Episode 8 — Aptitude and Reasoning / 8.2 — Profit and Loss
8.2 Practice MCQs -- Profit and Loss
Instructions: Choose the correct option for each question. Answer key with explanations is provided at the end.
Section A: Basic (Questions 1-15)
Q1. A man buys an article for Rs. 400 and sells it at 15% profit. The selling price is:
(a) Rs. 440 (b) Rs. 450 (c) Rs. 460 (d) Rs. 470
Q2. An article was sold for Rs. 630 at a loss of 10%. The cost price of the article is:
(a) Rs. 693 (b) Rs. 700 (c) Rs. 567 (d) Rs. 600
Q3. A trader buys goods for Rs. 1,500 and sells them for Rs. 1,200. The loss percentage is:
(a) 25% (b) 30% (c) 20% (d) 15%
Q4. If CP = Rs. 250 and profit = Rs. 50, then profit percentage is:
(a) 25% (b) 15% (c) 20% (d) 10%
Q5. The marked price of a shirt is Rs. 800. After a 15% discount, the selling price is:
(a) Rs. 680 (b) Rs. 720 (c) Rs. 640 (d) Rs. 660
Q6. A shopkeeper buys a pen for Rs. 60 and sells it for Rs. 72. The profit percentage is:
(a) 12% (b) 15% (c) 18% (d) 20%
Q7. If SP = Rs. 780 and profit% = 30%, then CP is:
(a) Rs. 546 (b) Rs. 600 (c) Rs. 650 (d) Rs. 585
Q8. An article is purchased for Rs. 950 and sold for Rs. 855. The loss percentage is:
(a) 8% (b) 9% (c) 10% (d) 11%
Q9. A dealer marks his goods 25% above cost price. His marked price if CP is Rs. 480 is:
(a) Rs. 576 (b) Rs. 600 (c) Rs. 540 (d) Rs. 620
Q10. A toy bought for Rs. 200 is sold at 5% loss. The selling price is:
(a) Rs. 195 (b) Rs. 180 (c) Rs. 190 (d) Rs. 185
Q11. If an article is sold for Rs. 120, making a profit of Rs. 20, the profit percentage is:
(a) 16.67% (b) 20% (c) 25% (d) 15%
Q12. A person buys a cycle for Rs. 3,200 and spends Rs. 300 on its repair. If he sells it for Rs. 4,200, his profit percentage is:
(a) 18% (b) 20% (c) 22% (d) 25%
Q13. The cost price of 20 pens is equal to the selling price of 16 pens. The profit percentage is:
(a) 20% (b) 25% (c) 30% (d) 16%
Q14. A vendor buys mangoes at 5 for Rs. 20 and sells at 4 for Rs. 20. His profit percentage is:
(a) 20% (b) 25% (c) 30% (d) 15%
Q15. A shopkeeper offers a discount of 10% on the marked price of Rs. 500. If he still makes a 20% profit, the cost price is approximately:
(a) Rs. 350 (b) Rs. 375 (c) Rs. 400 (d) Rs. 360
Section B: Medium (Questions 16-30)
Q16. A dealer buys goods for Rs. 1,000, marks them 40% above CP, and gives a 15% discount. His profit percentage is:
(a) 17% (b) 19% (c) 21% (d) 25%
Q17. Successive discounts of 10% and 20% are equivalent to a single discount of:
(a) 30% (b) 28% (c) 32% (d) 25%
Q18. Two articles are sold for Rs. 500 each. On one there is a 25% profit and on the other a 25% loss. The overall result is:
(a) 6.25% profit (b) 6.25% loss (c) No profit no loss (d) 5% loss
Q19. A shopkeeper sells at cost price but uses 900g weight instead of 1 kg. His profit percentage is:
(a) 10% (b) 9% (c) 11.11% (d) 12.5%
Q20. A shop offers "Buy 4 Get 1 Free." The effective discount percentage is:
(a) 25% (b) 20% (c) 15% (d) 10%
Q21. An article is sold at 20% profit. If the CP and SP are each increased by Rs. 100, the profit percentage:
(a) Increases (b) Decreases (c) Remains the same (d) Cannot be determined
Q22. A man sold an article at 5% profit. Had he sold it for Rs. 150 more, his profit would have been 20%. The cost price is:
(a) Rs. 800 (b) Rs. 900 (c) Rs. 1,000 (d) Rs. 1,100
Q23. If a shopkeeper marks his goods 30% above CP and then gives a 20% discount, his net profit/loss percentage is:
(a) 4% profit (b) 10% profit (c) 4% loss (d) 6% profit
Q24. A man buys 12 oranges for Rs. 60 and sells 8 oranges for Rs. 56. His profit percentage is:
(a) 25% (b) 30% (c) 35% (d) 40%
Q25. Successive discounts of 20%, 10%, and 5% on Rs. 1,000 give a final price of:
(a) Rs. 684 (b) Rs. 700 (c) Rs. 650 (d) Rs. 720
Q26. A dealer sells an article at 10% loss. If he had sold it for Rs. 90 more, he would have gained 5%. The cost price is:
(a) Rs. 500 (b) Rs. 600 (c) Rs. 700 (d) Rs. 800
Q27. A trader marks his goods 50% above CP. What maximum discount percentage can he offer so that he still makes at least 20% profit?
