Profit and loss  3
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Quiz Description :
Name : Profit and Loss Test – 3
Subject : Aptitude
Topic : Profit and Loss
Questions: 15 mcq
Time Limit : 20 Minutes
Explanations : Yes
Important for : Competitions like SSC, IBPS, UPSC, Lekhpal, Railways, IITJEE, School students of class 9th, 10th, 11th, 12th and college students ( B.Sc. / M.Sc. )
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 Question 1 of 15
1. Question
1 pointsBy selling a bicycle for Rs. 2850. A shopkeeper gains 14%. If the profit is reduced to 8% then the selling price will be
CorrectExplanation – CP of bicycle = 100/114*2850 = Rs. 2500
SP for a profit of 8% = 108/100*2500 = 2700IncorrectExplanation – CP of bicycle = 100/114*2850 = Rs. 2500
SP for a profit of 8% = 108/100*2500 = 2700UnattemptedExplanation – CP of bicycle = 100/114*2850 = Rs. 2500
SP for a profit of 8% = 108/100*2500 = 2700  Question 2 of 15
2. Question
1 pointsA sells an article to B at a profit of 10%, B sells the article back to A at a loss of 10%. In this transaction:
CorrectExplanation – In this transaction A makes a profit of (11099) = 11%
IncorrectExplanation – In this transaction A makes a profit of (11099) = 11%
UnattemptedExplanation – In this transaction A makes a profit of (11099) = 11%
 Question 3 of 15
3. Question
1 pointsIf a man were to sell his chair of Rs. 720 he would loss 25%. To gain 25% he should sell it for :
CorrectExplanation – CP of chair = (100/75)*720 = 960
To gain 25%, SP = (125/100)*960 = Rs. 1200
IncorrectExplanation – CP of chair = (100/75)*720 = 960
To gain 25%, SP = (125/100)*960 = Rs. 1200
UnattemptedExplanation – CP of chair = (100/75)*720 = 960
To gain 25%, SP = (125/100)*960 = Rs. 1200
 Question 4 of 15
4. Question
1 pointsA shopkeeper marks his goods 30% above his cost price but allows a discount of 10% at the time of sale. His gain is :
CorrectExplanation – 100 CP —–30%↑—> 130 (MP) — 10%↓—> 117(SP)
Gain = 17%
IncorrectExplanation – 100 CP —–30%↑—> 130 (MP) — 10%↓—> 117(SP)
Gain = 17%
UnattemptedExplanation – 100 CP —–30%↑—> 130 (MP) — 10%↓—> 117(SP)
Gain = 17%
 Question 5 of 15
5. Question
1 pointsA man sold 2 chairs at 1200 each. On one he gained 20% and on the other he lost 20%. His gain or loss in the whole transaction is:
CorrectExplanation – 100—20%↑—> 120—20%↓—96
Loss = 4% (as 100 becomes 96)IncorrectExplanation – 100—20%↑—> 120—20%↓—96
Loss = 4% (as 100 becomes 96)UnattemptedExplanation – 100—20%↑—> 120—20%↓—96
Loss = 4% (as 100 becomes 96)  Question 6 of 15
6. Question
1 pointsAn article is listed at Rs. 920. A customer pays Rs. 742.90 for it after getting 2 successive discounts. If the rate of 1st discount is 15%. The rate of second discount is:
CorrectExplanation – 920—15%↓ (1st dis.)—> 782—x%↓(2nd dis.) —> 742.90
x% = (782742.90)*100/742.90
= (39.1*100)/742.9
= 5%
IncorrectExplanation – 920—15%↓ (1st dis.)—> 782—x%↓(2nd dis.) —> 742.90
x% = (782742.90)*100/742.90
= (39.1*100)/742.9
= 5%
UnattemptedExplanation – 920—15%↓ (1st dis.)—> 782—x%↓(2nd dis.) —> 742.90
x% = (782742.90)*100/742.90
= (39.1*100)/742.9
= 5%
 Question 7 of 15
7. Question
1 pointsA tradesman marks his goods at 25% above the cost price and allowed a purchasers a discount of 12 (1/2)% his profit of :
CorrectExplanation – 100 (CP)—25%↑—> 125 (MP)—12(1.2)%↓——> 109.375
% profit = 9.375%
IncorrectExplanation – 100 (CP)—25%↑—> 125 (MP)—12(1.2)%↓——> 109.375
% profit = 9.375%
UnattemptedExplanation – 100 (CP)—25%↑—> 125 (MP)—12(1.2)%↓——> 109.375
% profit = 9.375%
 Question 8 of 15
8. Question
1 pointsA dealer marked an article at Rs. 25000 with 20% and 5% off. He spends 1000 for its repairs and sells it for Rs. 25000. What is his gain or loss %?
