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    Profit and Loss - Check Basic Concepts, Formulas, Tricks

    Edited By Vishnukumar | Updated on Feb 07, 2023 12:40 PM IST

    Profit & loss is just similar to the topic percentage. As we can use all the concepts of percentage to crack profit and loss related problems. This is an interesting topic as you can relate it to the problems in day-to-day life. Profit & Loss appears in almost every exam, only the name of things changes, else all the concept of percentage can crack most of the problems related to profit & loss.

    Profit and Loss - Check Basic Concepts, Formulas, Tricks
    Profit and Loss - Check Basic Concepts, Formulas, Tricks

    The general questions or subtopics asked in all the exams are as follows:-

    1. Basic questions related to cost price, selling price, profit & loss

    2. Questions based on ratio & partnerships

    3. Questions based on loss/gain percent equal to CP/SP

    4. Questions based on articles sold in a circular chain

    5. Questions based on articles sold in Chain

    6. Questions based on marked price & discount

    7. Questions based on faulty weight, etc.

    How to prepare profit and loss?

    • Before coming to this please assure that you have completed the number system and percentage.

    • Try to relate the problems with the concepts of percentages.

    • Don’t mug up the formulas and try to learn the concepts.

    • Practice a lot of questions in such a way that the chapter would cover from plinth to paramount difficulty level of questions.

    • Go through the past papers of all government job exams and MBA exams.

    It is also a common topic in all kind of competitive exams and 3-4 problems related to profit and loss generally appear in the examinations.

    Practice Questions of Profit and Loss

    Q 1. By selling 80 oranges a man gains the selling price of 20 oranges. Find the gain %

    1. 20%

    2. 30%

    3. 33.33% (Correct)

    4. 40%

    5. 25%

    View Solution

    Q 2. A sold a table to B at a profit of 15%. Later on, B sold it back to A at a profit of 20%, thereby gaining Rs. 69. How much did A pay for the table originally?

    1. Rs. 300 (Correct)

    2. Rs. 320

    3. Rs. 340

    4. Rs. 350

    5. Rs. 345

    View Solution

    Q 3. A bag marked at Rs 80 is sold for Rs 68. The rate of discount is:

    1. 16%

    2. 17\frac{11}{17}\: \: ^{0}/_0

    3. 15% (Correct)

    4. 12%

    5. 20%

    View Solution

    Q 4. If the cost price of 12 tables is equal to the selling price of 16 tables, the loss percent is :

    1. 18%

    2. 20%

    3. 25% (Correct)

    4. 30%

    5. 15%

    View Solution

    Q 5. A man sold 250 chairs and had again equal to the selling price of 50 chairs. His profit percent is:

    1. 5%

    2. 10%

    3. 25% (Correct)

    4. 30%

    5. 50%

    View Solution

    Q 6. A man buys oranges at Rs. 5 a dozen and an equal number at Rs. 4 dozen. He sells them at Rs 5.50 a dozen and makes a profit of Rs. 50. How many dozen oranges did he buy?

    1. 30

    2. 40

    3. 50 (Correct)

    4. 25

    5. 60

    View Solution

    Q 7. The difference between a number and its three-fifth is 50. What is the number?

    1. 75

    2. 100

    3. 125(Correct)

    4. 120

    5. None \: of\: these

    View Solution

    Q 8. A horse and a cow were sold for Rs12000 each. The horse was sold at a loss of 20% and the cow at a gain of 20%. The entire transaction resulted in:

    1. No loss or gain

    2. Loss of Rs 1000

    3. Gain Rs 1000 (Correct)

    4. Gain of Rs 1500

    5. Gain of Rs 2000

    View Solution

    Q 9. Hemant sold 10 sarees for a total profit of Rs. 460 and 12 sarees for a total profit of Rs. 144. At what profit per saree should he sell the remaining 20 sarees so that he gets an average profit of Rs. 18 per saree?

