Profit and Loss - Check Basic Concepts, Formulas, Tricks

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.

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. 

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. 

2. 

3. (Correct)

4. 120

5. 

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. 

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. 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. 

2. 

3. 

4. (Correct)

5. 

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