PROFIT AND LOSS PRACTICE TEST

**1.A shopkeeper bought 84 identical shirts priced at Rs.240 each. He spent a total of Rs.3200 on transportation and packaging. He put the label of marked price of Rs.420 on each shirt. He offered a discount of 15% on each shirt at the marked price. What is the total profit of the shopkeeper in the whole transaction?**

a)Rs.6258

b)Rs.6528

c)Rs.6268

d)Rs.6628

e)None of these

**2.An article is sold at a loss of 10%. Its cost price is Rs.800. A discount of 20% was offered on the labelled price while selling. What is the loss percent at the labelled price?**

a)10%

b)15%

c)20%

d)25%

e)None of these

**3.A shoopkeeper sells notebooks at the rate of Rs.45 each and earns a commission of 4%. He also sells pencil box at the rate of Rs.80 each and earns a commission of 20%. How much amount of commission will he earn in two weeks if he sells 10 notebooks and 6 pencil boxes a day?**

a)Rs.1956

b)Rs.1586

c)Rs.1496

d)Rs.1596

e)None of these

**4.An article was sold for Rs.5220 at a loss of 42% of the cost price. What will be the selling price of the article for a profit of 42%?**

a)Rs.12580

b)Rs.17280

c)Rs.12780

d)Rs.15280

e)None of these

**5.If on selling 12 notebooks any seller makes a profit equal to the selling price of 4 notebooks, what is his percent profit?**

a)50%

b)25%

c)50/3%

d)Data inadequate

e)None of these

**6.Profit earned by an organisation is distributed among officers and clerks in the ratio of 5:3 respectively. If the number of officers is 45 and the number of clerks is 80 and the amount received by each officer is Rs.25,000, what was the total amount of profit earned?**

a)Rs.22 lakhs

b)Rs.18.25 lakhs

c)Rs.18 lakhs

d)Rs.23.25 lakhs

e)None of these

**7.If the manufacturer gains 10%, the wholesale dealer 15% and the retailer 25%, then the cost price of production of an article whose retail price is Rs.1265, is:**

a)Rs.632.50

b)Rs.800

c)Rs.814

d)Rs.834.34

e)None of these

**8.The currencies in countries M and N are denoted by m and n respectively. The exchange rate in 1990 was 1m,0.6n the price level in 2006 in M and N are 150 and 400 respectively with 1990 as a base of 100. The exchange rate in 2006 based solely on the purchasing power parity consideration is 1m:**

a)0.225 n

b)0.625 n

c)1.6 n

d)3.6 n

e)None of these

**9.By selling 18 chocolates, a vendor loses the selling price of 2 chocolates. Find his loss percent.**

a)9%

b)10%

c)11%

d)12%

e)None of these

**10.A shopkeeper placed on display some shirts each with a marked price. He then posted a board "1/4 off on shirts". If the cost of a shirt was 2/3 of the price at which it was actually sold, the ratio of cost and marked price of shirt was**

a)1:2

b)1:3

c)2:3

d)3:4

e)None of these

__Answer key__2.c)

3.d)

4.c)

5.a)

6.d)

7.b)

8.a)

9.b)

10.a)

__Solution__S.P. of each shirt = (420 × 85)/100 = Rs.357

S.P. of 84 shirts = (84 × 357) = Rs.29988

Profit = (29988 - 23360) = Rs.6628

2.First S.P. = (90/100) × 800 = Rs.720

If the marked price be Rs.x, then

(x × 80)/100 = 720

or, x = 900

Required loss percent = [(900 - 720)/900] × 100 = 20%

3.Commission earned in one day

= (10×45×4)/100 + (80×20×6)/100

= Rs.114

Therefore, commission earned in two weeks = (114 × 14) = Rs.1596

4.C.P. of article = 5220 × [100/(100 - 42)] = Rs.9000

Therefore, required S.P. = (9000 × 142)/100 = Rs.12780

5.Profit = Selling price of 4 notebooks cost price = selling price of (12 - 8) = 4 notebooks

%profit = (4/8) × 100 = 50%

6.Profit received by each officer = Rs.25000

Therefore, profit received by each clerk = 3/5 × 25000 = Rs.15000

Therefore, total earned profit

= Rs.(45 × 25000 + 80 × 15000)

= Rs.23.25 lakh

7.C.P. of articles

= 1265 × 100/110 × 100/115 × 100/125

= Rs.800

8.1m/150 = 0.6n/400

or, 1m = (0.6/400) × 150n = 0.225n

9.If the S.P. of 1 chocolate be Rs.1, then,

S.P. of 18 chocolates = Rs.18

C.P. = 18 + 2 = Rs.20

Loss% = (2/20) × 100 = 10%

10.Let, S.P. of shirt = x

C.P. = 2x/3

Therefore, marked price = 4/3 × x = 4x/3

Required ratio = 2x/3 : 4x/3 = 1:2

## Post a Comment