If the selling price of an article is Rs. 240 and the profit is 20%, find the cost price. MCQ with Answer and Explanation

If the selling price of an article is Rs. 240 and the profit is 20%, find the cost price.
A. Rs. 220
B. Rs. 190
C. Rs. 200
D. Rs. 210
Answer: Option C
Solution (By JKSSB Mock Tests)
CP = 240 / 1.20 = 200.

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Practice More Profit And Loss Questions

Question #1
A person sells a table for Rs. 1200, gaining 20%. Find the cost price.
A. Rs. 1000
B. Rs. 1050
C. Rs. 1020
D. Rs. 980

Correct Answer: Option A


Explanation:
CP = 1200 / 1.20 = 1000.

This question belongs to: Maths Profit And Loss
Question #2
A shopkeeper bought 600 kg of rice. He sold a part of it at 15% profit and the remaining at 20% loss. If he incurred an overall loss of 6%, what quantity of rice was sold at 20% loss?
A. 400 kg
B. 360 kg
C. 240 kg
D. 300 kg

Correct Answer: Option B


Explanation:
Let the quantity sold at 15% profit be x kg. The quantity sold at 20% loss is (600 - x) kg. Overall loss is 6%. So, 15x - 20(600 - x) = -6 * 600. 15x - 12000 + 20x = -3600. 35x = 8400. x = 240. Quantity sold at 20% loss = 600 - 240 = 360 kg.

This question belongs to: Maths Profit And Loss
Question #3
A person sells a watch for Rs. 480, gaining 20%. Find the cost price.
A. Rs. 420
B. Rs. 440
C. Rs. 380
D. Rs. 400

Correct Answer: Option D


Explanation:
CP = 480 / 1.20 = 400.

This question belongs to: Maths Profit And Loss