Model 1 Basic Concepts of C.P and S.P Section-Wise Topic Notes With Detailed Explanation And Example Questions

MOST IMPORTANT quantitative aptitude - 11 EXERCISES

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The following question based on profit & loss topic of quantitative aptitude

Questions : By selling a car for Rs.64,000, Mr. Rao lost 20%. Then the cost price of the car is :

(a) Rs.80,000

(b) Rs.76,800

(c) Rs.72,000

(d) Rs.84,000

The correct answers to the above question in:

Answer: (a)

Using Rule 3,

Cost price = ${64000 × 100}/80$ = Rs.80000

Practice profit & loss (Model 1 Basic Concepts of C.P and S.P) Online Quiz

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Read more basic cp and sp Based Quantitative Aptitude Questions and Answers

Question : 1

If there is a profit of 20% on the cost price, the per centage of profit on the sale price is

a) 15$1/3$%

b) 12 %

c) 16$2/3$%

d) 16 %

Answer: (c)

Cost price = Rs.x

S.P. = ${120x}/100$ = Rs.${6x}/5$

Gain = Rs.$x/5$

Required gain per cent = ${x/5}/{{6x}/5} × 100$

= $100/6 = 50/3 = 16{2}/3$%

Question : 2

The total cost of 8 buckets and 5 mugs is Rs.92 and the total cost of 5 buckets and 8 mugs is Rs.77. Find the cost of 2 mugs and 3 buckets.

a) Rs.30

b) Rs.70

c) Rs.35

d) Rs.38

Answer: (c)

C.P. of 1 bucket = x

C.P. of 1 mug = y

8x + 5y = 92 .....(i)

5x + 8y = 77 .....(ii)

By using equation (i) × 5 - equation (ii) × 8,

40x + 25y - 40x - 64y

= 460 - 616

- 39y = - 156 ⇒ y = 4

From equation (i),

8x + 20 = 92

8x = 92 - 20 = 72 ⇒ x = 9

C.P. of 2 mugs and 3 buckets

= 2 × 4 + 3 × 9

= 8 + 27 = Rs.35

Question : 3

If the cost price of an article is 80% of its selling price, the profit per cent is :

a) 24%

b) 22$1/2$%

c) 20 %

d) 25%

Answer: (d)

Using Rule 1,

S.P. = Rs.100; C.P. = Rs.80

Gain = Rs.20

∴ Gain per cent = $20/80 ×100$ = 25%

Question : 4

By selling an article for Rs.960 a man incurs a loss of 4%; what was the cost price ?

a) Rs.498.4

b) Rs.784

c) Rs.1,000

d) Rs.300

Answer: (c)

Using Rule 3,
If an object is sold on r% Profit.

then,S.P. = C.P$[{100 + \text"Profit%"}/100]$
or
C.P. = S.P$[100/{100 + \text"Profit%"}]$

Similarly, If an object is sold on r% loss, then

S.P. = C.P.$[{100 - \text"Loss%"}/100]$
or
C.P. = S.P$[100/{100 - \text"Loss%"}]$

C.P. of article = $100/{100 - \text"loss per cent"}$ × S.P.

= $100/96 × 960$ = Rs.1000

Question : 5

If books bought at prices from Rs.150 to Rs.300 are sold at prices ranging from Rs.250 to Rs.350, what is the greatest possible profit that might be made in selling 15 books ?

a) Rs.4,250

b) Rs.750

c) Cannot be determined

d) Rs.3,000

Answer: (d)

Minimum cost price

= 150 × 15 = Rs.2250

Maximum selling price

= 350 × 15 = Rs.5250

Gain = 5250 - 2250 = Rs.3000

[150 being the lowest & 350 being the highest price]

Question : 6

The cost price of a radio is Rs.600. The 5% of the cost price is charged towards transportation. After adding that, if the net profit to be made is 15%, then the selling price of the radio must be

a) Rs.664.50

b) Rs.724.50

c) Rs.704.50

d) Rs.684.50

Answer: (b)

Actual C.P. of radio

= $600 + {600 × 5}/100 = Rs.630$

Required S.P.

= ${630 × 115}/100$ = Rs.724.50

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