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 : 21 [SSC CGL Prelim 2002]

A man buys a cycle for Rs.1400 and sells it at a loss of 15%. What is the selling price of the cycle?

a) Rs.1160

b) Rs.1190

c) Rs.1202

d) Rs.1000

Shortcut »

Answer: (b)

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$[100/{100 - \text"Loss%"}]$

Selling price = $1400 × {100 - 15}/100$

= $1400 × 85/100$ = Rs.1190

Question : 22 [SSC CGL Tier-II 2014]

There is a profit of 20% on the cost price of an article. The % of profit, when calculated on selling price is

a) 33$1/3$%

b) 20%

c) 16$2/3$%

d) None of these

Shortcut »

Answer: (c)

C.P. of article = Rs.x

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

Gain = ${6x}/5 - x = {6x - 5x}/5$ = Rs.$x/5$

Gain per cent = $\text"Gain"/ \text"S.P."$ × 100

= ${x/5}/{{6x}/5} × 100 = 50/3 = 16{2}/3%$

Question : 23 [SSC CGL Prelim 2002]

On selling an article for Rs.651, there is a loss of 7%. The cost price of that article is

a) Rs.793

b) Rs.751

c) Rs.744

d) Rs.700

Shortcut »

Answer: (d)

Let the C.P. of article be 'x '

Since, (100 - 7)% x = 651

Since, x = $651/93 × 100$ = Rs.700

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$[100/{100 - \text"Loss%"}]$

= $651(100/{100 - 7}) = {651 × 100}/93$

C.P. = Rs.700

Question : 24 [SSC CGL Tier-I 2010]

If there is a profit of 20% on the cost price of an article, the per centage of profit calculated on its selling price will be

a) 8$1/3$

b) 16$2/3$

c) 24

d) 20

Shortcut »

Answer: (b)

Using Rule 1,

Simple Approach

If the cost price is Rs.100, then selling price = Rs.120 and gain = Rs.20

Required gain %

= $20/120 × 100 = 50/3 = 16{2}/3$%

Question : 25 [SSC CGL Prelim 2003]

A man bought an old typewriter for Rs.1200 and spent Rs.200 on its repair. He sold it for Rs.1680. His profit per cent is :

a) 8%

b) 10%

c) 20%

d) 16%

Shortcut »

Answer: (c)

Using Rule 1,

Total cost of typewriter = Rs. (1200 + 200) = Rs.1400

S.P. = Rs.1680

Profit = Rs. (1680 - 1400) = Rs.280

Profit % = $280/1400 × 100 = 20%$

IMPORTANT quantitative aptitude EXERCISES

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