Profit and Loss Quiz

If the cost price of an item is `4,500 and its selling price is `3,500 then the loss percentage is :

• 2 44 % 9

• 2 55 % 9

• 2 22 % 9

• 2 33 % 9

Answer explanation

To find the loss percentage, use the formula: Loss % = (Loss/Cost Price) x 100. Here, Loss = Cost Price - Selling Price = 4500 - 3500 = 1000. Thus, Loss % = (1000/4500) x 100 = 22.22%. The correct choice is 2 22 % 9.

By selling an item for `222 a person incurs a loss of `48. What is the percentage of loss incurred in the transaction?

• 7 17 % 9

• 23 21 % 37

• 7 16 % 18

• 8 18 % 9

Answer explanation

To find the percentage of loss, use the formula: (Loss/Cost Price) x 100. Here, Selling Price = 222 and Loss = 48. Cost Price = Selling Price + Loss = 222 + 48 = 270. Percentage of loss = (48/270) x 100 = 17.78%, rounded to 17%. Thus, the correct choice is 7 17 % 9.

The selling price of 32 items is equal to the cost price of 38 items. Find the profit percentage.

• 16.25%

• 15.79%

• 18.75%

• 19.25%

Answer explanation

Let CP be the cost price of one item. Then, SP of 32 items = CP of 38 items. Thus, 32SP = 38CP, leading to SP = (38/32)CP. Profit = SP - CP = (6/32)CP. Profit % = (Profit/CP) * 100 = (6/32) * 100 = 18.75%.

The initial profit percentage on the sale of an item was 74%. If the cost price of the item went up by 50%, but the selling price remained the same, what would be the new profit percentage?

• 8%

• 16%

• 13%

• 24%

Answer explanation

Let the original cost price be 100. Selling price = 174. New cost price = 150. New profit = 174 - 150 = 24. New profit percentage = (24/150) * 100 = 16%. Thus, the new profit percentage is 16%.

By selling an article for ` 211.20 a trader loses 12%. If he sells it for ` 248.40, then his loss gain percent is:

• Loss, 2.5%

• Loss, 5%

• Gain, 5.5%

• Gain, 3.5%

Answer explanation

The cost price (CP) can be calculated as CP = Selling Price / (1 - Loss%) = 211.20 / (1 - 0.12) = 240.00. Selling at 248.40 gives a gain of (248.40 - 240.00) / 240.00 * 100 = 3.5%. Thus, the answer is Gain, 3.5%.

A person sells his goods at 30 % profit. If the cost price increases by 25%, and the selling price increases by 10% then what is his new profit percentage?

• 16.4%

• 13.5%

• 14.4%

• 15.6%

Answer explanation

Let the original cost price be 100. Selling price at 30% profit is 130. New cost price = 125, new selling price = 143. New profit = 143 - 125 = 18. Profit percentage = (18/125) * 100 = 14.4%. Thus, the correct answer is 14.4%.

A retailer would have made a profit of 18% if he sold an article at its marked price. If he allowed a discount of 10% on the market price, what would his actual profit on that article have been?

• 6.2%

• 5.5%

• 7.1%

• 4.6%

Answer explanation

If the retailer sells at marked price, profit is 18%. With a 10% discount, selling price becomes 90% of marked price. Thus, profit = 18% - 10% = 8%. Actual profit = 8% of cost price, which is 6.2% of marked price.

A person sells a sofa at a certain price. If he sold it at 60% of this price, then there will be a loss of 20%. The percentage profit when sofa was sold at the original selling price is :

• 12%

• 1 333%

• 1 152%

• 1 122%

Answer explanation

Let the cost price be 100. Selling at 60% leads to a loss of 20%, so selling price = 80. Thus, original selling price = 100. Profit = (100-80)/80 * 100 = 25%. Therefore, profit percentage at original price = 1333%.

A dealer claims to sell his goods at cost price but uses a weight that actually weights 800 gm though 1 kg is written on it. Find his gain percentage.

• 25%

• 18%

• 20%

• 15%

Answer explanation

The dealer sells 800 gm as 1 kg, gaining the price of 200 gm. Gain = (200/800) * 100 = 25%. Thus, his gain percentage is 25%.

A shopkeeper sells wheat at `20/kg that he purchased at `18/kg and he gives only 900 gm of wheat instead of 1 kg while selling. The actual percentage profit of the shopkeeper is:

• 22.45 %

• 24.45 %

• 23.45 %

• 20.45 %

Answer explanation

The shopkeeper sells 900 gm for `20, which is `22.22/kg. Cost price is `18/kg. Profit = (22.22 - 18)/18 * 100 = 23.45%. Thus, the correct answer is 23.45%.