CorrectExplanation –
Spends on repairs Rs. 1000
hence, CP becomes (19000+1000) = 20000
profit = 5000
% profit = 5000*100/20000 = 25%IncorrectExplanation –
Spends on repairs Rs. 1000
hence, CP becomes (19000+1000) = 20000
profit = 5000
% profit = 5000*100/20000 = 25%UnattemptedExplanation –
Spends on repairs Rs. 1000
hence, CP becomes (19000+1000) = 20000
profit = 5000
% profit = 5000*100/20000 = 25%  Question 9 of 15
9. Question
1 pointsA bicycle marked at Rs. 2000 is sold with 2 successive discounts of 20% and 10%. An additional discount of 5% is offered for cash payment. The selling price of bicycle at cash payment is :
CorrectExplanation – 2000 (MP)—20%↓—>1600—–10%↓—–>1440—5%↓—–>1368 (SP).
IncorrectExplanation – 2000 (MP)—20%↓—>1600—–10%↓—–>1440—5%↓—–>1368 (SP).
UnattemptedExplanation – 2000 (MP)—20%↓—>1600—–10%↓—–>1440—5%↓—–>1368 (SP).
 Question 10 of 15
10. Question
1 pointsThe marked price of a radio is 20% more than its cost price. If a discount of 10% is given on a marked price, the gain percent is :
CorrectExplanation – 100 (CP)—20%↑—> 120 (MP)—10%↓—>108
% gain = 8%
IncorrectExplanation – 100 (CP)—20%↑—> 120 (MP)—10%↓—>108
% gain = 8%
UnattemptedExplanation – 100 (CP)—20%↑—> 120 (MP)—10%↓—>108
% gain = 8%
 Question 11 of 15
11. Question
1 pointsA shopkeeper sells sugar in such a way that the selling price of 950g of sugar is is the same as the cost price of 1kg of sugar. What is his gain percent?
CorrectExplanation – % profit = (goods left/goods sold)*100
= (50/950)*100 => 5 (5/19)%
IncorrectExplanation – % profit = (goods left/goods sold)*100
= (50/950)*100 => 5 (5/19)%
UnattemptedExplanation – % profit = (goods left/goods sold)*100
= (50/950)*100 => 5 (5/19)%
 Question 12 of 15
12. Question
1 pointsThe cost price of an article is 80% of its marked price for sale. How much percent does the tradesman gains after allowing a discount of 12%
CorrectExplanation – Let the marked price is Rs.100
then the cost price = Rs. 80
after allowing 12% discount on MP,
SP becomes 88
% profit = 8*100/80 = 10%
IncorrectExplanation – Let the marked price is Rs.100
then the cost price = Rs. 80
after allowing 12% discount on MP,
SP becomes 88
% profit = 8*100/80 = 10%
UnattemptedExplanation – Let the marked price is Rs.100
then the cost price = Rs. 80
after allowing 12% discount on MP,
SP becomes 88
% profit = 8*100/80 = 10%
 Question 13 of 15
13. Question
1 pointsA merchant has announced 25% rebate on prices of readymade garments at the time of sell. If purchaser needs to have a rebate of Rs.400, then how many shirts, each costing Rs. 320 should he purchase.
CorrectExplanation – discount on one shirt –
= 320*25/100 => Rs. 80
hence, he should buy = 400/80 => 5
IncorrectExplanation – discount on one shirt –
= 320*25/100 => Rs. 80
hence, he should buy = 400/80 => 5
UnattemptedExplanation – discount on one shirt –
= 320*25/100 => Rs. 80
hence, he should buy = 400/80 => 5
 Question 14 of 15
14. Question
1 pointsA reduction of 10% in the price of tea enables a dealer to purchase 25kg more tea for Rs. 22500. What is the reduced price per kg of tea?
CorrectExplanation – Thought process method –
Let the original price be 100per kg, he get tea = 22500/100 = 225 kg
After reduction the price will = 90 kg, he get tea = 22500/90 = 250 kg
So reduction price is 90 per kg as it enables to buy 25kg of more tea.
IncorrectExplanation – Thought process method –
Let the original price be 100per kg, he get tea = 22500/100 = 225 kg
After reduction the price will = 90 kg, he get tea = 22500/90 = 250 kg
So reduction price is 90 per kg as it enables to buy 25kg of more tea.
UnattemptedExplanation – Thought process method –
Let the original price be 100per kg, he get tea = 22500/100 = 225 kg
After reduction the price will = 90 kg, he get tea = 22500/90 = 250 kg
So reduction price is 90 per kg as it enables to buy 25kg of more tea.
 Question 15 of 15
15. Question
1 pointsA sells an article to B at a gain of 25%. B sells it to C at a gain of 20%. C sells it to D at a gain of 10%. If D pays Rs. 330 for it, how much did it cost to A?
CorrectExplanation – A’s CP = 330*(100/125)*(100/120)*(100/110) = Rs. 200.
IncorrectExplanation – A’s CP = 330*(100/125)*(100/120)*(100/110) = Rs. 200.
UnattemptedExplanation – A’s CP = 330*(100/125)*(100/120)*(100/110) = Rs. 200.