Profit and Loss Practice Question and Answer

Q:

An oil refinery buys oil at Rs 3600 per barrel. There is 10 % wastage. If the refinery wants to earn 5% profit then at what price should it sell including 8 % tax on selling price? (in Rs per barrel) 

6802 0

  • 1
    3674
    Correct
    Wrong
  • 2
    3711
    Correct
    Wrong
  • 3
    4219
    Correct
    Wrong
  • 4
    4536
    Correct
    Wrong
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Answer : 4. "4536"

Q:

A house and a shop were sold for Rs. 1 lakh each, In this transaction, the house sale resulted into 20 % loss whereas the shop sale into 20 % profit. The entire transaction resulted in:

5695 0

  • 1
    no loss no gain
    Correct
    Wrong
  • 2
    gain of Rs. $$ {1\over24}$$
    Correct
    Wrong
  • 3
    loss of Rs.$$ {1\over12}$$ lakh
    Correct
    Wrong
  • 4
    loss of$$ {1\over18}$$ lakh
    Correct
    Wrong
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Answer : 3. "loss of Rs.$$ {1\over12}$$ lakh "

Q: A shopkeeper sells a TV set on discount of 8% of printed price and gains 25%. If print price was Rs 20000 then, what was the cost price? 5029 0

  • 1
    Rs 13800
    Correct
    Wrong
  • 2
    Rs 14720
    Correct
    Wrong
  • 3
    Rs 14800
    Correct
    Wrong
  • 4
    Rs 13720
    Correct
    Wrong
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Answer : 2. "Rs 14720"

Q:

A person bought two watches for Rs. 480. He sold one at a loss of 15% and the other at a profit of 19% and he found that each watch was sold at the same price. Find the cost price of the two watches.

4894 1

  • 1
    Rs. 280, Rs. 200
    Correct
    Wrong
  • 2
    Rs. 250, Rs. 280
    Correct
    Wrong
  • 3
    Rs. 380, Rs. 300
    Correct
    Wrong
  • 4
    Rs. 350, Rs. 450
    Correct
    Wrong
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Answer : 1. "Rs. 280, Rs. 200"

Q: Cost price of 21 objects is equal to selling price of 15 objects. What is the profit? 4871 0

  • 1
    25%
    Correct
    Wrong
  • 2
    30%
    Correct
    Wrong
  • 3
    33%
    Correct
    Wrong
  • 4
    40%
    Correct
    Wrong
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Answer : 4. "40%"

Q: A cycle is sold for Rs.2070 at profit of 15%, at what profit of 15%, at what price it should be sold so as to earn 25% Profit. 4869 0

  • 1
    2150
    Correct
    Wrong
  • 2
    2250
    Correct
    Wrong
  • 3
    2350
    Correct
    Wrong
  • 4
    2450
    Correct
    Wrong
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Answer : 2. "2250"

Q:

Sarita sells a Phone at a profit of 20%. If she had bought it at 20% less and sold it for Rs. 180 less, she would have gained 25%. Find the cost price of the Phone.

4835 0

  • 1
    Rs. 800
    Correct
    Wrong
  • 2
    Rs. 850
    Correct
    Wrong
  • 3
    Rs. 900
    Correct
    Wrong
  • 4
    Rs. 1000
    Correct
    Wrong
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Answer : 3. "Rs. 900"

Q:

Mohan, a shopkeeper, bought a shirt of list price ₹225 at a discount of 20%. If he wants a profit of 30% then he should sell the shirt for:

4712 0

  • 1
    ₹230
    Correct
    Wrong
  • 2
    ₹234
    Correct
    Wrong
  • 3
    ₹256
    Correct
    Wrong
  • 4
    ₹286
    Correct
    Wrong
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Answer : 2. "₹234"
Explanation :

Mohan CP =225*20/100=45
so that CP =225-45=180
Selling price when he wants 30% profit=180*130/100=234

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