Profit and Loss MCQs with Answers and Explanations for Competitive Exams

Question #21

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The cost price of 15 pens is equal to the selling price of 12 pens. What is the profit percentage?

A. 30%

B. 33.33%

C. 25%

D. 20%

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Correct Answer: Option C

Explanation:
Let CP of 1 pen = 1. CP of 12 pens = 12. SP of 12 pens = CP of 15 pens = 15. Profit = 15 - 12 = 3. Profit percentage = (3 / 12) * 100 = 25%.

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Question #22

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An article marked at Rs. 1500 is sold for Rs. 1200. What is the discount percentage?

A. 18%

B. 20%

C. 25%

D. 15%

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Correct Answer: Option B

Explanation:
Marked Price = 1500. Selling Price = 1200. Discount = 1500 - 1200 = 300. Discount percentage = (300 / 1500) * 100 = 20%.

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Question #23

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A fruit seller buys lemons at 4 for Rs. 5 and sells them at 5 for Rs. 8. Find his profit percentage.

A. 28%

B. 25%

C. 32%

D. 30%

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Correct Answer: Option A

Explanation:
Cost Price of 1 lemon = 5 / 4 = 1.25. Selling Price of 1 lemon = 8 / 5 = 1.60. Profit = 1.60 - 1.25 = 0.35. Profit percentage = (0.35 / 1.25) * 100 = 28%.

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Question #24

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What is the single equivalent discount for two successive discounts of 10% and 10%?

A. 19%

B. 21%

C. 20%

D. 18%

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Correct Answer: Option A

Explanation:
Equivalent discount = a + b - (ab / 100) = 10 + 10 - (100 / 100) = 19%.

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Question #25

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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. 340

B. Rs. 300

C. Rs. 360

D. Rs. 320

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Correct Answer: Option C

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

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Question #26

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A shopkeeper marks his goods 30% above the cost price and allows a 10% discount. Find his actual profit percentage.

A. 20%

B. 15%

C. 18%

D. 17%

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Correct Answer: Option D

Explanation:
Let Cost Price = 100. Marked Price = 130. Selling Price = 130 * 0.90 = 117. Profit = 117 - 100 = 17. Profit percentage = 17%.

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Question #27

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A dishonest dealer professes to sell his goods at cost price, but uses a 750 gram weight for 1 kg. Find his gain percentage.

A. 25%

B. 30%

C. 20%

D. 33.33%

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Correct Answer: Option D

Explanation:
Goods given = 750g. Goods charged for = 1000g. Gain = 250g. Gain percentage = (250 / 750) * 100 = 33.33%.

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Question #28

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Person A sells an article to B at a 15% profit. B sells it to C at a 20% profit. If C pays Rs. 3450, find the cost price for A.

A. Rs. 2500

B. Rs. 2200

C. Rs. 2600

D. Rs. 2400

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Correct Answer: Option A

Explanation:
Let A's Cost Price = X. X * 1.15 * 1.20 = 3450. 1.38X = 3450. X = 2500.

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Question #29

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Two items are sold for Rs. 1200 each. One is sold at a 25% profit and the other at a 25% loss. What is the overall profit or loss percentage?

A. 6.25% profit

B. 5% loss

C. 6.25% loss

D. No profit no loss

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Correct Answer: Option C

Explanation:
When Selling Prices are equal, overall loss percentage = (x^2) / 100. Loss percentage = (25 * 25) / 100 = 6.25%.

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Question #30

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The marked price is 40% above the cost price. A discount of 20% is given, resulting in a profit of Rs. 48. Find the cost price.

A. Rs. 450

B. Rs. 350

C. Rs. 400

D. Rs. 300

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Correct Answer: Option C

Explanation:
Let Cost Price = 100x. Marked Price = 140x. Selling Price = 140x * 0.80 = 112x. Profit = 12x. 12x = 48. x = 4. Cost Price = 100 * 4 = 400.

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Question #31

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A merchant mixes 40 kg of rice at Rs. 20/kg with 60 kg of rice at Rs. 30/kg. He sells the mixture at Rs. 31.20/kg. What is his profit percentage?

A. 15%

B. 20%

C. 18%

D. 22%

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Correct Answer: Option B

Explanation:
Total Cost = (40 * 20) + (60 * 30) = 800 + 1800 = 2600. Total Selling Price = 100 * 31.20 = 3120. Profit = 3120 - 2600 = 520. Profit percentage = (520 / 2600) * 100 = 20%.