(a) 15% (b) 20% (c) 25% (d) 30%
Q28. If the profit on selling an article is 1/3 of the selling price, the profit percentage is:
(a) 25% (b) 33.33% (c) 40% (d) 50%
Q29. A, B, and C enter a partnership. A invests Rs. 10,000 for 6 months, B invests Rs. 20,000 for 4 months, and C invests Rs. 15,000 for 8 months. In what ratio will they share the profit?
(a) 1 : 2 : 3 (b) 3 : 4 : 6 (c) 2 : 3 : 4 (d) 6 : 8 : 12
Q30. A man bought an article and sold it at a gain of 10%. If he had bought it for 20% less and sold it for Rs. 20 more, he would have gained 40%. The original cost price is:
(a) Rs. 500 (b) Rs. 550 (c) Rs. 600 (d) Rs. 1,000
Section C: Advanced (Questions 31-42)
Q31. A dishonest dealer professes to sell his goods at cost price but uses a weight of 960g for 1 kg. His gain percentage is:
(a) 4% (b) 4.17% (c) 5% (d) 3.85%
Q32. A shopkeeper gives two successive discounts of 10% each. The equivalent single discount is:
(a) 20% (b) 18% (c) 19% (d) 21%
Q33. The profit earned by selling an article for Rs. 900 is double the loss incurred when the article is sold for Rs. 450. At what price should the article be sold to make a 25% profit?
(a) Rs. 700 (b) Rs. 750 (c) Rs. 800 (d) Rs. 825
Q34. A trader bought goods worth Rs. 35,000. He sold 1/4 of them at 10% loss, 1/2 at 10% profit, and the rest at 20% profit. His overall profit percentage is:
(a) 6% (b) 7.5% (c) 8% (d) 9.5%
Q35. A shopkeeper marks his goods at 40% above cost price and gives 25% discount to customers. If his cost price is Rs. 2,000, what is his profit?
(a) Rs. 100 (b) Rs. 200 (c) Rs. 50 (d) Rs. 100
Q36. A dealer claims to sell at 5% loss but cheats on weight by using 850g instead of 1 kg. His real profit/loss percentage is:
(a) 10.5% profit (b) 11.76% profit (c) 12.5% profit (d) 15% profit
Q37. An article passes through three dealers, each of whom makes a profit of 20%. If the last selling price is Rs. 8,640, the original cost price is:
(a) Rs. 4,000 (b) Rs. 5,000 (c) Rs. 4,500 (d) Rs. 6,000
Q38. Two articles are bought for Rs. 8,000 total. The first is sold at 20% profit and the second at 10% loss. If there is no overall profit or loss, the cost price of the first article is:
(a) Rs. 2,000 (b) Rs. 2,667 (c) Rs. 3,000 (d) Rs. 3,200
Q39. A man sells two articles at Rs. 3,600 each, gaining 20% on the first and losing 20% on the second. His net gain or loss percent is:
(a) 4% loss (b) 4% gain (c) No gain no loss (d) 2% loss
Q40. A shopkeeper buys goods at 20% discount on the marked price. If he sells them at the marked price, his profit percentage is:
(a) 20% (b) 25% (c) 30% (d) 16.67%
Q41. In a "Buy 3 Get 2 Free" offer, if the shopkeeper's markup is 80% above cost price, what is his profit or loss percentage?
