MCQ on profit and loss with solutions and explanations| Page 8 of 10

objective questions on profit and loss

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Percentage

Simple Interest

Compound Interest

Speed Distance

71. A trader gives an additional concession of 35% on an article which is already get discounted by 20% on the marked price. If the buyer pays an amount of 1300 for the article, then the marked price is

(a) 2200

(b) 2500

(d) 2700

(e) None of these

Solution: (b)
\(\displaystyle MP\times \frac{{80}}{{100}}\times \frac{{65}}{{100}}=1300\)
MP = \(\displaystyle \frac{{13000\times 100\times 100}}{{80\times 65}}=2500\)

72. A man buys a cycle for 1400 and sells it at a loss of 15%. What is the selling price of the cycle?

(a) 1202

(b) 1190

(d) 1000

(e) 1150

Solution: (b)
Selling price = \(\displaystyle 1400\times \frac{{100-15}}{{100}}\)
= \(\displaystyle 1400\times \frac{{85}}{{100}}=1190\)

73. A man bought an old typewriter for 1200 and spent 200 on its repair. He sold it for 1680. His profit per cent is:

(a) 20%

(b) 10%

(d) 16%

(e) 25%

Solution: (a)
Total cost of typewriter =₹ (1200 + 200) = ₹1400
S.P. =₹ 1680
Profit = ₹(1680 – 1400)
= ₹ 280
Therefore, Profit % = \(\displaystyle \frac{{280}}{{1400}}\times 100=20\%\)

74. A merchant buys an article for ₹27 and sells it at a profit of 10% of the selling price. The selling price of the article is :

(a) 29.70

(b) 30

(d) 32

(e) 36

Solution: (b)
S.P. – C.P. = \(\displaystyle \frac{{10SP}}{{100}}=\frac{{SP}}{{10}}\)
\(\displaystyle \Rightarrow \)\(\displaystyle SP-\frac{{SP}}{{100}}=CP=27\)
\(\displaystyle SP=\frac{{27\times 10}}{9}=30\)
Alternate method:
C.P. = 27,
Profit = \(\displaystyle \frac{{10}}{{100}}\),
S.P. = \(\displaystyle \frac{{S.P.}}{{10}}\)
Profit = S.P. – C.P.
\(\displaystyle \frac{{S.P.}}{{10}}=S.P.-27\)
\(\displaystyle 27=S.P.-\frac{{S.P.}}{{10}}\)
S.P. = \(\displaystyle \frac{{27\times 10}}{9}\)
S.P. = ₹30

75. If the cost price of an article is 80% of its selling price, the profit percent is :

(a) 20%

(b) \(\displaystyle 22\frac{1}{2}\%\)

(d) 25%

(e) 28%

Solution: (d)
S.P. – C.P. = \(\displaystyle \frac{{10SP}}{{100}}=\frac{{SP}}{{10}}\)
S.P. = 100
C.P. = 80
Therefore, Gain = ₹20
\(\displaystyle \Rightarrow \)Gain percent = \(\displaystyle \frac{{20}}{{80}}\times 100=25\%\)

76. By selling an article, a man makes a profit of 25% of its selling price. His profit per cent is

(a) 20%

(b) 25%

(d) \(\displaystyle 33\frac{1}{3}\%\)

(e) \(\displaystyle 8\frac{1}{3}\%\)

Solution: (d)
If the S.P. of article be x, then its
CP = \(\displaystyle x-\frac{x}{4}=\frac{{3x}}{4}\)
Gain % = \(\displaystyle \frac{{\frac{x}{4}}}{{\frac{{3x}}{4}}}\times 100\)
= \(\displaystyle \frac{{100}}{3}=33\frac{1}{3}\%\)

77. If Vipin started a business with an investment of Rs. 42,000. After 5 months Amit joined him with a capital of Rs. 22,000. At the end of the year the total profit was Rs.16,409. What is Vipin’s share in the profit?

(a) Rs. 16244

(b) Rs. 12568

(d) Rs. 5677

(e) None of these

Solution: (b)
Ratio of the equivalent capitals of Vipin and Amit for 1 year = 42000 × 12 : 22000 × 7
= 42 × 12 : 22 × 7 = 252 : 77
Total profit = Rs. 16409
Therfore= Vipins share= \(\displaystyle \frac{{252}}{{252+77}}\times 16409=Rs.12568\)

78. By selling an article for 960 a man incurs a loss of 4%; what was the cost price ?

(a) ₹1,000

(b) ₹784

(d) ₹300

(e) ₹750

Solution: (a)
C.P. of article
= \(\displaystyle \frac{{100}}{{100-losspercentage}}\times SP.\)
= \(\displaystyle \frac{{100}}{{96}}\times 960=1000\)

79. A salesman expects a gain of 13% on his cost price. If in a month his sale was 7,91,000, what was his profit?

(a) 85,659

(b) 88,300

(d) 97,786

(e) 95,000

Solution: (c)
Cost price = \(\displaystyle \frac{{791000\times 100}}{{113}}=700000\)
Gain = 791000 – 700000 = 91000

80. By selling a car for ₹64,000, Mr. Rao lost 20%. Then the cost price of the car is :

(a) ₹ 72,000

(b) ₹76,800

(d) ₹84,000

(e) ₹90,000

Solution: (c)
Cost price = \(\displaystyle \frac{{64000\times 100}}{{80}}=80000\)

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objective questions on profit and loss

71. A trader gives an additional concession of 35% on an article which is already get discounted by 20% on the marked price. If the buyer pays an amount of 1300 for the article, then the marked price is

72. A man buys a cycle for 1400 and sells it at a loss of 15%. What is the selling price of the cycle?

73. A man bought an old typewriter for 1200 and spent 200 on its repair. He sold it for 1680. His profit per cent is:

74. A merchant buys an article for ₹27 and sells it at a profit of 10% of the selling price. The selling price of the article is :

75. If the cost price of an article is 80% of its selling price, the profit percent is :

76. By selling an article, a man makes a profit of 25% of its selling price. His profit per cent is

77. If Vipin started a business with an investment of Rs. 42,000. After 5 months Amit joined him with a capital of Rs. 22,000. At the end of the year the total profit was Rs.16,409. What is Vipin’s share in the profit?

78. By selling an article for 960 a man incurs a loss of 4%; what was the cost price ?

79. A salesman expects a gain of 13% on his cost price. If in a month his sale was 7,91,000, what was his profit?

80. By selling a car for ₹64,000, Mr. Rao lost 20%. Then the cost price of the car is :

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