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 : 26 [SSC Constable 2013]

If a shirt costs Rs.64 after 20% discount is allowed, what was its original price in Rs.?

a) 88

b) 80

c) 76.80

d) 86.80

Shortcut »

Answer: (b)

If the original cost of shirt be x, then

$x × 80/100 = 64$

$x = {64 × 100}/80$ = Rs.80

Question : 27 [SSC CHSL 2012]

A fan is listed at Rs.150 and a discount of 20% is given. Then the selling price is

a) Rs.120

b) Rs.150

c) Rs.180

d) Rs.110

Shortcut »

Answer: (a)

S.P. of the fan = ${150 × 80}/ 100$ = Rs.120

Question : 28 [SSC MTS 2013]

While selling to the retailer, a company allows 30% discount on the marked price of their products. If the retailer sells those products at marked price, his profit % will be :

a) 40%

b) 42$1/7$%

c) 30%

d) 42$6/7$%

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Answer: (d)

If the marked price of the product be Rs.100, then

C.P. = Rs.70; S.P. retailer = Rs.100

∴ Gain per cent

= $30/70 × 100 = 300/7= 42{6}/7$%

Question : 29 [SSC CPO S.I.2003]

In terms of per centage profit, which is the best transaction?

  C.P (in Rs.) Profit (in Rs.)
(I) 36 17
(II) 50 24
(III) 40 19
(IV) 60 29

a) III

b) II

c) I

d) IV

Shortcut »

Answer: (d)

Using Rule 1,

If S.P > C.P. then there will be profit

Profit = S.P. - C.P.

Profit% = ${\text"Profit" × 100}/{\text"C.P."}$

Note: Both profit and loss are always calculated on cost price only. }

Case I : Per centage Profit

= ${17 × 100}/36$ ≈ 47%

Case II : Per centage Profit

= ${24 × 100}/50 = 48%$

Case III : Per centage Profit

= ${19 × 100}/40 = 47.5%$

Case IV : Per centage Profit

= ${29 × 100}/60 = 48.3%$

Obviously, (d) is the best transaction.

Question : 30 [SSC CGL Prelim 2007]

Krishnan bought a camera and paid 20% less than its original price. He sold it at 40% profit on the price he had paid. The per centage of profit earned by Krishnan on the original price was

a) 12%

b) 32%

c) 22%

d) 15%

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Answer: (a)

Let the original price be Rs.x.

= $80/100 × x = Rs.{4x}/5$

SP = ${4x}/5 × 140/100 = Rs.{28x}/25$

Gain on original price

=${28x}/25 - x ={3x}/25$

∴ Gain % = ${3x}/{25x}$ × 100 = 12%

IMPORTANT quantitative aptitude EXERCISES

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

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profit & loss Shortcuts and Techniques with Examples
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