Solving profit and loss questions in competitive exams involves understanding the basic concepts and applying them effectively.
Know the definitions: Cost Price (CP), Selling Price (SP), Profit, and Loss. Profit = SP − CP, Loss = CP − SP
Calculate
Choose the Right Formula: Depending on the information provided in the question, decide whether you need to find the profit, loss, SP, CP, or profit percentage.
Be Mindful of Percentages: Pay attention to whether percentages are calculated on CP or SP. This affects the final answer. Profit and loss questions can come in various forms, like successive discounts, cost price changes, or partnerships. Familiarize yourself with these variations.
Model Questions
1. A shopkeeper uses 945 gm weight in place of one kg weight. He sells it at 9% profit. What will be the actual profit percentage? (rounded off to two decimal places)
A) 17.76% B) 14.45% C) 12.67% D) 15.34%
2. Three successive discounts of 36%, 25% and 40% are given. What will be the net discount in percentage?
A) 69.6% B) 71.2% C) 73.2% D) 75.7%
3. A shopkeeper gains 21% in place of 19.5% loss if the selling price of an article is increased by Rs.5022. The cost price of the article is: (In Rs.)
A) 11600 B) 12400 C) 12600 D) 13400
4. A dealer marks his goods at 46% above the cost price and allows a discount of 15% on the marked price. What is his gain or loss percentage?
A) 24.1% gain B) 24.1% loss C) 15.6% gain D) 15.6% loss
5. On purchase of articles worth Rs.12,500, a shopkeeper offers a flat discount of Rs.1500 to his customers. Further, by shopping using a credit card, he gives an additional discount of 9%. If a customer purchases article worth Rs.12500 using a credit card, then how much (in Rs.) is he/ she required to pay?
A) 9560 B) 9790 C) 10010 D) 11010
6. The percentage profit earned by selling an article for Rs.3,560 is the same as the percentage loss incurred by selling the same article for Rs.2,940. At what price (in Rs.) should that article be sold to make a prof it of 18.60%?
A) 3678.5 B) 3854.5 C) 3678.5 D) 3786.5
7. The marked price of a ceiling fan is Rs.14,725 and the shopkeeper allows a discount of 11% on it. If his profit is 17.8% then the cost price of the fan is:
A) Rs.10985 B) Rs.12345 C) Rs.11125 D) Rs.10345
8. A grocer claims that he is selling sugar at Rs.63/kg, which cost him Rs.72/kg, but he is giving 975 g instead of 1000 g. What will be the approximate percentage loss?
A) 15.78% B) 13.65% C) 10.25% D) 11.75%
9. A notebook was sold for Rs.454 with a profit of 13.5%. If it had been sold for Rs.680, then what would have been the profit percentage?
A) 68% B) 70% C) 73% D) 76%
10. The cost price of an article is decreased by 25% and then increased by 40%. If the final price is Rs.819, then the original cost price (in Rs.) is:
A) 750 B) 760 C) 780 D) 790
11. Applied to a bill for Rs.68,500, the difference (in Rs.) between a discount of 28% and two successive discounts of 20% and 8%, is:
A) 1096 B) 1186 C) 1236 D) 1564
12. A shopkeeper offers three schemes as given below to sell a particular type of product. Which of the following schemes offer(s) the maximum discount percentage?
1) Buy 5, get 3 free 2) Buy 10, get 8 free 3) Two successive discounts of 25% and 16%
A) Only 1 B) Only 1 and 2 C) Only 2 D) Only 3
13. By selling a watch for Rs.2,000, a shopkeeper loses 20%. How much would he gain or lose by selling it for Rs.3,000?
A) 25% loss B) 15% loss C) 15% profit D) 20% profit
14. The marked price on a book is Rs.1,000. In a book fair, it is available for sale with a discount scheme offering two successive discounts of 12% and 8%. What is the final selling price (in Rs.) of the book for a customer (rounded off to the nearest integer)?
A) 810 B) 795 C) 840 D) 860
15. A grocer claims that he is selling sugar at Rs.48/kg, which cost him Rs.50/kg, but he is giving 900 g instead of 1000 g. What will be the approximate percentage profit?
A) 8.7% B) 6.7% C) 5.8% D) 7.5%
Key; 1-D 2-B 3-B 4-A 5-C 6-B 7-C 8-C 9-B 10-C 11-A 12-C 13-D 14-A 15-B
