Quantitative Aptitude: Profit and Loss Set 2 (Basic Questions)

Basic Profit and Loss Questions with tricks for all banking, insurance, SSC and other exams.

  1. By selling 20 articles, a person gains CP of 5 articles. Find the profit% incurred by him.
    A) 33 1/3%
    B) 25%
    C) 20%
    D) 16 2/3%
    E) None of these
    View Answer
    Option B
    Solution:

    Profit = SP – CP
    CP of 5 articles = SP of 20 article – CP of 20 articles
    So CP of 25 articles = SP of 20 articles
    Profit% = 5/20 * 100 = 25%
  2. A person wants to sell his goods at 20% profit after allowing a discount of 16 2/3% on marked price. How much % above the cost price should he mark his article?
    A) 20%
    B) 36 2/3%
    C) 34 5/6%
    D) 44%
    E) 38%
    View Answer
    Option D
    Solution:

    Use formula:
    MP = (100+p%)/(100-d%) * CP
    OR
    Profit%= 20% = 1/5 (profit = 1, CP = 5)
    SP = CP+P = 5+1 = 6……(1)
    Discount% = 16 2/3% = 50/3% = 1/6 (discount = 1, MP = 6)
    Mp – discount = SP
    6 – 1 = 5…………(2)
    Make SP equal in both equations (1) and (2)
    Multiply (1) by 5 and (2) by 6
    so CP : SP : MP = 25 : 30 : 36
    So see CP and MP, required % = (36-25)/25 * 100 = 44%
  3. Three successive discounts of 20%, 25% and 16 2/3% is equivalent to
    A) 50% profit
    B) 56 2/3% profit
    C) 40% loss
    D) 125/3% loss
    E) 25/6% profit
    View Answer
    Option A
    Solution:

    Use successive formula:
    a + b + a*b/100
    So – 20 – 25 + 20*25/100 = -40%
    Next: -40 – 50/3 + (50)(50/3)/100 = -50%
    OR
    20% = 1/5 5 -> 4
    25% = 1/4 4 -> 3
    16 2/3% = 1/6 6 -> 5
    Cancel out like this:
  4. After selling a table worth Rs 12000 at 20% loss, a trader buys a TV with the same money. Next he sold the TV at 20% profit. What is his profit/loss in the whole transaction?
    A) Rs 480 loss
    B) Rs 450 loss
    C) Rs 480 gain
    D) No profit no loss
    E) Rs 420 gain
    View Answer
    Option A
    Solution:

    12000 – 2400 (20% loss) = 9600
    9600 + 1920 (20% profit on 9600) = 11520
    So 12000 – 11520 = 480 Rs loss
  5. A sold a watch to B at 10% loss. B sold it to C at 11.11% loss and c again sold it to A at 12.5% profit. How much profit/loss % is incurred by A?
    A) 10% profit
    B) 12% profit
    C) 10% loss
    D) 15% loss
    E) No profit no loss
    View Answer
    Option E
    Solution:

    A to B to C
    A to B 10% loss, 10% = 1/0. So SP for A = 10-1 = 9
    B to C 11.11% loss, 11.11% = 1/9, so SP for B = 9-1 = 8
    C to A 12.5% profit, 12.5% = 1/8, so SP for C or CP for A = 1+8 = 9
    A first sold to B at 9, and after he got from C at 9, so no profit no loss
  6. After selling an article at some price, a trader gain 20% on the selling price. Find his profit% on the cost price.
    A) 50%
    B) 33 1/3%
    C) 16 2/3%
    D) 25%
    E) 15 1/5%
    View Answer
    Option D
    Solution:

    Profit = 20% on SP
    20% = 1/5, (1 – profit, 5 – SP)
    CP = SP – Profit
    4 = 5 – 1
    so profit% on CP = profit/CP *100 = 1/4 * 100 = 25%
  7. A man bought some toffees at the rate of 3 toffees per Re. and same number at the rate of 2 toffees per Re. He mixes them and sold 3 toffees for Rs 2. Find his profit/loss% in the whole transaction.
    A) 20% loss
    B) 20% profit
    C) 60% loss
    D) 60% profit
    E) None of these
    View Answer
    Option D
    Solution:

    Let he buys 6 toffees
    Case 1: 3 toffees per Re so 6 toffees for Rs 2
    Case 2: 2 toffees per Re so 6 toffees for Rs 3
    Total CP of 12 toffees = 2+3 = 5
    Now he sold at 3 for Rs 2. So 12 toffees for Rs 8
    Now CP = Rs 5, SP = Rs 8, so profit% = 3/5 * 100 = 60% profit
  8. A shopkeeper sold his articles at cost price. But he used false weights and gives 800 gm instead of 1 kg. Find his profit%.
    A) 16 2/3%
    B) 20%
    C) 10%
    D) 33 1/3%
    E) None of these
    View Answer
    Option E
    Solution:

    CP of 1000 gm = SP of 800 gm
    So gain% = (1000-800)/800 * 100 = 25%
  9. A trader sold his goods at 20% profit and along with this he used weights of 800 gm instead of 1 kg. Find his total profit%.
    A) 40%
    B) 45%
    C) 50%
    D) 55%
    E) 60%
    View Answer
    Option C
    Solution:

    Profit is 20%. So
    1000 gm + 20% of 1000 gm = 1200 gm
    so CP of 1200 gm = SP of 800 gm
    Sp profit% = (1200-800)/800 * 100 = 50%
  10. A loss of 20% is made by selling an article. Had it been sold for Rs 240 more, there would have been a profit of 10%. What would be the selling price of the article if it is sold at 25% profit?
    A) Rs 950
    B) Rs 1020
    C) Rs 975
    D) Rs 1000
    E) Rs 1075
    View Answer
    Option D
    Solution:

    Loss = 20% = 1/5 (loss = 1, CP = 5)
    CP – Loss = SP
    5 – 1 = 4……….(1)
    Profit% = 10% = 1/10 (Profit = 1, CP = Rs 10)
    CP + P = SP
    10 + 1 = 11 …….(2)
    Make CP same in both equations (1) and (2) by multiplying (1) by 2. SO
    10   –  2 =  8
    And 10 + 1 = 11
    So first, SP was 8, now is 11
    So (11-8)    ->    240
    3     ->      240
    So 10 (CP)    ->    240/3  * 10 = 800
    So after 25% profit SP   ->  1000

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