(a) 8% profit (b) 6% loss (c) 8% loss (d) 10% profit
Q42. A manufacturer sells goods to a wholesaler at 10% profit, the wholesaler sells to a retailer at 20% profit, and the retailer sells to a customer at 25% profit. If the customer pays Rs. 8,250, the manufacturing cost is:
(a) Rs. 4,000 (b) Rs. 5,000 (c) Rs. 4,500 (d) Rs. 5,500
Answer Key with Explanations
Q1. Answer: (c) Rs. 460
SP = CP x (100 + Profit%) / 100
= 400 x 115/100 = Rs. 460
Q2. Answer: (b) Rs. 700
CP = SP x 100 / (100 - Loss%)
= 630 x 100 / 90 = Rs. 700
Q3. Answer: (c) 20%
Loss = 1500 - 1200 = Rs. 300
Loss% = (300/1500) x 100 = 20%
Q4. Answer: (c) 20%
Profit% = (50/250) x 100 = 20%
Q5. Answer: (a) Rs. 680
SP = 800 x (100 - 15)/100 = 800 x 85/100 = Rs. 680
Q6. Answer: (d) 20%
Profit = 72 - 60 = Rs. 12
Profit% = (12/60) x 100 = 20%
Q7. Answer: (b) Rs. 600
CP = SP x 100 / (100 + Profit%)
= 780 x 100/130 = Rs. 600
Q8. Answer: (c) 10%
Loss = 950 - 855 = Rs. 95
Loss% = (95/950) x 100 = 10%
Q9. Answer: (b) Rs. 600
MP = CP x (100 + 25)/100 = 480 x 125/100 = Rs. 600
Q10. Answer: (c) Rs. 190
SP = 200 x (100 - 5)/100 = 200 x 95/100 = Rs. 190
Q11. Answer: (b) 20%
CP = SP - Profit = 120 - 20 = Rs. 100
Profit% = (20/100) x 100 = 20%
Q12. Answer: (b) 20%
Effective CP = 3200 + 300 = Rs. 3,500
Profit = 4200 - 3500 = Rs. 700
Profit% = (700/3500) x 100 = 20%
Q13. Answer: (b) 25%
Let CP of 1 pen = Rs. 1
CP of 20 pens = Rs. 20 = SP of 16 pens
SP of 1 pen = 20/16 = Rs. 1.25
Profit% = (0.25/1) x 100 = 25%
Q14. Answer: (b) 25%
CP per mango = 20/5 = Rs. 4
SP per mango = 20/4 = Rs. 5
Profit% = (1/4) x 100 = 25%
Q15. Answer: (b) Rs. 375
SP = 500 x 90/100 = Rs. 450
CP = SP x 100 / (100 + 20) = 450 x 100/120 = Rs. 375
Q16. Answer: (b) 19%
Net% = M - D - (M x D)/100
= 40 - 15 - (40 x 15)/100
= 40 - 15 - 6 = 19%
Q17. Answer: (b) 28%
Equivalent discount = 10 + 20 - (10 x 20)/100
= 30 - 2 = 28%
Q18. Answer: (b) 6.25% loss
Loss% = x^2/100 = (25)^2/100 = 625/100 = 6.25% loss
Q19. Answer: (c) 11.11%
Profit% = (Error / False Weight) x 100
= (100/900) x 100 = 11.11%
Q20. Answer: (b) 20%
Effective discount = Y/(X+Y) x 100 = 1/(4+1) x 100 = 20%
Q21. Answer: (b) Decreases
Let CP = 100, SP = 120 (20% profit)
New CP = 200, New SP = 220
New Profit% = (20/200) x 100 = 10%
Profit% decreases because the same absolute profit (Rs. 20)
is now a smaller percentage of a larger CP.
Q22. Answer: (c) Rs. 1,000
Let CP = C
SP at 5% profit = 1.05C
SP at 20% profit = 1.20C
Difference = 0.15C = 150
C = 150/0.15 = Rs. 1,000
Q23. Answer: (a) 4% profit
Net% = 30 - 20 - (30 x 20)/100
= 30 - 20 - 6 = 4% profit
Q24. Answer: (d) 40%
CP per orange = 60/12 = Rs. 5
SP per orange = 56/8 = Rs. 7
Profit% = (2/5) x 100 = 40%
Q25. Answer: (a) Rs. 684
Final price = 1000 x 0.80 x 0.90 x 0.95
= 1000 x 0.684 = Rs. 684
Q26. Answer: (b) Rs. 600
Let CP = C
SP at 10% loss = 0.9C
SP at 5% gain = 1.05C
Difference = 0.15C = 90
C = 90/0.15 = Rs. 600
Q27. Answer: (b) 20%
Need: M - D - (M x D)/100 >= 20
50 - D - (50D)/100 >= 20
50 - D - D/2 >= 20
50 - 3D/2 >= 20
3D/2 <= 30
D <= 20%
Maximum discount = 20%
Q28. Answer: (d) 50%
Profit = SP/3
CP = SP - SP/3 = 2SP/3
Profit% = (SP/3) / (2SP/3) x 100
= (1/3) x (3/2) x 100 = 50%
Using shortcut: Profit = (1/n) of SP, Profit% = 100/(n-1)
= 100/(3-1) = 50%
Q29. Answer: (b) 3 : 4 : 6
A = 10,000 x 6 = 60,000
B = 20,000 x 4 = 80,000
C = 15,000 x 8 = 1,20,000
Ratio = 60 : 80 : 120 = 3 : 4 : 6
Q30. Answer: (d) Rs. 1,000
Let original CP = C.
