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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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 Review
 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%
UnattemptedLoss = 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 ×89 ×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 ×89 ×9)/(9 ×9) ×100 = (1700)/81 = 20.98 %
Since the sign is ve, there is a loss of 20.98%.UnattemptedExplanation:
From question:
Purchase 8 Pen for Rs. 9
Sells 9 Pen for Rs. 8
Now, percentage profit or loss is = (8 ×89 ×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 priceIncrease in selling price
10/300× Cost price = [100 + (20 10/3) ]×5030
10/300× Cost price = [100 + (20 50/3) ]×5030
10/300× Cost price = 350/300×5030
∴ Cost price = (350 – 180)/6 × 300/10 = Rs. 850Incorrect10/3% of the cost price = (100+New % profit)% of increase in Cost priceIncrease in selling price
10/300× Cost price = [100 + (20 10/3) ]×5030
10/300× Cost price = [100 + (20 50/3) ]×5030
10/300× Cost price = 350/300×5030
∴ Cost price = (350 – 180)/6 × 300/10 = Rs. 850Unattempted10/3% of the cost price = (100+New % profit)% of increase in Cost priceIncrease in selling price
10/300× Cost price = [100 + (20 10/3) ]×5030
10/300× Cost price = [100 + (20 50/3) ]×5030
10/300× Cost price = 350/300×5030
∴ 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. 630UnattemptedExplanation:
(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 % = [1004][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 % = [1004][1000/840] 100 = [(96 × 1000)/840] 100
= 800/7 100 = 100/7 %UnattemptedApplying 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 % = [1004][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:
= [(1006 1/4)/(10012 1/2)]×100100
= [(10025/4)/(10025/2)]×100100
= [(375/4)/(175/2)]×100100
= 15/14×100100
= 100/14 %IncorrectExplanation:
= [(1006 1/4)/(10012 1/2)]×100100
= [(10025/4)/(10025/2)]×100100
= [(375/4)/(175/2)]×100100
= 15/14×100100
= 100/14 %UnattemptedExplanation:
= [(1006 1/4)/(10012 1/2)]×100100
= [(10025/4)/(10025/2)]×100100
= [(375/4)/(175/2)]×100100
= 15/14×100100
= 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 = [100u] w/v 100 as the sign is +ve or –ve.% profit or loss = [1004 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 = [100u] w/v 100 as the sign is +ve or –ve.% profit or loss = [1004 2/5][24/20] 100 = [478/5]×[24/20]100 =[1472/100] %
UnattemptedExplanation:
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 = [100u] w/v 100 as the sign is +ve or –ve.% profit or loss = [1004 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 = [100u] w/v 100 as the sign is +ve or –ve.% profit or loss = [1003 1/4][20/15] 100 = [387/4]×[20/15]100 =[1740/60] = 29%
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 = [100u] w/v 100 as the sign is +ve or –ve.% profit or loss = [1003 1/4][20/15] 100 = [387/4]×[20/15]100 =[1740/60] = 29%
UnattemptedExplanation:
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 = [100u] w/v 100 as the sign is +ve or –ve.% profit or loss = [1003 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%UnattemptedExplanation:
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%UnattemptedTotal 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 weightFalse 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 weightFalse 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%Unattempted% gain = Error/(True value – Error)×100
% gain = (True weightFalse 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 weightFalse 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 weightFalse 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%Unattempted% gain = Error/(True value – Error)×100
% gain = (True weightFalse 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%