Profit And Loss- Chapter Wise Test

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| By Deepakiimt.2008

Deepakiimt.2008

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Quizzes Created: 9 | Total Attempts: 8,767

Questions: 10 | Attempts: 3,900 | Updated: Aug 2, 2024

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Profit And Loss- Chapter Wise Test - Quiz

TEST DESCRIPTION Total No. Of Questions = 10Test Duration = 15 minutesTotal Marks = 40Negative Marking = YES(1 mark will be deducted for each wrong answered question

Questions and Answers

1.

When a plot is sold for Rs. 18,700, the owner loses 15%. At what price must that plot be sold in order to gain 15%?
- A.
  
  Rs. 21,000
- B.
  
  Rs. 22,500
- C.
  
  Rs. 25,300
- D.
  
  Rs. 25,800
Correct Answer
C. Rs. 25,300

Explanation
When the plot is sold for Rs. 18,700 and the owner loses 15%, it means that the selling price is only 85% of the original price. To find the original price, we can set up the equation: 0.85x = 18,700, where x is the original price. Solving for x, we get x = 18,700 / 0.85 = Rs. 22,000.

To gain 15% on the original price, the plot must be sold for 115% of the original price. Therefore, the selling price should be 1.15 * 22,000 = Rs. 25,300.

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13
3
2.

What is the maximum percentage discount that a merchant can offer on her Marked Price so that she ends up selling at no profit or loss, if she had initially marked her goods up by 50%?
- A.
  
  33.33%
- B.
  
  20%
- C.
  
  25%
- D.
  
  16.67%
Correct Answer
A. 33.33%

Explanation
To determine the maximum percentage discount, we need to consider that the merchant initially marked the goods up by 50%. To end up selling at no profit or loss, the selling price should be equal to the cost price. If the merchant offers a discount of 33.33%, the selling price will be 66.67% of the marked price, which means the merchant will be selling at the cost price and there will be no profit or loss. Therefore, the maximum percentage discount that the merchant can offer is 33.33%.

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8
0
3.

Vikash bought a suitcase with 15% discount on the labeled price. He said the suitcase for Rs.2880 with 20% profit on the labeled price. At what price did he buy the suitcase?
- A.
  
  Rs.2040
- B.
  
  Rs. 2400
- C.
  
  Rs. 2604
- D.
  
  Rs. 2640
Correct Answer
A. Rs.2040

Explanation
Solution :

Let the labeled price be Rs.x. Then, 120% of x = 2880

Therefore x=(2880×100/120) = 2400.

C.P = 85% of Rs.2400 = Rs(85/100x2400) =Rs.2040.

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6
0
4.

Shyam buys 10 apples for Rs 1. At what price should he sell a dozen apples if he wishes to make a profit of 25%?
- A.
  
  Rs 0.125
- B.
  
  Rs 1.25
- C.
  
  Rs 1.5
- D.
  
  Rs 1.8
Correct Answer
C. Rs 1.5

Explanation
He cost price of 1 apple = 1/10 th of a dollar or Rs 0.10. As Shyam wishes to make a profit of 25%, his selling price per apple will be 0.10 + 25% of 0.10 = Rs 0.125. If the selling price of 1 apple is Rs 0.125, then the selling price of a dozen apples = 12 * 0.125 = Rs 1.5

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2
0
5.

Sonia bought a machine for Rs. 80,000 and spent Rs.5000 on repair and Rs.1000 on transport and sold it with 25% profit. At what price did he sell the machine?
- A.
  
  Rs. 1,05,100
- B.
  
  Rs. 1,06,250
- C.
  
  Rs. 1,07,500
- D.
  
  Rs. 1,17,500
Correct Answer
C. Rs. 1,07,500

Explanation
Solution:

C.P = Rs.(80000+5000+1000)

= Rs.86000

Profit= 25%.

S.P = 12.5% of Rs. 86000

=Rs.(125/100×86000)

=Rs.107500.

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2
1
6.

