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Profit and Loss MCQs Math

Q1: A toy is sold for Rs. 220, what was the cost if the rate of profit was 10% of the cost?

Rs.196.

Rs.198.

Rs.200.

Rs.210.

Explanation

Given Data

S.P = 220 Gain=10% C.P=?

We know that :

S.P=[ 100 +Gain]/100 * C.P

We Have to find C.P, so re-arrange the formula

⇒ C.P= 100/[ 100 +Gain] * S.P

Putting given data:

⇒ C.P= 100/[ 100 +10] * 220

⇒ C.P=200

***

Q2: A man sold his motorcycle for Rs. 24000 and earned 20% profit. what was the original price?

20,000

20,200

19,800

none of these

Explanation

A man sold two scooters for 24000 each.

Find the cost price of one scooter at gain of 20% :-

C.P = (S.P × 100)/(100 + gain)

= (24000 × 100)/(100 + 20)

= 2400000/120

= 20000

Q3: Akbar, sold his old gun Rs. 900, which he was bought for Rs. 2500. What is his % loss?

64%

62%

66%

60%

Explanation

The CP of the gun = Rs. 2500

The SP of the gun = Rs. 900

The loss is = CP - SP = Rs. ( 2500 - 900 )

= Rs. 1600

Hence, the loss incurred by Akbar is 64%.

Q4: If the cost price is 25% of the selling price, then find the profit percent.

150

200

250

300

Explanation

Let the S.P. be Rs. 100

Then C.P will be Rs. 25

Profit will be 75

Profit %= 75/25×100%

=300%

***

ND11-12-2022

Q5: By selling a fan for Rs. 475, a person losses 5% to get a gain of 5%, he should sell the fan for?

Rs.500

Rs.525

Rs.535

Rs.575

Explanation

S.P. = Rs. 475, Loss = 5%

C.P. = 100/100 - 5 x 475 = Rs. 500

In the second case, gain = 5%

S.P. = 100 + 5/100 x 500 = 525

*****

Q6: The price of 1 dozen egg is rs 22 than what will be the price of 30 eggs?

none

Explanation

Simple mathematics question … (solve for X)

12/22 = 30/X

12X = 22 * 30

12X = 660

X = 55

Q7: If $1000 is deposited in a savings account with a 2% annual interest rate, what will be the total interest after 3 years (simple interest)?

$20

$40

$60

None of these

Explanation

Simple Interest formula: SI = (P × R × T) / 100

SI = (1000 × 2 × 3) / 100 = $60.

Q8: If 28,800 is the actual price, what will be the price after a 20% discount?

22,800

23,040

24,000

25,000

Explanation

20% discount on 28,800 is calculated as:

Discount = 28,800 * 20/100 = 5,760

Price after discount = 28,800 - 5,760 = 23,040

Q9: A washing machine is sold for Rs 15,912 inclusive of GST. The cost of the washing machine, excluding GST, would be when the rate of GST is 17%?

15200

13600

14200

None of these

Explanation

Let's say the cost price (CP) of the washing machine is x.

Given that the GST rate is 17%, the selling price (SP) would be:

SP = x + 0.17x

SP = 1.17x

Given that SP = Rs 15,912:

1.17x = 15912

x = 15912 / 1.17

x = 13600

Q10: On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. The cost price of a ball is _____?

None of these

Explanation

Loss = Cost price of 5 balls

Loss = 720 - (Selling price of 17 balls)

Loss = Cost price of 17 balls - Selling price of 17 balls

Cost price of 17 balls = Selling price of 17 balls + Loss

= 720 + (Cost price of 5 balls)

Cost price of 1 ball = 60

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