Profit and Loss Practice Questions

Profit and Loss Practice Questions section contain questions based on the concepts that will appear in the examinations. This section is specially written keeping in view the mindset of the candidate and the level of various competitive exams. The difference between a successful candidate and an unsuccessful candidate is the strategy. Extensive practice is the most important facet of any successful strategy. So here we have the Profit and Loss Practice Questions section that will help you strategize and test your concepts. After you have finished reading the concepts of this chapter, solve the following section on Profit and Loss Practice Questions within a given time limit. Remember, one minute per question is what you will get. So let us begin!

Profit and Loss Practice Questions

Part A

Q1: By selling 45 lemons for Rs 40, a man loses 20%. How many should he sell for Rs 24 to gain 20% in the transaction?

A) 16          B) 18          C) 20           D) 22

Q2: A trader mixes 26 kg of rice at Rs 20 per kg with 30 kg of rice of other variety at Rs 36 per kg and sells the mixture at Rs 30 per kg. His profit percent is:            [Bank PO  2003]

A) No profit no loss             B) 5%           C) 8%              D) 10%               E) None of these

Q3: Arun purchased 30 kg of wheat at the rate of Rs 11.50 per kg and 20 kg of wheat at the rate of Rs 14.25 per kg. he mixed the two and sold the mixture. Approximately what price per kg should he sell the mixture to make 30% profit?      [Bank PO 1999]

A) Rs 14.80                  B) Rs 15.40                     C) Rs 15.60                D) Rs 16.30              E) Rs 18.20

Q4: Padam purchased 30 kg of rice at the rate of Rs 17.50 per kg and another 30 kg rice at a certain rate. He mixed the two and sold the entire quantity at the rate of Rs 18.60 per kg and made 20% overall profit. At what price per kg did he purchase the lot of another 30 kg rice?         [Bank PO 2000]

A) Rs 12.50                  B) Rs 13.50                    D) Rs 15.50                E) None of these

Q5: A trader mixes three varieties of groundnuts costing Rs 50, Rs 20 and Rs 30 per kg in the ratio 2: 4 : 3 in terms of weight, and sells the mixture at Rs 33 per kg. What percentage of profit does he make?                  [Hotel Management. 1998]

A) 8%                    B) 9%                 C) 10%                     D) None of these.

Find Your Answers Here

Q1: B), Q2: B), Q3: D), Q4: B), Q5: C)

Part B

Q1: Two shopkeepers announce the same price of Rs 700 for a sewing machine. The first offers successive discounts of 30% and 6% while the second offers successive discounts of 20% and 16%. The shopkeeper that offers a better discount, charges ……… less than the other shopkeeper.

A) Rs 9.80               B) Rs. 16.80              C) Rs. 22.40                  D) Rs. 36.40

Q2: The marked price of a watch was Rs 720. A man bought the same for Rs. 550.80 after getting two successive discounts, the first being 10%. What was the second discount rate?             [SSC 2000]

A) 12%                   B) 14%                   C) 15%                      D) 18%

Q3: A shopkeeper purchased 150 identical pieces of calculators at the rate of Rs 250 each. He spent an amount of Rs. 2500 on transport and packaging. He fixed the labeled price of each calculator at Rs 320. However, he decided to give a discount of 5% on the labeled price. What is the percentage profit earned by him?         [Bank PO 1999]

A) 14%                 B) 15%           C) 16%                  D) 25%

Q4: A trader marked the price of his commodity so as to include a profit of 25%. He allowed a discount of 16% on the marked price. His actual profit was:                 [SSC 2004]

A) 5%                  B) 9%              C) 16%                  D) 25%

Q5: A tradesman marks his goods 30% above the C.P. If he allows a discount of 6(1/4) %, then his gain percent is:

A) 21(7/8)%              B) 22%               C) 23(3/4)%               D) None of these.

Q6: The price of an article is raised by 30% and then two successive discounts of 10% each are allowed. Ultimately, the price of the article is:      [SSC 2003]

A) decreased by 5.3%                       B) increased by 3%

C) increased by 5.3%                        D) increased by 10%

Find Your Answers Here

Q1: A), Q2: B), Q3: A), Q4: A), Q5: A), Q6: C)

Part C

Q1: Even after reducing the marked price of a transistor by Rs 32, a shopkeeper makes a profit of 15%. If the cost price be Rs 320, what percentage of profit would he have made if he had sold the transistor at the marked price?

A) 10%               B) 20%               C) 25%                    D) None of these

Q2: A shopkeeper sold an article offering a discount of 5% and earned a profit of 23.5%. What would have been the percentage of profit earned if no discount was offered?           [Bank PO 2002]

A) 24.5             B) 28.5                      C) 30                D) Data inadequate              E) None of these

Q3: Komal buys an article at a discount of 25%. At what percentage above the cost price should he sell it to make a profit of 25% over the original list price?

A) 25               B) 30                  C) 40                  D) 66.67

Q4: Peter bought an item at 20% discount on its original price. he sold it with 40% increase on the price he bought it. The new sale price is by what percent more than the original price? [Bank PO 2003]

A) 7.5           B) 8             C) 10               D) 12                  E) None of these

Q5: Tarun got 30% concession on the labeled price of an article and sold it for Rs. 8750 with 25% profit on the price he bought. What was the labeled price?

A) Rs 10,000                 B) Rs 12,000               C) Rs 16,000          D) Data inadequate              E) None of these.

Find Your Answers Here

Q1: C), Q2: C), Q3: C), Q4: D), Q5: A)