A man sells a watch for Rs. 720, gaining 20%. What is the cost price? MCQ with Answer and Explanation

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A man sells a watch for Rs. 720, gaining 20%. What is the cost price?

A. Rs. 640

B. Rs. 680

C. Rs. 560

D. Rs. 600

Answer: Option D

Solution (By JKSSB Mock Tests)

CP = 720 / 1.20 = 600.

This question belongs to: Maths Profit And Loss

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Question #1

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If the selling price of an item becomes half, the loss becomes three times the initial loss. What was the initial loss percentage?

A. 30%

B. 25%

C. 20%

D. 15%

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Correct Answer: Option C

Explanation:
Let Cost Price = 100 and initial Selling Price = x. Initial loss = 100 - x. New Selling Price = x / 2. New loss = 100 - (x / 2). 100 - (x / 2) = 3 * (100 - x). 100 - 0.5x = 300 - 3x. 2.5x = 200. x = 80. Initial loss = 100 - 80 = 20. Loss percentage = 20%.

This question belongs to: Maths Profit And Loss

Question #2

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A merchant sells two-thirds of his goods at a 6% profit and the rest at a 3% loss. If his overall profit is Rs. 540, what is the total value of the goods?

A. Rs. 15000

B. Rs. 16000

C. Rs. 18000

D. Rs. 20000

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Correct Answer: Option C

Explanation:
Let total goods value = X. Net profit percentage = (2/3 * 6%) + (1/3 * -3%) = 4% - 1% = 3%. 3% of X = 540. X = (540 / 3) * 100 = 18000.

This question belongs to: Maths Profit And Loss