Model 1 Basic Concepts of C.P and S.P Practice Questions Answers Test with Solutions & More Shortcuts

Question : 1 [SSC CGL Tier-I 2014]

Nisha bought a number of oranges at 2 for a rupee and an equal number at 3 for a rupee. To make a profit of 20% she should sell a dozen for

a) Rs.10

b) Rs.8

c) Rs.6

d) Rs.12

Answer: (c)

Total oranges bought = 12 (let)

Their cost price = 3 + 2 = Rs.5

For profit of 20%,

S. P. = ${5 × 120}/100$ = Rs.6

Question : 2 [SSC MTS 2013]

The cost price of a radio is Rs.600. The 5% of the cost price is charged towards transportation. After adding that, if the net profit to be made is 15%, then the selling price of the radio must be

a) Rs.664.50

b) Rs.724.50

c) Rs.704.50

d) Rs.684.50

Answer: (b)

Actual C.P. of radio

= $600 + {600 × 5}/100 = Rs.630$

Required S.P.

= ${630 × 115}/100$ = Rs.724.50

Question : 3 [SSC CHSL 2013]

If books bought at prices from Rs.150 to Rs.300 are sold at prices ranging from Rs.250 to Rs.350, what is the greatest possible profit that might be made in selling 15 books ?

a) Rs.4,250

b) Rs.750

c) Cannot be determined

d) Rs.3,000

Answer: (d)

Minimum cost price

= 150 × 15 = Rs.2250

Maximum selling price

= 350 × 15 = Rs.5250

Gain = 5250 - 2250 = Rs.3000

[150 being the lowest & 350 being the highest price]

Question : 4 [SSC CISF Constable 2011]

By selling an article for Rs.960 a man incurs a loss of 4%; what was the cost price ?

a) Rs.498.4

b) Rs.784

c) Rs.1,000

d) Rs.300

Answer: (c)

Using Rule 3,
If an object is sold on r% Profit.

then,S.P. = C.P$[{100 + \text"Profit%"}/100]$
or
C.P. = S.P$[100/{100 + \text"Profit%"}]$

Similarly, If an object is sold on r% loss, then

S.P. = C.P.$[{100 - \text"Loss%"}/100]$
or
C.P. = S.P$[100/{100 - \text"Loss%"}]$

C.P. of article = $100/{100 - \text"loss per cent"}$ × S.P.

= $100/96 × 960$ = Rs.1000

Question : 5 [SSC CHSL 2012]

By selling a car for Rs.64,000, Mr. Rao lost 20%. Then the cost price of the car is :

a) Rs.80,000

b) Rs.76,800

c) Rs.72,000

d) Rs.84,000

Answer: (a)

Using Rule 3,

Cost price = ${64000 × 100}/80$ = Rs.80000

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