Profit and Loss MCQ Quiz - Objective Question with Answer for Profit and Loss - Download Free PDF

Given:

Zoya's friend's profit = Rs. 5,584

Calculation:

Investment ratio of Zoya and her friend = 3:2 (based on amount and time).

Friend’s profit = (2 / 5) × Total profit = 5,584

Total profit = 5,584 × (5 / 2) = 13,960

Zoya's profit = (3 / 5) × 13,960 = 8,376

Profit difference = Zoya's profit - Friend's profit = 8,376 - 5,584 = 2,792

∴ The profit difference between Zoya and her friend is Rs. 2,792.

Given:

Marked price = ₹x

Discount = 60%

Selling price after discount = ₹442 (inclusive of VAT)

VAT = 30% of discounted price

Formula used:

Selling price after discount = Discounted price + VAT

Calculation:

Let the discounted price = (1 - 60/100) × x = 0.4x

VAT = 30% of the discounted price = 30/100 × 0.4x = 0.12x

Selling price = Discounted price + VAT = 0.4x + 0.12x = 0.52x

Given that selling price = ₹442:

⇒ 0.52x = 442

⇒ x = 442 / 0.52 = ₹850

∴ The marked price is ₹850

Given:

Selling price (SP) of both goods = ₹3600 each

Gain on the first good = 17%

Loss on the second good = 20%

Formula used:

Cost Price (CP) = SP / (1 + Gain%) for profit or SP / (1 - Loss%) for loss

Calculations:

For the first good:

CP1 = 3600 / (1 + 17/100) = 3600 / (1 + 0.17) = 3600 / 1.17

CP1 = ₹3077 (approx.)

For the second good:

CP2 = 3600 / (1 - 20/100) = 3600 / (1 - 0.20) = 3600 / 0.80

CP2 = ₹4500

Total Cost Price (Total CP) = CP1 + CP2 = ₹3077 + ₹4500 = ₹7577

Total Selling Price (Total SP) = ₹3600 + ₹3600 = ₹7200

Now, to calculate the total loss:

Loss = Total CP - Total SP = ₹7577 - ₹7200 = ₹377

Percentage loss = (Loss / Total CP) × 100

Percentage loss = (377 / 7577) × 100 ≈ 4.96%

Therefore, the total percentage loss is approximately 5%.

Given:

The shop offers 2 free sarees with the purchase of 3 sarees.

Formula used:

Percentage Discount = (Total Value of Discount / Total Cost Price) × 100

Calculations:

Let's assume the price of each saree is ₹X.

For every 3 sarees purchased, the customer gets 2 sarees free.

The customer is paying for 3 sarees and getting 5 sarees in total (3 paid + 2 free).

The total cost of 5 sarees is 3 × ₹X = ₹3X.

The total value of the 2 free sarees is 2 × ₹X = ₹2X.

Now, calculate the percentage discount:

Percentage Discount = (Total Value of Discount / Total Cost Price) × 100

Percentage Discount = (2X / 5X) × 100

Percentage Discount = 2/5 × 100 = 40%

Therefore, the customer is getting a 0.4 percent discount in this deal.

Given:

Selling Price (SP) = ₹1000

Loss = 5%

New Selling Price (SP) = ₹1400

Formula used:

Cost Price (CP) = \(\dfrac{100 \times SP}{100 - \text{Loss%}}\)

Profit% = \(\dfrac{(SP - CP) \times 100}{CP}\)

Calculations:

CP = \(\dfrac{100 \times 1000}{100 - 5}\)

⇒ CP = \(\dfrac{100 \times 1000}{95}\)

⇒ CP = ₹1052.63 (approx.)

Profit% = \(\dfrac{(1400 - 1052.63) \times 100}{1052.63}\)

⇒ Profit% = \(\dfrac{347.37 \times 100}{1052.63}\)

⇒ Profit% = 33%

∴ The value of x is 33%.

Given:

Profit = 25 Percent

Discount = 15 Percent

Formula:

MP/CP = (100 + Profit %)/(100 – Discount %)

MP = Printed Price

CP = Cost Price

Calculation:

We know that –

MP/CP = (100 + Profit %)/(100 – Discount %)   ………. (1)

Put all given values in equation (1) then we gets

MP/CP = (100 + 25)/(100 – 15)

⇒ 125/85

⇒ 25/17

Given:

A shopkeeper normally makes a profit of 20% in a certain transaction,

He weights 900 g instead of 1 kg, due to an issue with the weighing machine.

He charges 10% less than what he normally charges.

Formula used:

SP = \(\frac{100 - discount}{100}×CP\)

Calculations:

Let the cost price of 1 Kg of goods = Rs. 100

So, the selling price of 1 Kg of goods = 100 × 120/100 = Rs. 120

Cost price of 900 grams of goods = Rs. 90

According to question,

Shopkeeper charges 10% less what he normally charges

So, the new selling price = old selling price × (100 - 10)/100

⇒ New selling price = 120 × \(\frac{90}{100}\) =Rs. 108

So, profit = Rs. (108 - 90) = Rs. 18

So, profit % = (\(\frac{18}{90}\)) × 100 = 20%

Hence, Profit percentage is 20%.

Given:

A dishonest merchant sells goods at a 12.5% loss on the cost price but uses 28 g weight instead of 36 g. 

Concept used:

Final percentage change after two successive increments of A% and B% = (A + B + \(AB \over 100\)) %

Calculation:

Percentage gain by using 28 g weight instead of 36 g = \(\frac {36 - 28}{28} × 100\) = \(\frac {200}{7}\%\)

Percentage loss = 12.5%

Considering 12.5% loss as -12.5% profit,

Now, the final percentage profit/loss = \({\frac {200}{7} - 12.5 - {\frac {200}{7} × 12.5 \over 100}}\) = +12.5%

Here, the positive sign indicates a percentage profit.

∴ His percentage profit is 12.5%

Shortcut TrickCalculation:

Merchant sells goods at a 12.5% loss:

C.P : S.P = 8 : 7

Merchant uses 28 g weight instead of 36 g

C.P : S.P = 28 : 36 = 7 : 9

We can use successive methods:

So, C.P : S.P = 56 : 63 = 8 : 9

Profit% = {(9 - 8)/8} × 100 

⇒ 12.5%

∴ The correct answer is 12.5%.

Given:

Two discounts = 40% and 20%

Formula:

Two discounts a% and b%

Total discount = \((a +b)- \frac{ab}{100}\)

Discount amount = (marked price) × (discount %)/100

Calculation:

Single discount percentage = \((40 +20)- \frac{40× 20}{100}\) = 52%

⇒ 52 = 988/marked price × 100

⇒ Marked price = 1900

∴ Marked price of an article is Rs.1900.

Alternate MethodLet the MP be x.

x - [x × (100 - 40)/100 × (100 - 20)/100] = 988

⇒ x - [x × (60/100) × (80/100)] = 988

⇒ x - x × (3/5) × (4/5) = 988

⇒ 13x/25 = 988

⇒ x = (988 × 25)/13

⇒ x = 1900

∴ Marked price of an article is Rs.1900.

Given:

Cost price of 36 kg sugar = Rs.1040

Formula used:

Profit = Selling price - Cost price

Calculation:

CP of 1 kg sugar = Rs.1040/36 

According to the question, 

SP × 10 = SP × 36 - CP × 36

⇒ CP × 36 = 26 × SP

⇒ 1040/ 36 × 36 = 26 × SP 

⇒ 1040 = 26 × SP

⇒ SP = 1040/26 = 40

Now, SP of 5 kg of sugar = 40 × 5 = Rs. 200

∴ The selling price of 5 kg sugar = Rs.200

Given:

A grocery shop is offering a 10% discount on the purchase of Rs.500 and above. A 5% discount is given on the purchase of value above Rs.250 but below Rs.500. A discount of an additional 1% is given if payment is made instantly in cash. 

He bought 25 packets of biscuits and one packet is priced at Rs.30.

Concept used:

1. Final discount percentage after two successive discounts of A% and B% = \((A + B - {AB \over 100})\%\)

2. Selling price = Marked Price × (1 - Discount%)

Calculation:

Total billed price = 25 × 30 = Rs. 750

Since he paid in cash, he would get two consecutive discounts of 10% and 1%.

So, final discounts = 10 + 1 - (10 × 1)/100 = 10.9%

Now, he would have to pay = 750 × (1 - 10.9%) = Rs. 668.25

∴ He would have to pay Rs. 668.25.

Given:

A and B invested money in a business in the ratio of 7 ∶  5.

15% of the total profit goes for charity, and A's share in the profit is Rs. 5,950

Calculation:

The total profit of A and B will be 5950 × 12 / 7 = Rs 10200

The total profit including charity is 10200 × 100/85 = Rs 12000

∴ The correct option is 2

Calculation:

Let cost price of the item be Rs. x

According to the question

(x – 440) = (1000 – x) × 60/100

⇒ (x – 440) = (1000 – x) × 3/5

⇒ 5x – 2200 = 3000 – 3x

⇒ 5x + 3x = 3000 + 2200

⇒ 8x = 5200

⇒ x = 5200/8

⇒ x = 650

∴ The correct answer is option (1).

Shortcut Trick

Given:

If the selling price of an article is doubled, then the profit becomes four times.

Formula used:

Profit = Selling price (S.P) - cost price (C.P)

Profit % = {profit (P) × 100}/C.P 

Calculation:

According to the question:

⇒ 4 × (S.P - C.P) = (2 × S.P - C.P)

⇒ 4 S.P - 4 C.P = 2 S.P - C.P

⇒ 2 S.P = 3 C.P

⇒ S.P/C.P = 3/2

Profit percentage = (P × 100)/C.P.

⇒ {(3 - 2) × 100}/2 = 100/2 = 50%.

∴ The correct answer is 50%.

Shortcut Trick

Fruits bought at 15 for Rs. 140

Equal quantity of bought at 10 for Rs. 120

Fruits sold at Rs. 132/dozen

Let, the total quantity of fruits = 30

               15 for Rs. 140            10 for Rs. 120          Total

CP              Rs. 140                        Rs. 180             Rs. 320

SP              Rs. 165                        Rs. 165             Rs. 330

Profit percent = (330 - 320)/320 × 100  = \(3 \frac{1}{8}\)%

∴ The required profit percent is  \(3 \frac{1}{8}\)%.

Alternate Method

Given:

Fruits at 15 for Rs. 140 = Fruits at 10 for Rs. 120

Fruits sold at Rs. 132/dozen

Formula used:

Profit > Loss 

Profit = SP - CP 

Profit percent = Profit/CP × 100 

Calculation:

Let, Total fruit brought

⇒ LCM (10 and 15) = 30

So, CP of 30 fruits at the rate of 15 for Rs. 140

⇒ 140/15 × 30 = Rs. 280

Similarly, CP of 30 fruits at 10 for Rs. 120,

⇒ 120/10 × 30 = Rs. 360

So, Total CP of 60 fruits = 280 + 360 = Rs. 640

Now,

⇒ SP of 12 fruits = Rs. 132

⇒ SP of 1 fruit = Rs. 11

⇒ SP of 60 fruits = Rs. 11 × 60 = Rs. 660

So, Profit = SP - CP = Rs.660 - Rs. 640 

⇒ Rs. 20 

Profit percent = 20/640 × 100 = \(3 \frac{1}{8}\)

∴ The required profit percent is  \(3 \frac{1}{8}\)%.