Profit and Loss MCQs with Answers and Explanations for Competitive Exams

Question #1

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A shopkeeper buys a watch for Rs. 1200 and sells it for Rs. 1500. What is his profit percentage?

A. 30%

B. 20%

C. 15%

D. 25%

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Correct Answer: Option D

Explanation:
Profit = SP - CP = 1500 - 1200 = 300. Profit % = (Profit / CP) * 100 = (300 / 1200) * 100 = 25%.

This question belongs to: Maths Profit And Loss

Question #2

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A trader marks his goods 40% above the cost price and allows a discount of 15%. What is his actual profit percentage?

A. 25%

B. 18%

C. 21%

D. 19%

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Correct Answer: Option D

Explanation:
Let CP = 100. Marked Price (MP) = 140. Discount = 15% of 140 = 21. Selling Price (SP) = 140 - 21 = 119. Profit % = ((119 - 100) / 100) * 100 = 19%.

This question belongs to: Maths Profit And Loss

Question #3

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A dishonest milkman professes to sell his milk at cost price but he mixes it with water and thereby gains 25%. What is the percentage of water in the mixture?

A. 16.67%

B. 20%

C. 33.33%

D. 25%

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Correct Answer: Option B

Explanation:
Let the CP of 1 liter of pure milk be Rs. 1. SP of 1 liter of mixture is Rs. 1. Gain is 25%. Thus, CP of 1 liter of mixture = 100/125 * 1 = Rs. 0.8. Using alligation, ratio of milk to water is (1 - 0.8) : (0.8 - 0) = 0.8 : 0.2 = 4:1. Percentage of water in the mixture = (1 / (4 + 1)) * 100 = 20%.

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Question #4

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A man sells two articles for Rs. 4000 each. On one, he gains 20% and on the other, he loses 20%. Find his overall profit or loss percentage.

A. No profit no loss

B. 4% loss

C. 4% profit

D. 2% loss

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Correct Answer: Option B

Explanation:
When two articles are sold at the same selling price, and one is sold at a profit of x% and the other at a loss of x%, there is always an overall loss. Loss % = (x^2)/100. Here, x = 20. Loss % = (400)/100 = 4%.

This question belongs to: Maths Profit And Loss

Question #5

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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. 300 kg

B. 240 kg

C. 360 kg

D. 400 kg

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Correct Answer: Option C

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.

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Question #6

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A merchant buys a calculator for Rs. 800 and sells it for Rs. 1000. What is his profit percentage?

A. 22.5%

B. 25%

C. 20%

D. 30%

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Correct Answer: Option B

Explanation:
Profit = Selling Price - Cost Price = 1000 - 800 = 200. Profit percentage = (200 / 800) * 100 = 25%.

This question belongs to: Maths Profit And Loss

Question #7

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By selling a bicycle for Rs. 2850, a shopkeeper gains 14%. If the profit is reduced to 8%, what is the new selling price?

A. Rs. 2700

B. Rs. 2750

C. Rs. 2600

D. Rs. 2800

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Correct Answer: Option A

Explanation:
Cost Price = (2850 / 114) * 100 = Rs. 2500. New Selling Price at 8% profit = 2500 * 1.08 = Rs. 2700.

This question belongs to: Maths Profit And Loss

Question #8

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A shopkeeper marks his goods at 20% above the cost price and allows a discount of 10%. What is his net profit percentage?

A. 12%

B. 15%

C. 10%

D. 8%

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Correct Answer: Option D

Explanation:
Let Cost Price = 100. Marked Price = 120. Selling Price after 10% discount = 120 * 0.90 = 108. Profit = 108 - 100 = 8. Net profit percentage = 8%.

This question belongs to: Maths Profit And Loss

Question #9

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An article was sold at a 10% profit. Had it been sold for Rs. 60 more, the profit would have been 15%. Find the cost price of the article.

A. Rs. 1100

B. Rs. 1000

C. Rs. 1200

D. Rs. 1500

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Correct Answer: Option C

Explanation:
The difference in profit percentage is 15% - 10% = 5%. 5% of the Cost Price equals Rs. 60. Cost Price = (60 / 5) * 100 = Rs. 1200.

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Question #10

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A dishonest dealer professes to sell his goods at cost price, but he uses a weight of 800 grams for 1 kg. What is his actual profit percentage?

A. 25%

B. 33.33%

C. 20%

D. 30%

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Correct Answer: Option A

Explanation:
He gives 800 grams but charges for 1000 grams. Profit = 1000 - 800 = 200 grams. Profit percentage = (200 / 800) * 100 = 25%.

