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
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