Profit and loss questions with solutions Profit and Loss aptitude questions and Answers

Profit & Loss: Previous Year Exam Special

Master Concept

In SSC and Banking, Profit & Loss is often combined with Ratios and Successive Percentages. Always use the Fraction Method for faster calculations.

🔥 Shortcut Formulas

• Profit % = ^{SP − CP} _CP × 100

• Loss % = ^{CP − SP} _CP × 100

• SP = CP × ^{100 + Profit%} ₁₀₀

• SP = CP × ^{100 − Loss%} ₁₀₀

• CP = SP × ¹⁰⁰ _{100 + Profit%}

• CP = SP × ¹⁰⁰ _{100 − Loss%}

• MP = CP × ^{100 + Profit%} _{100 − Discount%}

• Discount % = ^{MP − SP} _MP × 100

• Successive % = a + b + ^ab ₁₀₀

• Faulty Weight Gain % = ^Error _{True Value − Error} × 100

Exam Oriented Questions

Q1: A shopkeeper allows a 28% discount on the marked price of an article and still makes a profit of 20%. If he gains 3080 on the sale of one article, then what is the cost price of the article?

• 12400
• 15400
• 14500
• 16000

Professional Solution:

1. Gain (Profit Amount) = 20% of CP.

2. 20% of CP = 3080.

3. CP = (3080 / 20) × 100 = 15400.

Q2: A person sold an article at a loss of 15%. Had he sold it for 30.60 more, he would have gained 9%. To gain 10%, he should have sold it for?

• 128.40
• 140.25
• 132.50
• 130.25

Step-by-Step Explanation:

1. Diff in % = 15% (loss) + 9% (gain) = 24%.

2. 24% = 30.60. So, 100% (CP) = (30.60 / 24) × 100 = 127.50.

3. New SP for 10% profit = 127.50 × 1.1 = 140.25.

Q3: The marked price of an article is 315. It is sold for 288. If there is a loss of 4%, then by what percent was the article marked above the cost price?

• 5%
• 8%
• 6.5%
• 10%

Solution:

1. SP = 288, Loss = 4%. CP = 288 / 0.96 = 300.

2. MP = 315. Markup = 315 - 300 = 15.

3. Markup % = (15 / 300) × 100 = 5%.

Q4: By selling 18 table fans for 11,664 a man incurs a loss of 10%. How many fans should he sell for 17,424 to earn 10% profit?

• 20
• 22
• 18
• 25

Formula: (SP1 / Qty1 * %1) = (SP2 / Qty2 * %2).

11664 / (18 * 90) = 17424 / (x * 110).

Solving for x gives 22.

Q5: A shopkeeper marks his goods at a price such that after giving a discount of 12.5%, he gains 20%. If the CP of the article is 140, find the MP.

• 180
• 192
• 210
• 195

MP/CP = (100 + P)/(100 - D).

MP/140 = 120 / 87.5.

MP = (120 * 140) / 87.5 = 192.

Q6: Radha marks her goods 25% above the cost price. She sells 35% of goods at marked price, 40% at 15% discount and the remaining at 20% discount. Her overall percentage gain is?

• 10%
• 11.25%
• 12.75%
• 11.75%

Let CP=100, MP=125. Weighted average method:

Profit = [35*25 + 40*(125*0.85-100) + 25*(125*0.80-100)] / 100.

Result = 11.25%.

Q7: A dealer buys an article at 20% discount on its list price and marks it 25% above the list price. If he allows a 20% discount on the new MP, his profit is?

• 20%
• 25%
• 15%
• 30%

List Price = 100. CP = 80. New MP = 125.

Final SP = 125 × 0.8 = 100.

Profit = (100-80)/80 = 25%.

Q8: A man sells two articles for 9180 each. On one he gains 8% and on the other he loses 15%. His overall profit or loss is?

• 940 Loss
• 840 Loss
• 720 Profit
• 500 Profit

CP1 = 9180 / 1.08 = 8500. CP2 = 9180 / 0.85 = 10800.

Total CP = 19300. Total SP = 18360.

Loss = 19300 - 18360 = 940.

Q9: An article is marked 35% above its cost price. If a profit of 20% is made by selling the article, then the discount percent offered is?

• 12%
• 11.11%
• 15%
• 10.5%

CP=100, MP=135, SP=120.

Discount = 135 - 120 = 15.

Discount % = (15 / 135) × 100 = 11.11%.

Q10: A shopkeeper bought 80 kg of rice at a discount of 10%. Besides 1 kg rice was offered free to him on the purchase of every 20 kg rice. If he sells at MP, his profit is?

• 20%
• 25%
• 15.5%
• 22%

He gets 84 kg (80+4 free). Let MP be 1/kg.

Cost for 80 kg = 80 × 0.9 = 72.

Selling 84 kg at MP = 84.

Profit % = (84-72)/72 = 1/6 = 16.66%? No, check logic.

Correct Profit % = (12/72) = 16.66%. *Option correction in quiz logic needed* Correct = 16.66%.

Q11: A person buys 561 articles for 3200. He sells 5/11 part at 27% loss. At what profit % should he sell the remaining to have no profit no loss?

• 22.5%
• 25%
• 20%
• 18%

Logic: Total profit must be 0. (5 * -27) + (6 * x) = 0.

-135 + 6x = 0 → x = 135/6 = 22.5%.

Q12: A trader dishonest dealer marks up 20% and uses 900g for 1kg. Total Profit %?

• 30%
• 33.33%
• 35%
• 40%

Successive logic: (120/100) * (1000/900) = 12/9 = 4/3.

Profit % = 1/3 = 33.33%.

Q13: A man sells at 10% profit. If he bought 20% less and sold for 20 more, he would gain 40%. CP?

• 800
• 1000
• 1200
• 1500

CP=100, SP=110. New CP=80. New SP=80*1.4 = 112.

Diff 2 units = 20. So 100 units = 1000.

Q14: CP of 40 articles = SP of 50 articles. Profit or Loss %?

• 20% Loss
• 25% Loss
• 20% Profit
• 25% Profit

Ratio CP/SP = 50/40 = 5/4.

Loss = 1 on 5 = 20% Loss.

Q15: 12 kg of rice at 30/kg and 8 kg at 40/kg mixed. Gain 25%, SP?

• 40
• 42.5
• 38
• 45

Avg CP = (12*30 + 8*40)/20 = 680/20 = 34.

SP = 34 * 1.25 = 42.5.

Q16: MP is 1200. Three discounts 10%, 8%, 5%. SP?

• 943.92
• 950
• 940.50
• 935

1200 * 0.9 * 0.92 * 0.95 = 943.92.

Q17: To gain 20% after 10% discount, MP must be marked how much above CP?

• 30%
• 33.33%
• 25%
• 35%

Ratio MP/CP = 120 / 90 = 4/3.

Markup = 1 on 3 = 33.33%.

Q18: Profit on SP is 20%. Profit on CP is?

• 16.66%
• 25%
• 20%
• 15%

Let SP = 100. Profit = 20. So CP = 80.

Profit % on CP = (20/80) * 100 = 25%.

Q19: Buy 5 get 4 free. Discount %?

• 40%
• 44.44%
• 80%
• 25%

Free / Total * 100 = 4 / 9 * 100 = 44.44%.

Q20: Two items sold 4800 each. One 20% gain, other 20% loss. Net Profit/Loss?

• 4% Profit
• 400 Loss
• No Profit No Loss
• 400 Profit

CP1 = 4000. CP2 = 6000. Total CP = 10000.

Total SP = 9600. Loss = 400.

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