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Question #32

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A person buys pencils at 3 for Rs. 2 and sells them at 2 for Rs. 3. Find the profit percentage.

A. 100%

B. 125%

C. 115%

D. 120%

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Correct Answer: Option B

Explanation:
Cost Price of 1 pencil = 2 / 3. Selling Price of 1 pencil = 3 / 2. Profit = (3 / 2) - (2 / 3) = (9 - 4) / 6 = 5 / 6. Profit percentage = ((5 / 6) / (2 / 3)) * 100 = (5 / 4) * 100 = 125%.

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Question #33

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By selling 36 oranges, a vendor suffers a loss equal to the selling price of 4 oranges. Find his loss percentage.

A. 10%

B. 12.5%

C. 11.11%

D. 9.09%

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Correct Answer: Option A

Explanation:
Loss = Cost Price of 36 - Selling Price of 36. Loss = Selling Price of 4. Selling Price of 4 = Cost Price of 36 - Selling Price of 36. 40 * Selling Price = 36 * Cost Price. Selling Price / Cost Price = 36 / 40 = 9 / 10. Loss percentage = 10%.

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Question #34

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After allowing a discount of 20% on the marked price, a trader makes a profit of 12%. If the goods were sold at the marked price without discount, what would be the profit percentage?

A. 45%

B. 35%

C. 30%

D. 40%

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Correct Answer: Option D

Explanation:
Let Cost Price = 100. Selling Price = 112. Marked Price * 0.80 = 112. Marked Price = 140. Profit at Marked Price = 140 - 100 = 40. Profit percentage = 40%.

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Question #35

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A man sold 250 chairs and had a gain equal to the selling price of 50 chairs. His profit percentage is:

A. 25%

B. 30%

C. 33.33%

D. 20%

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Correct Answer: Option A

Explanation:
Gain = Selling Price of 50. Gain = Selling Price of 250 - Cost Price of 250. Selling Price of 50 = Selling Price of 250 - Cost Price of 250. Cost Price of 250 = Selling Price of 200. Cost Price / Selling Price = 200 / 250 = 4 / 5. Profit = 1 unit on CP 4. Profit percentage = (1 / 4) * 100 = 25%.

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Question #36

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A sells an item to B at a 20% profit. B sells it to C at a 15% loss. C sells it to D at a 25% profit. If the difference between the cost prices of A and D is Rs. 137.50, what was A's cost price?

A. Rs. 400

B. Rs. 600

C. Rs. 500

D. Rs. 450

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Correct Answer: Option C

Explanation:
Let A's Cost Price = 100x. B's Cost Price = 120x. C's Cost Price = 120x * 0.85 = 102x. D's Cost Price = 102x * 1.25 = 127.5x. Difference = 127.5x - 100x = 27.5x. 27.5x = 137.50. x = 5. A's Cost Price = 100 * 5 = 500.

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Question #37

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A dishonest dealer cheats by 10% while buying and 10% while selling using false weights. He marks up his goods by 20% and gives a discount of 10%. Find his true overall profit percentage.

A. 28%

B. 30.68%

C. 33.1%

D. 32%

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Correct Answer: Option D

Explanation:
Multiplier factor = (110 / 100) * (100 / 90) * (120 / 100) * (90 / 100). Value = 1.1 * 1.1111 * 1.2 * 0.9 = 1.32. Profit percentage = 32%.

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Question #38

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A shopkeeper buys two articles for Rs. 1500 in total. He sells the first at a 20% profit and the second at a 10% loss. If his overall profit is Rs. 90, find the cost price of the first article.

A. Rs. 900

B. Rs. 700

C. Rs. 800

D. Rs. 1000

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Correct Answer: Option C

Explanation:
Let CP of first = x. CP of second = 1500 - x. Profit = 0.20x - 0.10(1500 - x) = 90. 0.30x - 150 = 90. 0.30x = 240. x = 800.

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Question #39

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Successive discounts of x% and 15% are equivalent to a single discount of 32%. What is the value of x?

A. 20

B. 15

C. 18

D. 22

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Correct Answer: Option A

Explanation:
Equivalent multiplier = (1 - x/100) * 0.85. 1 - 0.32 = 0.68. (1 - x/100) * 0.85 = 0.68. 1 - x/100 = 0.68 / 0.85 = 0.80. x/100 = 0.20. x = 20.

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Question #40

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An article is sold at a 20% profit. If both the cost price and the selling price are reduced by Rs. 100, the profit increases by 4%. Find the initial cost price.

A. Rs. 400

B. Rs. 800

C. