Profit and Loss Quiz

Calculate the profit if the cost price is $50 and the selling price is $70.

• $15

• $10

• $25

• $20

Answer explanation

To calculate profit, subtract the cost price from the selling price: $70 - $50 = $20. Therefore, the profit is $20.

Determine the percentage profit if the cost price is $80 and the selling price is $100.

• 25%

• 15%

• 20%

• 30%

Answer explanation

To calculate the percentage profit, use the formula: ((Selling Price - Cost Price) / Cost Price) * 100. Plugging in the values, ((100 - 80) / 80) * 100 = 25%. Therefore, the correct answer is 25%.

Convert 75% to a decimal.

• 0.57

• 0.85

• 0.75

• 0.63

Answer explanation

To convert 75% to a decimal, divide by 100. 75% = 75/100 = 0.75. Therefore, the correct decimal representation is 0.75.

Convert 2/5 to a percentage.

• 25%

• 50%

• 40%

• 60%

Answer explanation

To convert 2/5 to a percentage, you multiply by 100. 2/5 * 100 = 40%. Therefore, the correct answer is 40%.

If the selling price is $120 and the percentage profit is 20%, find the cost price.

• $100

• $80

• $110

• $130

Answer explanation

To find the cost price, divide the selling price by 1 + the profit percentage (120 / 1.20 = 100). Therefore, the cost price is $100.

If the cost price is $200 and the percentage profit is 25%, find the selling price.

• $275

• $250

• $225

• $240

Answer explanation

To find the selling price, calculate 25% of $200 (which is $50) and add it to the cost price. $200 + $50 = $250. Therefore, the selling price is $250.

Calculate the loss if the cost price is $90 and the selling price is $80.

• $10

• $20

• $15

• $5

Answer explanation

To calculate the loss, subtract the selling price from the cost price: $90 - $80 = $10. Therefore, the loss is $10.

Determine the percentage loss if the cost price is $120 and the selling price is $100.

• 10%

• 20%

• 16.67%

• 25%

Answer explanation

To calculate the percentage loss, first find the difference between the cost price and selling price: $120 - $100 = $20. Then, calculate the percentage loss: ($20 / $120) * 100% = 16.67%

Convert 3/4 to a decimal.

• 0.75

• 0.25

• 0.5

• 1.25

Answer explanation

To convert 3/4 to a decimal, divide 3 by 4 which equals 0.75. Therefore, the correct decimal representation is 0.75.

Convert 60% to a fraction.

• 2/3

• 3/5

• 4/5

• 1/2

Answer explanation

To convert 60% to a fraction, we write it as 60/100 and simplify by dividing both the numerator and denominator by 20 to get 3/5.