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 : A milkman bought 70 litres of milk for Rs.630 and added 5 litres of water. If he sells it at Rs.9.00 per litre, his profit per centage is

(a) 8$2/5$%

(b) 7%

(c) 8$1/5$%

(d) 7$1/7$%

The correct answers to the above question in:

Answer: (d)

CP of 75 litres of mixture of milk and water = Rs.630

SP of 75 litres of mixture of milk

and water = 9 × 75 = Rs.675

Gain = 675 - 630 = Rs.45

Gain per cent = $45/630 × 100 = 50/7 = 7{1}/7$%

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

A merchant purchases a wrist watch for Rs.450 and fixes its list price in such a way that after allowing a discount of 10%, he earns a profit of 20%. Then the list price of the watch is

a) Rs.550

b) Rs.700

c) Rs.650

d) Rs.600

Answer: (d)

If the marked price of watch be x, then

$x × 90/100 = {450 × 120}/100$

$x = {450 × 120}/90$ = Rs.600

Question : 2

A man purchased a bedsheet for Rs.450 and sold it at a gain of 10% calculated on the selling price. The selling price of the bedsheet was

a) Rs.480

b) Rs.475

c) Rs.460

d) Rs.500

Answer: (d)

Let the S.P. of the bedsheet be Rs. x.

$450 + {10 × x}/100 = x$

$x - x/10 = 450$

${9x}/10 = 450$

$x = {450 × 10}/9$ = Rs.500

Using Rule 1,

C.P. = Rs. 450,

Profit = ${10\text"S.P."}/100 = \text"S.P."/10$

Profit = S.P. - C.P.

$\text"S.P."/10$ = S.P. - 450

450 = S.P. - $\text"S.P."/10$

S.P. = ${450 × 10}/9$ = Rs.500

Question : 3

A merchant buys an article for Rs.27 and sells it at a profit of 10% of the selling price. The selling price of the article is :

a) Rs.37

b) Rs.30

c) Rs.29.70

d) Rs.32

Answer: (b)

S.P. - C.P.=${10\text"S.P."}/100 = \text"S.P."/10$

S.P.- $\text"S.P."/100$ = 100= 27

S.P.= ${27 × 10}/9$ = Rs.30

Using Rule 1,

C.P. = 27, Profit = $10/100$

S.P. = $\text"S.P."/10$

Profit = S.P. - C.P.

$\text"S.P."/10$ = S.P. - 27

27 = S.P. - $\text"S.P."/10$

S.P. = ${27 × 10}/9$ = Rs.30

Question : 4

If the cost price is 95% of the selling price, what is the profit per cent ?

a) 5%

b) 4.75%

c) 4%

d) 5.26%

Answer: (d)

If the cost price be Rs.x, then

S.P. = $100/95x = Rs.20/19x$

Gain = ${20x}/19 - x = Rs.x/19$

Gain per cent = ${x/19}/x × 100 = 5.26%$

Using Rule 3,

Here C.P. = $95/100$ S.P.

C.P. = S.P.$(100/{100 + Profit%})$

$95/100$ S.P.

= S.P.$(100/{100 + Profit%})$

9500 + 95 profit% = 10000

Profit % = $500/95$ = 5.26%

Question : 5

If selling price of an article is 1$1/3$ of cost price, find gain %.

a) 1.33%

b) 33$1/3$%

c) 25%

d) 66$2/3$%

Answer: (b)

C.P. of article = Rs.x (let)

S.P. of article = Rs.${4x}/3$

Gain = ${4x}/3 - x = {4x - 3x}/3$ = Rs.$x/3$

Gain per cent = ${x/3}/x × 100$

= $100/3 = 33{1}/3%$

Question : 6

By selling 33 metres of cloth, a person gains the cost of 11 metres. Find his gain%.

a) 33%

b) 33$1/2$%

c) 33$1/3$%

d) 34$1/3$%

Answer: (c)

Gain per cent

= $11/33 × 100 = 100/3 = 33{1}/3$%

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