Exercise : Profit Loss - General Questions
✔ Profit Loss -
General Questions
11.
A shopkeeper allows a 10% discount and still earns a 20% profit. If the Cost Price (CP) is $300, find the Marked Price (MP).
View Answer
Answer: Option B
Explanation:
Explanation:
\(MP \times (1 - \text{Discount}) = CP \times (1 + \text{Profit})\). \(MP \times 0.9 = 300 \times 1.2 \implies MP = \frac{360}{0.9} = 400\).
12.
Find the single discount equivalent to successive discounts of 20% and 10%.
View Answer
Answer: Option B
Explanation:
Explanation:
Net Discount = \(d1 + d2 - \frac{d1 \times d2}{100} = 20 + 10 - \frac{20 \times 10}{100} = 28\%\).
13.
An article is marked 40% above the Cost Price (CP). What discount percentage can be given to have no profit or loss?
View Answer
Answer: Option B
Explanation:
Explanation:
To have no profit/loss, \(SP = CP\). \(MP = 1.4CP\). \(1.4CP \times (1 - d) = CP \implies 1 - d = \frac{1}{1.4} \implies d = 28.57\%\).
14.
A dealer marks his goods 20% above the Cost Price (CP) and allows a 10% discount. Find his profit percentage.
View Answer
Answer: Option B
Explanation:
Explanation:
Net Profit = \(20 - 10 - \frac{20 \times 10}{100} = 8\%\).
15.
By selling an item for $960, a man incurs a loss of 4%. At what price should he sell it to gain 10%?
View Answer
Answer: Option B
Explanation:
Explanation:
\(CP = \frac{960}{0.96} = 1000\). New SP for 10% gain = \(1000 \times 1.1 = 1100\).
16.
A dishonest dealer claims to sell goods at Cost Price (CP) but uses a weight of 900g for 1kg. Find his gain percentage.
View Answer
Answer: Option B
Explanation:
Explanation:
Gain % = \(\frac{\text{Error}}{\text{True Value - Error}} \times 100 = \frac{100}{900} \times 100 = 11.11\%\).
17.
A man buys two watches for $800. He sells one at a 12% profit and the other at an 8% loss, making no profit or loss overall. Find the Cost Price (CP) of the first watch.
View Answer
Answer: Option B
Explanation:
Explanation:
Profit on first = Loss on second. \(0.12CP_1 = 0.08CP_2 \implies \frac{CP_1}{CP_2} = \frac{2}{3}\). \(CP_1 = \frac{2}{5} \times 800 = 320\).
18.
A shopkeeper marks his goods such that after a 12.5% discount, he earns a 25% profit. If the Marked Price (MP) is $1000, find the Cost Price (CP).
View Answer
Answer: Option B
Explanation:
Explanation:
\(CP \times 1.25 = 1000 \times (1 - 0.125) \implies CP \times 1.25 = 875 \implies CP = 700\).
19.
If the Selling Price (SP) is doubled, the profit triples. Find the initial profit percentage.
View Answer
Answer: Option B
Explanation:
Explanation:
Let \(SP = y, CP = x\). Profit = \(y - x\). New Profit = \(2y - x\). Given \(3(y - x) = 2y - x \implies 3y - 3x = 2y - x \implies y = 2x\). Profit % = \(\frac{2x-x}{x} \times 100 = 100\%\).
20.
A trader sells an item at a 20% profit. If he had bought it for 10% less and sold it for $30 less, he would have gained 25%. Find the original Cost Price (CP).
View Answer
Answer: Option B
Explanation:
Explanation:
Let original CP be \(x\). Original SP = \(1.2x\). New CP = \(0.9x\). New SP = \(1.2x - 30\). Given \(1.25(0.9x) = 1.2x - 30 \implies 1.125x = 1.2x - 30 \implies 0.075x = 30 \implies x = 400\).