Exams such as:

RRB NTPC
RRB Group D
RRB ALP

4. MCQ on Profit and Loss for Insurance Exams

In Insurance exams, like the LIC AAO (Assistant Administrative Officer), IRDA, and NIACL AO (Administrative Officer), Profit and Loss MCQs are essential for the Quantitative Aptitude section. Candidates are expected to solve percentage-based problems, including profit, loss, and discount calculations, to demonstrate their proficiency in basic financial concepts.

Important Insurance Exams for Profit and Loss practice:

LIC
NIACL
United India Insurance (UIIC)
GIC
IRDA

5. Profit and Loss Objective Questions for State Government Exams

State government exams, such as State PSC (Public Service Commission) exams, often include questions on Profit and Loss in their Quantitative Aptitude section. Candidates preparing for state-level competitive exams can benefit by practicing MCQ on Profit and Loss to build their problem-solving and time management skills.

Some Key Exams useful for Profit and Loss Practice:

State PSC Exams
State Police Constable Exams

6. MCQ for Defence Exams on Profit and Loss

In the Defence exams like CDS, AFCAT, NDA, CAPF, Indian Army, NDA (National Defence Academy), Agneepath exam, and Air Force X and Y Group, Profit and Loss MCQs appear in the Mathematical Ability section. These exams often feature numerical reasoning problems that assess candidates’ arithmetic skills, and Profit and Loss is one of the core topics tested.

Key Defence Exams to learn Profit and Loss MCQ:

CDS
NDA
AFCAT
CAPF
Indian Army Recruitment
Navy
Air Force X & Y Group
Agneepath

Profit and Loss is a vital concept that plays a significant role in numerous competitive exams, and practicing MCQ on Profit and Loss is crucial for success. Whether you are preparing for Bank exams, SSC exams, Railway exams, Defence exams, Management entrance exam, or any other competitive test, upgrading your skills by solving profit and loss objective questions with Rankers Hub will not only enhance your ability to perform well but also improve your speed, accuracy, and problem-solving approach.

Download the Rankers Hub App from the Google Play Store and start your preparation. Rankers Hub is the best site for MCQs, mock tests, and video courses. The salient features of the courses are we cover all important questions as per the latest pattern, eBooks, previous year’s papers, and we also provide free mock tests to kick start your preparation.

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