    1. 5.80

    2. 7.60 (Correct)

    3. 7.80

    4. 8.00

    5. 7.40

    View Solution

    Q 10. If an article is sold at a 5% gain instead of a 5% loss, the seller gets Rs. 6.72 more. The C.P. of the article is:

    1. Rs 67.20 (Correct)

    2. Rs 120

    3. Rs 134.40

    4. Rs 142.25

    5. Rs 240

    View Solution

    Q 11. A man bought an article and sold it at a gain of 5%. If he had bought it at 5% less and sold it for Rs 1 less, he would have made a profit of 10%. The C.P. of the article was:

    1. Rs 100

    2. Rs 150

    3. Rs 200 (Correct)

    4. Rs 350

    5. Rs 500

    View Solution

    Q 12. The sale price of an article including the sales tax is Rs 616. The rate of sales tax is 10%. If the shopkeeper has made a profit of 12%, then the cost price of the article is:

    1. Rs 500 (Correct)

    2. Rs 575

    3. Rs 550

    4. Rs 600

    5. Rs 515

    View Solution

    Q 13. At what profit percent must an article be sold so that by selling at half that price, there may be a loss of 30%?

    1. 25%

    2. 30%

    3. 40% (Correct)

    4. 42%

    5. 36%

    View Solution

    Q 14. Jacob bought a scooter for a certain sum of money. He spent 10% of the cost of repairs and sold the scooter for a profit of Rs. 1100. How much did he spend on repairs if he made a profit of 20%?

    1. 350

    2. Rs 440

    3. Rs 500 (Correct)

    4. Rs 550

    5. Rs 400

    View Solution

    Q 15. A man gains 20% by selling an article for a certain price. If he sells it at double the price, the percentage of profit will be:

    1. 40%

    2. 100%

    3. 130%

    4. 140% (Correct)

    5. 120%

    View Solution

    Q 16. The ratio between the sale price and the cost price of an article is 7:5, what is the ratio between the profit and the cost price of that article?

    1. 2: 7

    2. 5: 2

    3. 4:3

    4. None (Correct)

    5. 7: 2

    View Solution

    Q 17. By selling an article, Michael earned a profit equal to one-fourth of the price he bought it. If he sold it for Rs. 375, what was the cost price?

    1. Rs 315.25

    2. Rs 300 (Correct)

    3. Rs 312.50

    4. Rs 350

    5. Rs 281.75

    View Solution

    Q 18. In a certain store, the profit is 320% of the cost. If the cost increase by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?

    1. 30%

    2. 70% (Correct)

    3. 75%

    4. 250%

    5. 100%

    View Solution

    Q 19. Oranges are bought at the rate of 9 for Rs. 1 and sold at the rate of 8 for Rs. 1. The profit is:

    1. \; 12\frac{1}{8}\; ^{0}\! /_{0}\; \;

    2. 10\; ^{0}\! /_{0}\; \;

    3. \; 11\frac{1}{9}\; ^{0}\! /_{0}\; \;

    4. \; \; 12\frac{1}{2}\; ^{0}\! /_{0}(Correct)

    5. 9\frac{1}{11}\; ^{0}\! /_{0}\; \; \; \;

    View Solution

    Q 20. By selling an article, Ram earned a profit equal to one-fifth of the price he bought it. If he sold it for Ra. 360, what was the cost price?

    1. Rs 245.75

    2. Rs 300 (Correct)

    3. Rs 312.50

    4. Rs 350

    5. Rs 281.75

    View Solution

    Q 21. If the SP of 10 articles is equal to the cost price of 8 articles, find Profit or Loss Percentage

    1. 25% Profit

    2. 27% Profit

    3. 24% Profit

    4. 20% loss(Correct)

    5. 30% loss

    View Solution

    Q 22. A wholesaler allows a discount of 20% on the list of prices to the retailer. The retailer sells at 5% discount on the list price. If the customer paid Rs. 38 for an article, what profit is made by the retailer?

