profit and loss Model Questions & Answers, Practice Test for ibps po prelims
By selling 8 dozen pencils, a shopkeeper gains the selling price of 1 dozen pencils. What is the gain?
Answer: (c)
Let the cost price = Rs. x
Profit = Rs. x
Cost price of 8 dozen pencil = Rs. 7x
Gain per cent = $x/{7x} × 100 = 100/7 = 14{2}/7$ %
By selling 12 marbles for a rupee, a shopkeeper loses 20%. In order to gain 20% in the transaction, he should sell the marbles at the rate of how many marbles for a rupee?
Answer: (b)
Given SP of 12 marbles = Rs. 1, loss = 20%
∴ CP of 12 marbles = Rs. $1/0.8$ = Rs. 1.25
Now, SP of 12 marbles at a gain of 20%
= CP × 1.2 = 1.25 × 1.2 = Rs. 1.5
This implies that in order to gain 20%, he should sell 12 marbles for Rs. 1.5.
For Rs. 1, he should sell $12/1.5$ = 8 marbles.
On the eve of Gandhi Jayanti, Gandhi Ashram declared a 25% discount on silk. If selling price of a silk saree is Rs. 525, what is its marked price ?
Answer: (b)
Let the marked price be Rs. x.
S.P. = (x – 25% of x) = $3/4 x$
But, S.P = Rs. 525
∴$3/4 x = 525$ ⇒ x = 700
A milkman buys some milk contained in 10 vessels of equal size. If he sells his milk at Rs. 5 a litre, he loses Rs. 200; while selling it at Rs. 6 a litre, he would gain Rs. 150 on the whole. Find the number of litres contained in each cask.
Answer: (a)
Suppose he has x litre of milk in total.
Thus, we have 5x + 200 = 6x – 150
or, x (6 – 5) = 200 + 150
∴x = 350 litres.
∴each vessel contains = 35 litres
I sold a book at a profit of 7%. Had I sold it for Rs. 7.50 more, 22% would have been gained. Find the cost price.
Answer: (c)
Cost Price = ${7.5 × 100}/\text"Difference in % profit"$
= ${7.5 × 100}/{22 - 7}$ = Rs. 50
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