Profit and Loss : Part 2

1. Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent is:
A.
4 4 %
7
B.
5 5 %
11
C. 10% D. 12%

Answer & Explanation

Answer: Option B

Explanation:

Cost Price (C.P.) = Rs. (4700 + 800) = Rs. 5500.

Selling Price (S.P.) = Rs. 5800.

Gain = (S.P.) – (C.P.) = Rs.(5800 – 5500) = Rs. 300.

Gain % = 300 x 100 % = 5 5 %
5500 11

 

2. The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of x is:
A. 15 B. 16
C. 18 D. 25

Answer & Explanation

Answer: Option B

Explanation:

Let C.P. of each article be Re. 1 C.P. of x articles = Rs. x.

S.P. of x articles = Rs. 20.

Profit =  Rs. (20 – x).

20 – x x 100 = 25
x

2000 – 100x = 25x

125x = 2000

x = 16.

 

3. If selling price is doubled, the profit triples. Find the profit percent.
A.
66 2
3
B. 100
C.
105 1
3
D. 120

Answer & Explanation

Answer: Option B

Explanation:

Let C.P. be Rs. x and S.P. be Rs. y.

Then, 3(yx) = (2yx)    y = 2x.

Profit = Rs. (yx) = Rs. (2xx) = Rs. x.

Profit % = x x 100   % = 100%
x

 

4. 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%

Answer & Explanation

Answer: Option B

Explanation:

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 x 100 %  = 1475 %  = 70% (approximately).
420 21

 

5. A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
A. 3 B. 4
C. 5 D. 6

Answer & Explanation

Answer: Option C

Explanation:

C.P. of 6 toffees = Re. 1

S.P. of 6 toffees = 120% of Re. 1 = Rs. 6
5

 

For Rs. 6 , toffees sold = 6.
5

 

For Re. 1, toffees sold = 6 x 5 = 5.
6

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