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

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

Questions : While selling to the retailer, a company allows 30% discount on the marked price of their products. If the retailer sells those products at marked price, his profit % will be :

(a) 40%

(b) 42$1/7$%

(c) 30%

(d) 42$6/7$%

The correct answers to the above question in:

Answer: (d)

If the marked price of the product be Rs.100, then

C.P. = Rs.70; S.P. retailer = Rs.100

∴ Gain per cent

= $30/70 × 100 = 300/7= 42{6}/7$%

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

Question : 1

In terms of per centage profit, which is the best transaction?

  C.P (in Rs.) Profit (in Rs.)
(I) 36 17
(II) 50 24
(III) 40 19
(IV) 60 29

a) III

b) II

c) I

d) IV

Answer: (d)

Using Rule 1,

If S.P > C.P. then there will be profit

Profit = S.P. - C.P.

Profit% = ${\text"Profit" × 100}/{\text"C.P."}$

Note: Both profit and loss are always calculated on cost price only. }

Case I : Per centage Profit

= ${17 × 100}/36$ ≈ 47%

Case II : Per centage Profit

= ${24 × 100}/50 = 48%$

Case III : Per centage Profit

= ${19 × 100}/40 = 47.5%$

Case IV : Per centage Profit

= ${29 × 100}/60 = 48.3%$

Obviously, (d) is the best transaction.

Question : 2

Krishnan bought a camera and paid 20% less than its original price. He sold it at 40% profit on the price he had paid. The per centage of profit earned by Krishnan on the original price was

a) 12%

b) 32%

c) 22%

d) 15%

Answer: (a)

Let the original price be Rs.x.

= $80/100 × x = Rs.{4x}/5$

SP = ${4x}/5 × 140/100 = Rs.{28x}/25$

Gain on original price

=${28x}/25 - x ={3x}/25$

∴ Gain % = ${3x}/{25x}$ × 100 = 12%

Question : 3

A fan is listed at Rs.150 and a discount of 20% is given. Then the selling price is

a) Rs.120

b) Rs.150

c) Rs.180

d) Rs.110

Answer: (a)

S.P. of the fan = ${150 × 80}/ 100$ = Rs.120

Question : 4

If a shirt costs Rs.64 after 20% discount is allowed, what was its original price in Rs.?

a) 88

b) 80

c) 76.80

d) 86.80

Answer: (b)

If the original cost of shirt be x, then

$x × 80/100 = 64$

$x = {64 × 100}/80$ = Rs.80

Question : 5

A man bought an old typewriter for Rs.1200 and spent Rs.200 on its repair. He sold it for Rs.1680. His profit per cent is :

a) 8%

b) 10%

c) 20%

d) 16%

Answer: (c)

Using Rule 1,

Total cost of typewriter = Rs. (1200 + 200) = Rs.1400

S.P. = Rs.1680

Profit = Rs. (1680 - 1400) = Rs.280

Profit % = $280/1400 × 100 = 20%$

Need More Mcqs on profit & loss of Model 1 Basic Concepts of C.P and S.P Click Here »
GET profit & loss PRACTICE TEST EXERCISES

Model 1 Basic Concepts of C.P and S.P

model 2 gain lost percentage

model 3 gain/loss % with C.P/S.P

model 4 sold & brought

model 5 marked price

model 6 sold in circular path

model 7 sold at loss

model 8 two article sold in different rates

model 9 selling an article & interchanging its values

model 10 reduced/increased price of an article

model 11 ratio & partnership
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