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#### Information

**Name: **Profit and Loss Aptitude Practice Test – 4

**Subject: **Aptitude

**Topic: **Profit and Loss

**Questions: **12 objective type

**Time Allowed: **20 minutes

**Important for: **Bank PO & Clerk ( SBI, IBPS, RBI & LIC), SSC ( CGL, CHSL, GD, Stenographer etc.), Railways, UPSSC, State PSCs and School students of class 8, 9, 10.

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- Question 1 of 12
##### 1. Question

1 pointsA man buys a toy for Rs. 25 and sells it for Rs. 22. What is his loss percent?

CorrectLoss = Cost price – Selling price = 25 – 22 = Rs. 3

% Loss = Loss/(Cost price)×100 = 3/25×100 = 12%

IncorrectLoss = Cost price – Selling price = 25 – 22 = Rs. 3

% Loss = Loss/(Cost price)×100 = 3/25×100 = 12%

- Question 2 of 12
##### 2. Question

1 pointsA man purchases 8 pens for Rs. 9 and sells 9 pens for rupees 8. How much profit or loss does he make?

CorrectExplanation:

From question:

Purchase 8 Pen for Rs. 9

Sells 9 Pen for Rs. 8

Now, percentage profit or loss is = (8 ×8-9 ×9)/(9 ×9) ×100 = (-1700)/81 = -20.98 %

Since the sign is -ve, there is a loss of 20.98%.IncorrectExplanation:

From question:

Purchase 8 Pen for Rs. 9

Sells 9 Pen for Rs. 8

Now, percentage profit or loss is = (8 ×8-9 ×9)/(9 ×9) ×100 = (-1700)/81 = -20.98 %

Since the sign is -ve, there is a loss of 20.98%. - Question 3 of 12
##### 3. Question

1 pointsAn article is sold at 20% profit. If its cost price is increased by Rs. 50 and at the same time if its selling price is also increased by Rs. 30, the percentage of profit decreases by 10/3%. Find the cost price.

Correct10/3% of the cost price = (100+New % profit)% of increase in Cost price-Increase in selling price

10/300× Cost price = [100 + (20- 10/3) ]×50-30

10/300× Cost price = [100 + (20- 50/3) ]×50-30

10/300× Cost price = 350/300×50-30

∴ Cost price = (350 – 180)/6 × 300/10 = Rs. 850Incorrect10/3% of the cost price = (100+New % profit)% of increase in Cost price-Increase in selling price

10/300× Cost price = [100 + (20- 10/3) ]×50-30

10/300× Cost price = [100 + (20- 50/3) ]×50-30

10/300× Cost price = 350/300×50-30

∴ Cost price = (350 – 180)/6 × 300/10 = Rs. 850 - Question 4 of 12
##### 4. Question

1 pointsBy selling a horse for Rs. 570, a tradesman would lose 5%. At what price must he sell it to gain 5%?

CorrectExplanation:

(100 + 5)% of the cost price = Rs. 570

∴ (100 + 5)% of the cost price = 570/95×105 = Rs. 630IncorrectExplanation:

(100 + 5)% of the cost price = Rs. 570

∴ (100 + 5)% of the cost price = 570/95×105 = Rs. 630 - Question 5 of 12
##### 5. Question

1 pointsA seller uses 840 grams in place of one kilogram to sell his goods. What is his actual % profit or loss when he sells his article on 4% loss on cost price?

CorrectApplying the direct formula,

If a seller uses ‘A’ grams in place of one Kilogram to sell his goods and gains a profit of ‘a%’ on cost price, then his actual gain or loss percentage is [100 ±a][1000/A]- 100.

Hence, loss or gain % = [100-4][1000/840]- 100 = [(96 × 1000)/840]- 100

= 800/7- 100 = 100/7 %IncorrectApplying the direct formula,

If a seller uses ‘A’ grams in place of one Kilogram to sell his goods and gains a profit of ‘a%’ on cost price, then his actual gain or loss percentage is [100 ±a][1000/A]- 100.

Hence, loss or gain % = [100-4][1000/840]- 100 = [(96 × 1000)/840]- 100

= 800/7- 100 = 100/7 % - Question 6 of 12
##### 6. Question

1 pointsA dishonest dealer sells the goods at 6 1/4% loss on cost price but uses 12 1/2% less weight. What is his percentage profit or loss?