    1. Rs. 10

    2. Rs.8

    3. Rs. 6 (Correct)

    4. Rs. 7

    5. Rs. 12

    View Solution

    Q 23. A reduction of 10% in the price of sugar enables a housewife to buy 6.2 kg. more for Rs.279. Find the reduced price per kilogram.

    1. Rs. 5

    2. Rs. 4.5 (Correct)

    3. Rs. 5.5

    4. None of these

    5. Rs. 4.05

    View Solution

    Q 24. A man sells a TV set for Rs 3450 and makes a profit of 15%. He sells another TV at a loss of 10%. IF on the whole, he neither gains nor loses. Find the selling price of the second TV Set.

    1. Rs. 4250

    2. Rs. 4400

    3. Rs. 4050

    4. Rs. 4500(Correct)

    5. Rs. 4000

    View Solution

    Q 25. Ashok bought an article and spent Rs. 110 on its repairs. He then sold it to Bhushan at a profit of 20%. Bhushan sold it to Charan at a loss of 10%. Charan finally sold it for Rs. 1188 at a profit of 10%. How much did Ashok pay for the article?

    1. Rs. 890(Correct)

    2. Rs. 845

    3. Rs. 780

    4. Rs 840

    5. Rs. 1000

    View Solution

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    Careers in journalism are filled with excitement as well as responsibilities. One cannot afford to miss out on the details. As it is the small details that provide insights into a story. Depending on those insights a journalist goes about writing a news article. A journalism career can be stressful at times but if you are someone who is passionate about it then it is the right choice for you. If you want to know more about the media field and journalist career then continue reading this article.

    3 Jobs Available
    News Anchor

    A career as news anchor requires to be working closely with reporters to collect information, broadcast newscasts and interview guests throughout the day. A news anchor job description is to track the latest affairs and present news stories in an insightful, meaningful and impartial manner to the public. A news anchor in India needs to be updated on the news of the day. He or she even works with the news director to pick stories to air, taking into consideration the interests of the viewer.

    3 Jobs Available
    Publisher

    For publishing books, newspapers, magazines and digital material, editorial and commercial strategies are set by publishers. Individuals in publishing career paths make choices about the markets their businesses will reach and the type of content that their audience will be served. Individuals in book publisher careers collaborate with editorial staff, designers, authors, and freelance contributors who develop and manage the creation of content.

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    Vlogger

    In a career as a vlogger, one generally works for himself or herself. However, once an individual has gained viewership there are several brands and companies that approach them for paid collaboration. It is one of those fields where an individual can earn well while following his or her passion. Ever since internet cost got reduced the viewership for these types of content has increased on a large scale. Therefore, the career as vlogger has a lot to offer. If you want to know more about the career as vlogger, how to become a vlogger, so on and so forth then continue reading the article. Students can visit Jamia Millia Islamia, Asian College of Journalism, Indian Institute of Mass Communication to pursue journalism degrees.

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    Linguist

    Linguistic meaning is related to language or Linguistics which is the study of languages. A career as a linguistic meaning, a profession that is based on the scientific study of language, and it's a very broad field with many specialities. Famous linguists work in academia, researching and teaching different areas of language, such as phonetics (sounds), syntax (word order) and semantics (meaning). Other researchers focus on specialities like computational linguistics, which seeks to better match human and computer language capacities, or applied linguistics, which is concerned with improving language education. Still, others work as language experts for the government, advertising companies, dictionary publishers and various other private enterprises. Some might work from home as freelance linguists. Philologist, phonologist, and dialectician are some of Linguist synonym. Linguists can study French, German, Italian

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    Gemologist

    A career as a gemologist is as magnificent and sparkling as gemstones. A gemologist is a professional who has knowledge and understanding of gemology and he or she applies the same knowledge in his everyday work responsibilities. He or she grades gemstones using various equipment and determines its worth. His or her other work responsibilities involve settling gemstones in jewellery, polishing and examining it. 

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    Production Manager

    Production Manager Job Description: A Production Manager is responsible for ensuring smooth running of manufacturing processes in an efficient manner. He or she plans and organises production schedules. The role of Production Manager involves estimation, negotiation on budget and timescales with the clients and managers. 

