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

profit & loss Important Formulas, Rules, Concepts & Shortcuts

Question : 6 [SSC CGL Tier-I 2014]

If there is a profit of 20% on the cost price, the per centage of profit on the sale price is

a) 15$1/3$%

b) 12 %

c) 16$2/3$%

d) 16 %

Answer »

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Answer: (c)

Cost price = Rs.x

S.P. = ${120x}/100$ = Rs.${6x}/5$

Gain = Rs.$x/5$

Required gain per cent = ${x/5}/{{6x}/5} × 100$

= $100/6 = 50/3 = 16{2}/3$%

Question : 7 [SSC CGL Tier-I 2013]

The total cost of 8 buckets and 5 mugs is Rs.92 and the total cost of 5 buckets and 8 mugs is Rs.77. Find the cost of 2 mugs and 3 buckets.

a) Rs.30

b) Rs.70

c) Rs.35

d) Rs.38

Answer »

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Answer: (c)

C.P. of 1 bucket = x

C.P. of 1 mug = y

8x + 5y = 92 .....(i)

5x + 8y = 77 .....(ii)

By using equation (i) × 5 - equation (ii) × 8,

40x + 25y - 40x - 64y

= 460 - 616

- 39y = - 156 ⇒ y = 4

From equation (i),

8x + 20 = 92

8x = 92 - 20 = 72 ⇒ x = 9

C.P. of 2 mugs and 3 buckets

= 2 × 4 + 3 × 9

= 8 + 27 = Rs.35

Question : 8 [SSC CHSL 2010]

If the cost price of an article is 80% of its selling price, the profit per cent is :

a) 24%

b) 22$1/2$%

c) 20 %

d) 25%

Answer »

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Answer: (d)

Using Rule 1,

S.P. = Rs.100; C.P. = Rs.80

Gain = Rs.20

∴ Gain per cent = $20/80 ×100$ = 25%

Question : 9 [SSC SO 2007]

By what per cent must the cost price be raised in fixing the sale price in order that there may be a profit of 20% after allowing a commission of 10% ?

a) 33$1/3$%

b) 133$1/3$%

c) 25%

d) 30%

Answer »

Shortcut »

Answer: (a)

Let the CP = Rs.100

Then, SP = Rs.120

Let the marked price = Rs.x.

Then, 90% of x = Rs.120

x = ${120 × 100}/90 = 400/3 = 133{1}/3$%

Hence, the marked price is

$33{1}/3$% above the cost price.

Question : 10 [SSC CHSL 2012]

By selling 33 metres of cloth, a person gains the cost of 11 metres. Find his gain%.

a) 33%

b) 33$1/2$%

c) 33$1/3$%

d) 34$1/3$%

Answer »

Shortcut »

Answer: (c)

Gain per cent

= $11/33 × 100 = 100/3 = 33{1}/3$%

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Model 1 Basic Concepts of C.P and S.P Shortcuts »

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Model 1 Basic Concepts of C.P and S.P Online Quiz

profit & loss Shortcuts and Techniques with Examples

quantitative aptitude CATEGORIES

» Number System

» Average

» LCM & HCF

» Percentage

» Profit & Loss

» Time & Work

» Pipes & Cisterns

» Time & Distance

» Trains

» Compound Interest

» Simplification

» Discount

» Power, Indices and Surds

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