CorrectExplanation:

= [(100-6 1/4)/(100-12 1/2)]×100-100

= [(100-25/4)/(100-25/2)]×100-100

= [(375/4)/(175/2)]×100-100

= 15/14×100-100

= 100/14 %IncorrectExplanation:

= [(100-6 1/4)/(100-12 1/2)]×100-100

= [(100-25/4)/(100-25/2)]×100-100

= [(375/4)/(175/2)]×100-100

= 15/14×100-100

= 100/14 % - Question 7 of 12
##### 7. Question

1 pointsA dishonest dealer sells goods at 4 2/5% loss on cost price but uses 20 grams instead of 24 grams. What is his percentage profit and loss?

CorrectExplanation:

As per the formula;

If shopkeeper sells his goods at u% loss on cost price but uses v grams instead of w grams, then his % profit or loss is = [100-u] w/v- 100 as the sign is +ve or –ve.% profit or loss = [100-4 2/5][24/20]- 100 = [478/5]×[24/20]-100 =[1472/100] %

IncorrectExplanation:

As per the formula;

If shopkeeper sells his goods at u% loss on cost price but uses v grams instead of w grams, then his % profit or loss is = [100-u] w/v- 100 as the sign is +ve or –ve.% profit or loss = [100-4 2/5][24/20]- 100 = [478/5]×[24/20]-100 =[1472/100] %

- Question 8 of 12
##### 8. Question

1 pointsA dishonest dealer sells goods at 3 1/4% loss on cost price but uses 15 grams instead of 20 grams. What is his percentage profit and loss?

CorrectExplanation:

As per the formula;

If shopkeeper sells his goods at u% loss on cost price but uses v grams instead of w grams, then his % profit or loss is = [100-u] w/v- 100 as the sign is +ve or –ve.% profit or loss = [100-3 1/4][20/15]- 100 = [387/4]×[20/15]-100 =[1740/60] = 29%

IncorrectExplanation:

If shopkeeper sells his goods at u% loss on cost price but uses v grams instead of w grams, then his % profit or loss is = [100-u] w/v- 100 as the sign is +ve or –ve.% profit or loss = [100-3 1/4][20/15]- 100 = [387/4]×[20/15]-100 =[1740/60] = 29%

- Question 9 of 12
##### 9. Question

1 pointsA grocer sells rice at a profit of 18% and uses a weight which is 25% less. Find his total percentage gain.

CorrectExplanation:

Total percentage profit = ((% profit +% less in weight)/(100-% less in weight) ) ×100

= ((18 + 25)/(100 – 25))×100

= (43 ×100)/75 = 172/3%IncorrectExplanation:

Total percentage profit = ((% profit +% less in weight)/(100-% less in weight) ) ×100

= ((18 + 25)/(100 – 25))×100

= (43 ×100)/75 = 172/3% - Question 10 of 12
##### 10. Question

1 pointsA grocer sells rice at a profit of 12% and uses a weight which is 18% less. Find his total percentage gain.

CorrectTotal percentage profit = ((% profit +% less in weight)/(100-% less in weight) )×100

= ((12 + 18)/(100 – 18))×100

= (30 ×100)/82 = 36.58%IncorrectTotal percentage profit = ((% profit +% less in weight)/(100-% less in weight) )×100

= ((12 + 18)/(100 – 18))×100

= (30 ×100)/82 = 36.58% - Question 11 of 12
##### 11. Question

1 pointsA dishonest dealer professes to sell his goods at cost price, but he uses a weight of 935 gm for the kg weight. Find his gain percent.

Correct% gain = Error/(True value – Error)×100

% gain = (True weight-False weight)/(False weight)×100As per the question data;

True value = 1kg = 1000 grams

False value = 935 grams

Error = True value – False value = 1000 – 935 = 65 grams

% gain = 65/(1000 – 65)×100 = 8178/187%Incorrect% gain = Error/(True value – Error)×100

% gain = (True weight-False weight)/(False weight)×100As per the question data;

True value = 1kg = 1000 grams

False value = 935 grams

Error = True value – False value = 1000 – 935 = 65 grams

% gain = 65/(1000 – 65)×100 = 8178/187% - Question 12 of 12
##### 12. Question

1 pointsA dishonest dealer professes to sell his goods at cost price, but he uses a weight of 890 gm for the kg weight. Find his gain percent.

Correct% gain = Error/(True value – Error)×100

% gain = (True weight-False weight)/(False weight)×100As per the question data;

True value = 1kg = 1000 grams

False value = 890 grams

Error = True value – False value = 1000 – 890 = 110 grams

% gain = 110/(1000 – 110)×100 = 1232/89%Incorrect% gain = Error/(True value – Error)×100

% gain = (True weight-False weight)/(False weight)×100As per the question data;

True value = 1kg = 1000 grams

False value = 890 grams

Error = True value – False value = 1000 – 890 = 110 grams

% gain = 110/(1000 – 110)×100 = 1232/89%