Be a pro at solving profit and loss

This article is in continuation to the last article on preparation for the Sub-Inspector of Police recruitment exam. Here are some practice questions, answers along with explanations on the Profit and Loss topic.

1. By selling an article at a loss of 7%, if A purchases it again at a gain of 9%, it would have fetched Rs 64 more than it did. What was the cost price?
A. Rs 500 B. Rs 400 C. Rs 270 D. Rs 350
Ans: B

Explanation:
Let cost price be Rs x.
Given that by selling an article there is a gain of 9% and loss of 7%.
Then, 109% of
x – 93% of x = 64
16% of x = 64
X = Rs 400

2. A person bought an article and sold it at a loss of 10%. If he had bought it for 20% less and sold it for Rs 77 more, he would have had a profit of 40%. Find the cost price of the article.
A. Rs 450 B. Rs 335 C. Rs 370 D. Rs 350
Ans: D

Explanation:
Let cost price be Rs x
According to the question, the person will get a profit of 40%, if he had bought an article for 20%. Then,
140% of 80% of x – 90% of x = 77
112% of
x – 90% of x = 77
22% of x = 77
From this, x = Rs 350

3. By selling an article for Rs 20.80, a dealer makes a profit of 30%. By how much should be increase his selling price so as to make a profit of 40%?
A. Rs 1.5 B. Rs 1.6 C. Rs 1.3 D. Rs 1.4
Ans: B

Explanation:
Let cost price be Rs x.
Selling price = x + 0.3x = 1.3x
1.3x = 20.80
X = 16
Profit = 40/100 × 16
= 6.4
Hence, he should sell the article at a price of 22.4 (6.4 + 16)
And he should increase the S.P by
22.4 – 20.80 = Rs 1.6

4. The difference between the selling prices of an article at profits of 25% and 20% is Rs 10. The cost price of that article is:
A. Rs 150 B. Rs 200
C. Rs 250 D. Rs 110 Ans: B

Explanation:
Let cost price of an article be x
Given that
125% of x – 120% of x
= Rs 10
5% of x = Rs 10
x = Rs 200

5. A fruit seller bought 7 oranges for Rs 10 and sold them at a profit of 40%. How many oranges did a costumer get for Rs 10?
A. 4 B. 5 C. 7 D. 10
Ans: B

Explanation:
Cost price of 7 oranges =10
Selling price of 7 oranges = 140% of 10 = 14
Then, number of oranges a costumer got is
= 7/14 × 10 = 5