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    Product Manager

    A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

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    Metallurgical Engineer

    A metallurgical engineer is a professional who studies and produces materials that bring power to our world. He or she extracts metals from ores and rocks and transforms them into alloys, high-purity metals and other materials used in developing infrastructure, transportation and healthcare equipment. 

    2 Jobs Available
    Structural Engineer

    A Structural Engineer designs buildings, bridges, and other related structures. He or she analyzes the structures and makes sure the structures are strong enough to be used by the people. A career as a Structural Engineer requires working in the construction process. It comes under the civil engineering discipline. A Structure Engineer creates structural models with the help of computer-aided design software. 

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    Production Engineer

    A career as Production Engineer is crucial in the manufacturing industry. He or she ensures the functionality of production equipment and machinery to improve productivity and minimize production costs in order to drive revenues and increase profitability. 

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    Production Worker

    A production worker is a vital part of any manufacturing operation, as he or she plays a leading role in improving the efficiency of the production process. Career as a Production Worker  requires ensuring that the equipment and machinery used in the production of goods are designed to meet the needs of the customers.

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    Textile Engineer

    An individual in textile engineering jobs is creative and innovative that involves the application of scientific laws and principles in everyday work responsibilities. Textile engineering jobs include designing fiber processing systems and related machinery involved in the manufacturing of fiber, cloth, apparel and other related products.

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    Product Manager

    A Product Manager is a professional responsible for product planning and marketing. He or she manages the product throughout the Product Life Cycle, gathering and prioritising the product. A product manager job description includes defining the product vision and working closely with team members of other departments to deliver winning products.  

    3 Jobs Available
    ITSM Manager

    ITSM Manager is a professional responsible for heading the ITSM (Information Technology Service Management) or (Information Technology Infrastructure Library) processes. He or she ensures that operation management provides appropriate resource levels for problem resolutions. The ITSM Manager oversees the level of prioritisation for the problems, critical incidents, planned as well as proactive tasks. 

    3 Jobs Available
    Computer Programmer

    Careers in computer programming primarily refer to the systematic act of writing code and moreover includes wider computer science areas. The word 'programmer' or 'coder' has entered into practice with the growing number of newly self-taught tech-enthusiast. Computer programming careers involve the use of designs created by software developers and engineers and transforming them into commands that can be implemented by computers. These commands result in regular usage of social media sites, word processing applications and browsers.

    3 Jobs Available
    Computer System Analyst

    Individuals in the computer systems analyst career path study the hardware and applications that are part of an organization's computer systems, as well as how they are used. They collaborate closely with managers and end-users to identify system specifications and business priorities, as well as to assess the efficiency of computer systems and create techniques to boost IT efficiency. Individuals who opt for a career as a computer system analyst support the implementation, modification, and debugging of new systems after they've been installed.

    2 Jobs Available
    Scrum Master

    A Scrum Master is a professional who utilizes agile project management for the effective success of the project facilitating communication and collaboration among the team and team members. The Scrum Master jobs include working in various settings with varying tasks and responsibilities. Individuals in the scrum master career path may act as a facilitator, coaches, or project managers

    2 Jobs Available
    Storage Administrator

    A Storage Administrator is responsible for designing, installing and configuration of the enterprise of data storage systems. He or she also ensures the security  and maintenance of them. A Storage Administrator monitors performance, warnings, error on FC network and attached storage systems. 

    2 Jobs Available
    AWS Solution Architect

    An AWS Solution Architect is someone who specializes in developing and implementing cloud computing systems. He or she has a good understanding of the various aspects of cloud computing and can confidently deploy and manage their systems. He or she troubleshoots the issues and evaluates the risk from the third party. 

    2 Jobs Available
    Python Programmer

    A python programmer is a computer programmer who specialises in the computer programming language python. He or she uses python language skills to develop, debug and implement application projects. 

    2 Jobs Available
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