Profit and Loss Quiz on Previous Year's Question

1.   A piece of land came to a person through three middleman each gaining 20%. If the person purchased the land for Rs. 3,45,600 the original cost of the land was
(a) Rs. 1,00,000                           

(b) Rs. 1,50,000
(c) Rs. 1,75,000                           

(d) Rs. 2,00,000

2.  By what per cent must the cost price be raised in fixing the sale price in order that there may be a profit of 20% after allowing a commission of 10%?
(a) 25                                           

(b) 133 1/3
(c) 33 1/3                                    

(d) 30

3.   A cloth merchant sold half of his cloth at 20% profit, half of the remaining cloth at 20% loss and the rest was sold at his cost price. In the total transaction, his gain or loss will be
(a) 5% profit                              

(b) Neither loss nor gain
(c)5% loss                                   

(d) 10% profit 

4.    Ramesh bought 10 cycles for ` 500 each. He spent ` 2000 on the repair of all cycles. He sold five of them for ` 750 each and the remaining for ` 550 each. Then the total gain or loss % is
(a) Gain of 8  1/3 %                  

(b) Loss of 8 1/3 %
(c) Gain of 7  2/3 %                  

(d) Loss of 7 1/7%

5.    If the cost price of 12 oranges is equal to selling price of 10 oranges, then the percentage of profit is
(a) 16  2/3 %                              

(b) 20%
(c) 18%                                        

(d) 25%

6.    The selling price of 10 oranges is the cost price of 13 oranges. Then the profit percentage is
(a) 30%                                         

(b) 10%
(c) 13%                                         

(d) 3%

7.   A man buys 12 articles for Rs. 12/- and sells them at the rate of Rs. 1.25 per article. His gain percentage is:
(a) 20                                           

(b) 25
(c) 15                                            

 (d) 18

8.   A man bought oranges at the rate of 8 for Rs 34 and sold them at the rate of 12 for Rs 57. How many oranges should be sold to earn a net profit of Rs  45? 
(a) 90                                            

(b) 100
(c) 135                                          

(d) 150

9.    A shopkeeper earns a profit of 12% on selling a book at 10% discount on the printed price. The ratio of the cost price and the printed price of the book is
(a) 99 : 125                                 

(b) 25 : 37
(c) 50 : 61                                     

(d) 45 : 56

10.     How much percent above the cost price should a shopkeeper mark his goods so as to earn a profit of 32% after allowing a discount of 12% on the marked price?
(a) 50%                                        

(b) 40%
(c) 60%                                        

(d) 45%

Answer with Explanation:

1.       (d) 

2.       (c) Let the CP = Rs. 100

Then, SP = Rs. 120

Let the marked price = Rs. x

Then, 90% of x = Rs. 120

= x = [(120 x 100)]/90 = 133  1/3

Hence, the marked price is 33  1/3 % above the cost price. 

3.       (a) Total CP = Rs. 100

Total SP =

= Rs. (60 + 20 +25)

= Rs. 105

\ Gain = 5%

4.       (d) Total actual C.P.

= Rs. (500 x 10 + 2000)

= Rs. 7000

Total S.p.

= Rs. (5 x 750 + 5 x 550)

= Rs. 6500

Loss = 7000-6500=  Rs. 500

Loss percent =( 500/700) x 100 = 50/7 = 7 1/7 %

5.        (b) Let C.P of each orange be Re. 1

Then C.P. of 10 oranges = Rs. 10

S.P. of 10 oranges = Rs. 12

Gain % = 20% 

6.       (a) Let the CP of 1 orange = Re. 1

\ CP of 10 oranges = Rs. 13

\ Gain percent = ( 13 – 10)/10  = 100

= 30%

7.       (b) Total Profit = 15 – 12 = Rs. 3

% gain =( 3/12) x 100 = 25% 

8.       (a) Let the man buy 24 (LCM of 8 and 12) oranges.

\ C.P. of 24 oranges =  (34/8) x 24

= Rs. 102

S.P. of 24 oranges

=( 27/12) x 24  = Rs. 114

Gain = 114 – 102 = Rs. 12

 Rs. 12 º 24 oranges

\ Rs. 45 º ( 24/12) x 45

90 oranges 

9.       (d) Let the printed price of the book be Rs. x.

\ Selling price = 90% of x = Rs. 9x/10

If the CP of the book be Rs. y. then,

Y + 112/100 = 9x/10

y/x = 9/10) x 100/112 = 45/56

10.   (a)