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Profit and Loss Mock Test-1

Question No:1

A tradesman allows two successive discount of 20% and 10%. If he gets Rs. 108 for an article, what was its marked price?

[A] Rs. 160
[B] Rs. 144
[C] Rs. 148
[D] Rs. 150

Solution::
Answer::D
Let the marked price be Rs. x

Equivalent discount = (20 + 10- \( \frac{20*10}{100} \) = 30 – 2 = 28 %

The article is sold for Rs. 108

∴ 72 % of x = 108 => x = \( \frac{108*100}{72} \) = Rs. 150

Question No:2

A bicycle agent allows a discount of 2 5 % on the marked price and earns a profit of 20% on the cost price. What is its marked price on which he earns Rs. 40?

[A] Rs. 240
[B] Rs. 360
[C] Rs. 320
[D] Rs. 280

Solution::
Answer::C
Let C.P. be Rs. x

20 % of x = 40 => x = \( \frac{40*100}{20} \)=200

Let the marked price by Rs. y

∴ 75 % of Y = 120 % of 200 => y =\( \frac{120*100}{100} \)*\( \frac{100}{75} \) = Rs. 320

Question No:3

A tradesman bought 500 metres of electric wire at 75 paise per metre. He sold 60% of it at a profit of 8%. At what gain percent should he sell the remainder so as to gain 12% on the whole transaction?

[A] 18%
[B] 10%
[C] 12%
[D] 16%

Solution::
Answer::A
Cost price of wire = \( \frac{500*75}{100} \) = Rs. 375

60×500 60% of 5 00 metres =\( \frac{60*500}{100} \)= 300 m

300×75 C.P. of 300 metres of wire = \( \frac{300*75}{100} \) = Rs. 225

Profit gained on this wire = 8%

∴ S.P. of 300 metres of wire =\( \frac{100+Gain%100}{100} \)xC.P

\( \frac{108}{100}*225=RS. 243

Gain on whole transaction = 12%

∴ S,P. of whole wire must be =\( \frac{112}{100} \)*375= RS 420

∴ S.P. of remaining 200 m = 420 – 243 = Rs. 177

. C.P. of 200 m wire ==\( \frac{200*75}{100} \)=150

Gain on 200m wire = 177- 150 = 27

Gain % = =\( \frac{Gain}{cp} \)*100=\( \frac{112}{100} \)*100 = 18%

Question No:4

A man purchased a box full of pencils at the rate of 7 for Rs. 9 and sold all of them at the rate of 8 for Rs. 11. In this bargain he gains Rs. 10. How many pencils did the box contain?

[A] 110
[B] 112
[C] 114
[D] 116

Solution::
Answer::B
L.C.M of 7 and 8 = 56

The C.P. of 56 pencils at the rate of 7 for Rs. 9 = Rs. 72

and S.P at 8 for Rs. 11 = Rs. 77

∴Gain = 77-72 = Rs. 5 for 56 pencils

∴ If gain = Rs. 10, Then no. of pencils bought = \( \frac{10}{5} \)*56 = 112

Question No:5

A cloth merchant decides to sell his material at the: cost price, but measures 80 cm for a metre. His gain % is…

[A] 20%
[B] 25%
[C] 22%
[D] 23%

Solution::
Answer::B
Error = 100 – 80 = 20 cm

∴ Gain % =[\( \frac{Error}{ True Value – Error } \)*100]%

= [\( \frac{20}{100-20} \)*100]%= \( \frac{20}{80} \)*100=25%

Question No:6

What is the single ecpiivalent discs-ant to discount series of 32% aad8%?

[A] 37%
[B] 39.20%
[C] 37.44%
[D] 38%

Solution::
Answer::C
Single discount = [ X + Y- \( \frac{xy}{100} \) ] % = 32 + 8 -\( \frac{32*8}{100} \)

= 40-2.56 = 37.44%

Question No:7

Shalini purchase a book for Rs. 591.GO, after getting a discount of 60 % on the marked price. What is the marked price?

[A] Rs. 1,479
[B] Rs. 986
[C] Rs. 828.24
[D] Rs. 1400

Solution::
Answer::A
Let marked price be = Rs.x

40% of x = 591.6 => x=\( \frac{591.6*100}{40} \) = \( \frac{59160}{40} \)= Rs. 1479

Question No:8

Sales of a book decrease by 2.5% when its price is hiked by 5%. , What is the effect on the sales?

[A] Profit of 2.5%
[B] Loss of 2.5%
[C] 2.4% Profit
[D] Neiter profit nor loss

Solution::
Answer::C
Let the original price of each article = Rs. 100

∴ New price = Rs. 105

Original Selling Price of 100 articles = Rs. 10,000

Selling Price of the article at new price = 97.5 * 105 = 10,237.50

(After increase the number of articles sold = 97.5)

Profit = 10,237.50-10,000 = 237.50

Profit % = \( \frac{237.5}{10000} \)*100 = 2.375 – 2.4% Profit.

Question No:9

Due to a fall of 10% in the rate of sugar, 500 g more sugar can be purchased for Rs. 140. Find the original rate of the sugar per kg?

[A] Rs.30
[B] Rs. 39
[C] Rs. 33
[D] Rs. 31

Solution::
Answer::D
Let orginal rate = Rs. x per kg: ∴ New rate = 90% x = Rs. \( \frac{9x}{10} \)

Original quantity = \( \frac{140}{x} \). ∴ New Quantity =\( \frac{140*10}{9x} \)

Given, \( \frac{1400}{9x} \)-\( \frac{140}{x} \) =\( \frac{1}{2} \)

9x = 280 => x = \( \frac{280}{9} \)= 31\( \frac{1}{9} \) => x = Rs. 31\( \frac{1}{9} \) per kg.

Question No:10

A dealer buys a table listed at Rs. 1500 and gets successive discounts of 20% and 10%. He spends Rs. 20 on transportation and sells it at a profit of 10%. Find the selling price of the table ?

[A] Rs.1200
[B] Rs. 1210
[C] Rs. 1220
[D] Rs.1230

Solution::
Answer::B
Single discount = [20 + 10 – \( \frac{20*10}{100} \)] % = 30 – 2 = 28 %

Marked price = Rs. 1500

Price after discount =\( \frac{1500*72}{100} \) =1080

Transportation cost = Rs. 20. ∴ Effective C.P. = 1100

Profit = 10%. ∴ S.P. = \( \frac{110*1100}{100} \) =1210 = Rs. 1210