This question belongs to: Maths Profit And Loss

Question #11

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A sells an item to B at a 20% profit, and B sells it to C at a 10% loss. If C pays Rs. 1080 for the item, what did A pay for it?

A. Rs. 1100

B. Rs. 950

C. Rs. 1000

D. Rs. 900

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Correct Answer: Option C

Explanation:
Let A's cost price be X. Selling Price to B = 1.20X. Selling Price to C = 1.20X * 0.90 = 1.08X. 1.08X = 1080. X = 1000.

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Question #12

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A man buys goods worth Rs. 6000. He sells one-third of them at a 10% profit. At what profit percentage must he sell the remaining goods to achieve an overall profit of 20%?

A. 35%

B. 25%

C. 30%

D. 20%

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Correct Answer: Option B

Explanation:
Total Cost Price = 6000. Desired Selling Price for 20% profit = 6000 * 1.20 = 7200. Cost Price of one-third = 2000. Selling Price of this part = 2000 * 1.10 = 2200. Remaining Cost Price = 4000. Required Selling Price for remaining = 7200 - 2200 = 5000. Profit on remaining = 5000 - 4000 = 1000. Profit percentage = (1000 / 4000) * 100 = 25%.

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Question #13

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A dealer sells two machines for Rs. 9600 each. On one he gains 20% and on the other he loses 20%. Find his total loss or gain in rupees.

A. No loss no gain

B. Rs. 800 loss

C. Rs. 800 gain

D. Rs. 400 loss

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Correct Answer: Option B

Explanation:
Cost Price of first machine = 9600 / 1.20 = 8000. Cost Price of second machine = 9600 / 0.80 = 12000. Total Cost Price = 8000 + 12000 = 20000. Total Selling Price = 9600 + 9600 = 19200. Loss = 20000 - 19200 = Rs. 800.

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Question #14

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What is the single equivalent discount for three successive discounts of 10%, 20%, and 25%?

A. 50%

B. 46%

C. 55%

D. 45%

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Correct Answer: Option B

Explanation:
Let Marked Price = 100. Price after 10% discount = 90. Price after 20% discount = 90 * 0.80 = 72. Price after 25% discount = 72 * 0.75 = 54. Total discount = 100 - 54 = 46. Equivalent discount percentage = 46%.

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Question #15

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A trader marks his goods 50% above the cost price and gives a 20% discount. Furthermore, he uses a false weight of 900 grams instead of 1 kg. What is his actual overall profit percentage?

A. 30%

B. 25%

C. 33.33%

D. 40%

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Correct Answer: Option C

Explanation:
Let the true Cost Price for 1000 grams be Rs. 1000. The trader gives only 900 grams, so his actual Cost Price is Rs. 900. He marks up 1000 grams to Rs. 1500 and gives a 20% discount. Selling Price = 1500 * 0.80 = Rs. 1200. Profit = 1200 - 900 = 300. Profit percentage = (300 / 900) * 100 = 33.33%.

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Question #16

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A chair is bought for Rs. 500 and sold for Rs. 650. What is the profit percentage?

A. 25%

B. 20%

C. 30%

D. 15%

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Correct Answer: Option C

Explanation:
Cost Price = 500. Selling Price = 650. Profit = 650 - 500 = 150. Profit percentage = (150 / 500) * 100 = 30%.

This question belongs to: Maths Profit And Loss

Question #17

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If an item is sold for Rs. 1020 at a loss of 15%, what was its cost price?

A. Rs. 1150

B. Rs. 1250

C. Rs. 1200

D. Rs. 1100

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Correct Answer: Option C

Explanation:
Selling Price = 1020. Loss = 15%. Cost Price = (1020 / 0.85) = 1200.

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Question #18

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

A. Rs. 1200

B. Rs. 1300

C. Rs. 1350

D. Rs. 1100

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Correct Answer: Option A

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

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Question #19

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A shirt marked at Rs. 800 is sold at a discount of 25%. What is the selling price?

A. Rs. 650

B. Rs. 500

C. Rs. 550

D. Rs. 600

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Correct Answer: Option D

Explanation:
Marked Price = 800. Discount = 25%. Selling Price = 800 * 0.75 = 600.

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Question #20

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By selling a watch for Rs. 900, a shopkeeper loses 10%. What is the cost price?

A. Rs. 950

B. Rs. 1050

C. Rs. 980

D. Rs. 1000

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Correct Answer: Option D

Explanation:
Selling Price = 900. Loss = 10%. Cost Price = 900 / 0.90 = 1000.

This question belongs to: Maths Profit And Loss

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