Profit and Loss

(1) A shopkeeper sells an item at a profit of 15%. If the cost price of the item is Rs. 2000, what is the selling price?

• (a) Rs. 2300
• (b) Rs. 2300
• (c) Rs. 2200
• (d) Rs. 2400

Answer

Correct Answer: (b) Rs. 2300
The selling price (S.P.) can be calculated using the formula S.P. = C.P. \times (1 + \frac{Profit\%}{100}) . So, S.P. = 2000 \times (1 + \frac{15}{100}) = 2000 \times 1.15 = Rs. 2300 .

(2) An article is sold at a loss of 20%. If the selling price is Rs. 400, what was the cost price of the article?

• (a) Rs. 500
• (b) Rs. 500
• (c) Rs. 450
• (d) Rs. 550

Answer

Correct Answer: (b) Rs. 500
The cost price (C.P.) can be found using the formula C.P. = \frac{S.P.}{(1 - \frac{Loss\%}{100})} . Hence, C.P. = \frac{400}{(1 - \frac{20}{100})} = \frac{400}{0.8} = Rs. 500 .

(3) A merchant offers a discount of 10% on the marked price of a product. If the product sells for Rs. 900 after the discount, what was its marked price?

• (a) Rs. 1000
• (b) Rs. 1000
• (c) Rs. 950
• (d) Rs. 1100

Answer

Correct Answer: (b) Rs. 1000
The marked price (M.P.) is calculated as M.P. = \frac{S.P.}{(1 - \frac{Discount\%}{100})} . Therefore, M.P. = \frac{900}{(1 - \frac{10}{100})} = \frac{900}{0.9} = Rs. 1000 .

(4) A bicycle was bought for Rs. 1500 and sold at a profit of 25%. Find the selling price of the bicycle.

• (a) Rs. 1875
• (b) Rs. 1200
• (c) Rs. 1750
• (d) Rs. 2000

Answer

Correct Answer: (a) Rs. 1875
The selling price (S.P.) can be calculated using the formula S.P. = C.P. \times (1 + \frac{Profit\%}{100}) . So, S.P. = 1500 \times (1 + \frac{25}{100}) = 1500 \times 1.25 = Rs. 1875 .

(5) A vendor sold 20 kg of rice at a loss of 10%. If the cost price per kilogram is Rs. 30, what is the total loss incurred by the vendor?

• (a) Rs. 40
• (b) Rs. 50
• (c) Rs. 60
• (d) Rs. 80

Answer

Correct Answer: (d) Rs. 80
The total loss can be calculated by finding the loss per kilogram and then multiplying it by the number of kilograms sold. Loss per kilogram = C.P. \times \frac{Loss\%}{100} = 30 \times \frac{10}{100} = Rs. 3 . Total loss = Loss per kilogram × Number of kilograms sold = Rs. 3 × 20 kg = Rs. 60.