Model 1 Basic Concepts of C.P and S.P Practice Questions Answers Test with Solutions & More Shortcuts
profit & loss PRACTICE TEST [11  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
Question : 1 [SSC CGL TierI 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 »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 »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 »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 »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 »Answer: (a)
Using Rule 3,
Cost price = ${64000 × 100}/80$ = Rs.80000
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profit & loss Shortcuts and Techniques with Examples

Model 1 Basic Concepts of C.P and S.P
Defination & Shortcuts … 
model 2 gain lost percentage
Defination & Shortcuts … 
model 3 gain/loss % with C.P/S.P
Defination & Shortcuts … 
model 4 sold & brought
Defination & Shortcuts … 
model 5 marked price
Defination & Shortcuts … 
model 6 sold in circular path
Defination & Shortcuts … 
model 7 sold at loss
Defination & Shortcuts … 
model 8 two article sold in different rates
Defination & Shortcuts … 
model 9 selling an article & interchanging its values
Defination & Shortcuts … 
model 10 reduced/increased price of an article
Defination & Shortcuts … 
model 11 ratio & partnership
Defination & Shortcuts …
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