profit and loss mcq pdf Model Questions & Answers, Practice Test for ibps rrb so officer sclae 2 3 single exam 2024

Question :1

A man buys a field of agricultural land for Rs. 3,60,000 . He sells two-fifths at a gain of 25%. At what price must he sell the remaining field so as to make an overall profit of 10% ?

Answer: (c)

According to question,

 2 Parts3 PartsTotal
CP2 : 3 : 5
 ororor
 200 + 300= 500
 25% profit 10% overall

SP 250 + 300 = 550

Thus, Remaining parts sold at CP

SP of 3/5th part = $3/5$ × 360000

= Rs. 216000

Question :2

A man buys some articles at Rs. P per dozen and sells them at Rs. P/8 per piece. His profit percent is

Answer: (c)

According to question,

CP of 12 articles = Rs. P

SP of article = Rs. $P/8$ × 12 = $3/2$ P

Profit = SP - CP

= $({3P}/2 - P) = {3P - 2P}/2 = P/2$

Profit% = $P/{2/P} × 100 = 1/2 × 100$

= 50%

Question :3

The price of an article is cut by 10%. To restore it to former value the new price must be increased by

Answer: (c)

According to question,

$10 ⇄↖{cut 10%}↙{increase 1 unit} 9$

Raised % = $1/9 × 100 = 11{1}/9%$

Question :4

Find a single discount equivalent to a discount series of 10%, 20% and 25%:

Answer: (c)

Single discount % will be

10% = $-1/10$

10% = $1/10$ → Discount (-1) 9

20% = $1/5$ → Discount (-1) 4

25% = $1/4$ → $4/50$ (23 Discount) $3/27$

Discount % = $\text"Discount"/\text"MRP"$ × 100

= $23/50$ × 100% = 46%

Alternative: From first two successive discounts using 10% and 20%

→ Equal single discount

= $(a + b - {ab}/100)$%

$(10 + 20 - {10 × 20}/100)%$ = 30 - 2

= 28 %

Using 28% and last successive discount of 25%

= $(25 + 28 - {25 × 28}/100)%$

Final equal discount = 46%

Question :5

A dealer fixed the price of an article 40% above the cost of production. While selling it he allows a discount of 20% and makes a profit of Rs. 48. The cost of production (in Rs.) of the article is

Answer: (a)

CP (100)

↓ +40%

MP (140)

↓ Discount 20%

SP (112)

Let CP be 100

12 units → Rs. 48

1 unit → Rs. 4

100 units → 4 × 100

= Rs. 400

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