profit and loss Model Questions & Answers, Practice Test for ibps po prelims

ibps po prelims SYLLABUS WISE SUBJECTS MCQs

Number Systems

Profit & Loss

Question :6

What was the percent profit on the transaction?

Answer: (c)

SP = 6272 × 95% = 5958.4

Profit = 5958.4 – 5600 = 358.4

Profit% = $358.4/5600 × 100$ = 6.4%

Question :7

A shopkeeper increases the cost price of an item by 20% and offers a discount of 10% on this marked price. What is his percentage gain ?

Answer: (d)

Let CP = 100

MP = 120

SP after giving discount = 108

Profit = 8%

Question :8

Manhar sold an item for Rs.8400 and incurred a loss of 25%. At what price should be have sold the item to have gained a profit of 40%?

Answer: (b)

C.P. = ${\text"SP" × 100}/{100 - \text"loss%"}$

= 8400 × $100/{100 - 25}$ = 11,200

S.P. = CP × ${100 + \text"P"%}/100$

= 11,200 × $140/100$ = 15,680

Question :9

A man sells two watches for Rs. 99 each. On one he gained 10% and on the other he lost 10%. His gain or loss per cent is ________ .

Answer: (b)

There is always a loss in such case and the loss

$% (10)^2/100 %$ = 1%

Question :10

A man purchases two clocks A and B at a total cost of Rs. 650. He sells A with 20% profit and B at a loss of 25% and gets the same selling price for both the clocks. What are the purchasing prices of A and B respectively?

Answer: (a)

Let the cost price of clocks A and B be 'a' and (650–a) respectively.

Selling price for A = Selling price for B

$a(1 + 20/100) = (650 – a) (1 - 25/100)$

$({120a}/100) = (650 – a) (75/100)$

a = 250

Cost price for B = 650 – 250 = 400

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