Original SP = 1.1C (10% gain)
New CP = 0.8C (bought for 20% less)
New SP = 1.1C + 20 (sold for Rs. 20 more than original SP)
New gain = 40% on new CP
New SP = 0.8C x 1.4 = 1.12C
So: 1.12C = 1.1C + 20
0.02C = 20
C = Rs. 1,000
Verification:
Original: CP = 1000, SP = 1100 (10% gain)
New: CP = 800, SP = 1100 + 20 = 1120
Gain = 1120 - 800 = 320
Gain% = (320/800) x 100 = 40% (correct)
Q31. Answer: (b) 4.17%
Error = 1000 - 960 = 40g
Profit% = (40/960) x 100 = 4.17%
Q32. Answer: (c) 19%
Equivalent discount = 10 + 10 - (10 x 10)/100
= 20 - 1 = 19%
Q33. Answer: (b) Rs. 750
Let CP = C
Profit when sold at 900 = 900 - C
Loss when sold at 450 = C - 450
Given: Profit = 2 x Loss
900 - C = 2(C - 450)
900 - C = 2C - 900
1800 = 3C
C = Rs. 600
SP for 25% profit = 600 x 125/100 = Rs. 750
Q34. Answer: (b) 7.5%
Total goods = Rs. 35,000
1/4 at 10% loss: 35000 x 1/4 = 8,750 --> loss = 875
1/2 at 10% profit: 35000 x 1/2 = 17,500 --> profit = 1,750
Rest (1/4) at 20%: 35000 x 1/4 = 8,750 --> profit = 1,750
Net profit = -875 + 1750 + 1750 = Rs. 2,625
Profit% = (2625 / 35000) x 100 = 7.5%
Using weighted average shortcut:
Overall % = (1/4)(-10) + (1/2)(10) + (1/4)(20)
= -2.5 + 5 + 5 = 7.5%
Q35. Answer: (a) Rs. 100
MP = 2000 x 140/100 = Rs. 2,800
SP = 2800 x 75/100 = Rs. 2,100
Profit = 2100 - 2000 = Rs. 100
(Or use combined: Net% = 40 - 25 - (40x25)/100 = 40 - 25 - 10 = 5%
Profit = 5% of 2000 = Rs. 100)
Q36. Answer: (b) 11.76%
Effective multiplier = (1000/850) x (95/100)
= (20/17) x (19/20)
= 19/17
= 1.1176
Profit% = (1.1176 - 1) x 100 = 11.76%
Q37. Answer: (b) Rs. 5,000
Each dealer adds 20% profit. Three dealers:
Final SP = CP x (1.2)^3
8640 = CP x 1.728
CP = 8640/1.728 = Rs. 5,000
Q38. Answer: (b) Rs. 2,667
Let CP of 1st article = x
CP of 2nd article = 8000 - x
No overall profit/loss: Total SP = Rs. 8,000
SP1 = 1.2x
SP2 = 0.9(8000 - x)
1.2x + 0.9(8000 - x) = 8000
1.2x + 7200 - 0.9x = 8000
0.3x = 800
x = 2666.67 ≈ Rs. 2,667
Q39. Answer: (a) 4% loss
Same SP, same profit% and loss% of 20%:
Net Loss% = x^2/100 = (20)^2/100 = 400/100 = 4% loss
Q40. Answer: (b) 25%
Let MP = Rs. 100
CP = 100 x 80/100 = Rs. 80 (20% discount on MP)
SP = Rs. 100 (sells at MP)
Profit = 100 - 80 = Rs. 20
Profit% = (20/80) x 100 = 25%
Q41. Answer: (a) 8% profit
Let CP of each item = Rs. 100
MP of each item = Rs. 180 (80% markup)
Customer buys 3, gets 2 free = 5 items total
Shopkeeper's cost = 5 x 100 = Rs. 500
Revenue = 3 x 180 = Rs. 540
Profit = 540 - 500 = Rs. 40
Profit% = (40/500) x 100 = 8%
Q42. Answer: (b) Rs. 5,000
Let manufacturing cost = C
Customer pays = C x 1.1 x 1.2 x 1.25 = C x 1.65
8250 = C x 1.65
C = 8250/1.65 = Rs. 5,000
Score Guide
Marks out of 42:
38 - 42 : Excellent -- Ready for competitive exams
30 - 37 : Good -- Review the problems you got wrong
20 - 29 : Average -- Re-study concepts and shortcuts
Below 20 : Needs Work -- Go through 8.2.a and 8.2.b again