An item is sold for Rs. 240 at a 20% loss. At what price should it be sold to gain 20%? MCQ with Answer and Explanation

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An item is sold for Rs. 240 at a 20% loss. At what price should it be sold to gain 20%?

A. Rs. 360

B. Rs. 300

C. Rs. 340

D. Rs. 320

Answer: Option A

Solution (By JKSSB Mock Tests)

Cost Price = 240 / 0.80 = 300. New Selling Price for 20% profit = 300 * 1.20 = 360.

This question belongs to: Maths Profit And Loss

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Question #1

A dealer sells a product for Rs. 380, losing 5%. What is the cost price?

A. Rs. 410

B. Rs. 400

C. Rs. 385

D. Rs. 390

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Correct Answer: Option B

Explanation:
SP = 95% of CP => CP = 380 / 0.95 = 400.

This question belongs to: Maths Profit And Loss

Question #2

A table is sold for Rs. 1440 yielding a profit of 20%. Find the cost price of the table.

A. Rs. 1100

B. Rs. 1350

C. Rs. 1200

D. Rs. 1300

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Correct Answer: Option C

Explanation:
Selling Price = 1440. Profit = 20%. Cost Price = 1440 / 1.20 = 1200.

This question belongs to: Maths Profit And Loss

Question #3

A trader sold a bicycle at a profit of 10%. Had he bought it at 10% less and sold it for Rs. 12 more, he would have gained 25%. Find the cost price.

A. Rs. 500

B. Rs. 480

C. Rs. 600

D. Rs. 400

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Correct Answer: Option B

Explanation:
Let CP = 100x. Initial SP = 110x. New CP = 90x. New SP = 110x + 12. New profit is 25% on 90x = 22.5x. New SP = 90x + 22.5x = 112.5x. 112.5x - 110x = 12. 2.5x = 12. x = 4.8. CP = 100 * 4.8 = Rs. 480.

This question belongs to: Maths Profit And Loss

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