'X' sold an article for Rs.1080 thereby losing 10%. 'Y' sold another article for Rs.1800 at a loss of 10%. Who incurred a greater loss?
- A.
  
  X
- B.
  
  Y
- C.
  
  Can not be determined
- D.
  
  Both have equal
Correct Answer
B. Y

Explanation
For X, SP=1080 and loss=10% => CP = 1080/0.9 =1200 => loss = 1200-1080 = 120.
For Y, SP=1800 and loss=10% => CP = 1800/0.9 = 2000 => loss = 2000-1800 = 200.

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4
1
7.

In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?
- A.
  
  30%
- B.
  
  70%
- C.
  
  80%
- D.
  
  100%
Correct Answer
B. 70%

Explanation
Solution

Let C.P.= Rs. 100. Then, Profit = Rs. 320, S.P. = Rs. 420.

New C.P. = 125% of Rs. 100 = Rs. 125

New S.P. = Rs. 420.

Profit = Rs. (420 - 125) = Rs. 295.

Required percentage = (295 /420 *100) % = 1475/81 % = 70 % appox

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5
1
8.

If the cost price of 20 articles is equal to the selling price of 25 articles, what is the % profit or loss made by the merchant?
- A.
  
  25% loss
- B.
  
  25% profit
- C.
  
  20% loss
- D.
  
  20% profit
Correct Answer
C. 20% loss

Explanation
Solution:

Let the cost price of 1 article be Rs 1.
Therefore, cost price of 20 articles = 20 * 1 = Rs 20

The selling price of 25 articles = cost price of 20 articles = Rs 20.

Now, we know the selling price of 25 articles. Let us find the cost price of 25 articles.

Cost price of 25 articles = 25 * 1 = Rs 25.

Therefore, profit made on sale of 25 articles = Selling price of 25 articles - cost price of 25 articles

= 20 - 25 = - Rs 5.

As the profit is in the negative, the merchant has made a loss of Rs 5.

Therefore, % loss = (Loss/Cost Price) * 100

% loss = [ -5/25 ] *100 = 20% loss.

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5
1
9.

If a man reduces the selling price of a fan from Rs.400 to Rs.380, his loss increases by 2%. The cost price of the fan is-
- A.
  
  Rs. 480
- B.
  
  Rs. 500
- C.
  
  Rs. 600
- D.
  
  Rs. 1000
Correct Answer
D. Rs. 1000

Explanation
Solution:

Let C.P be Rs.x

Then,

2% of x=(400 - 380)=20
x/50 = 20 x
x= =1000.

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3
0
10.

In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?
- A.
  
  30%
- B.
  
  70%
- C.
  
  100%
- D.
  
  250%
Correct Answer
B. 70%

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Current Version
Aug 02, 2024

Quiz Edited by
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Jul 14, 2013

Quiz Created by
Deepakiimt.2008

Profit And Loss- Chapter Wise Test

When a plot is sold for Rs. 18,700, the owner loses 15%. At what price must that plot be sold in order to gain 15%?

What is the maximum percentage discount that a merchant can offer on her Marked Price so that she ends up selling at no profit or loss, if she had initially marked her goods up by 50%?

Vikash bought a suitcase with 15% discount on the labeled price. He said the suitcase for Rs.2880 with 20% profit on the labeled price. At what price did he buy the suitcase?

Shyam buys 10 apples for Rs 1. At what price should he sell a dozen apples if he wishes to make a profit of 25%?

Sonia bought a machine for Rs. 80,000 and spent Rs.5000 on repair and Rs.1000 on transport and sold it with 25% profit. At what price did he sell the machine?

'X' sold an article for Rs.1080 thereby losing 10%. 'Y' sold another article for Rs.1800 at a loss of 10%. Who incurred a greater loss?

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

If the cost price of 20 articles is equal to the selling price of 25 articles, what is the % profit or loss made by the merchant?

If a man reduces the selling price of a fan from Rs.400 to Rs.380, his loss increases by 2%. The cost price of the fan is-

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