Thursday, May 28, 2015

Quiz on Profit and Loss for SSC Exams with Explanation

Profit and Loss Quiz

  • 1. In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?

    1. 30%
    2. 70%
    3. 100%
    4. 250%
    Answer And Explanation
    Answer: Option B
    Explanation:
    Note:

Profit and Loss Quiz

Profit and Loss Quiz

  • 3. A merchant sells his two cars – one at 15% loss and another at 12% profit. If the cost prices of the two cars are in the ratio of 1:2, what is his percent profit or loss?

    1. 3% profit 
    2. 2% Loss
    3. 2% Profit
    4. 3% Loss
    Answer And Explanation
    Answer: Option A
    Explanation:
    Note: Given that CPs are in the ratio 1:2
          Therefore let the CPs be Rs.100 & Rs.200 respectively,
          1st SP = 100-15% of 100 = Rs.86.
          2nd SP = 200 + 12% of 200 = Rs.224.
          Total CP = Rs.300.  Total SP = 85+224 = Rs.309.
          Profit = Rs.309-300 = Rs.9.
          Profit percent = 9x100/300 = 3% profit.

Profit and Loss Quiz

  • 4.The cost price of 16 articles is the same as the selling price of 12 articles. Find the loss/profit percentages.

    1. 30%
    2. 32.50%
    3. 100/3%
    4. 40%
    Answer And Explanation
    Answer: Option C
    Explanation:
    Note:  The gain is 4 out of 12 articles.
     Therefore, gain percentage = 4x100 /12 = 100/3%.

Profit and Loss Quiz

  • 5.Raju purchased an item for Rs.4,500 and sold it at the gain of 15%. From that amount he purchased another item and sold it  at the loss of 10%. What is his overall gain/loss?

    1. Gain of Rs 151.50
    2. Gain of Rs 157.50
    3. Loss of Rs 165
    4. No Gain No Loss
    Answer And Explanation
    Answer: Option B
    Explanation:
    Note:1st SP = Rs.4500 + 15% of 4500 = Rs.4500+Rs.675 = Rs.5175
          2nd CP = Rs.5175.
          2nd SP = Rs.5175 – 10% of 5175 = Rs.4657.50
          Overall gain = Rs.4657.50 – 4500 = Rs.157.50.

Profit and Loss Quiz

  • 6.Mohan purchased 15 kgs of rice at the rate of Rs.26 per kg and 8 kgs of pulses at the rate of Rs.26 per kg. Wheat is the total amount that he paid to the shopkeeper?

    1. Rs 598
    2. Rs 594
    3. Rs 596
    4. Rs 595
    Answer And Explanation
    Answer: Option A
    Explanation:
    Note:Price of 15 kgs of rice at Rs.26/kg = 15x26 = Rs.390
          Price of 8 kgs of pulses at Rs.26/kg = 8x26 = Rs.208
          Therefore, Total amount = Rs.390+Rs.208 = Rs.598.

Profit and Loss Quiz

Profit and Loss Quiz

  • 8. The percentage profit earned by selling an article for Rs. 1920 is equal to the percentage loss incurred by selling the same article for Rs. 1280. At what price should the article be sold to make 25% profit?

    1. 2000
    2. 2200
    3. 2400
    4. 2600
    Answer And Explanation
    Answer: Option A
    Explanation:
    Note:

Profit and Loss Quiz

Profit and Loss Quiz


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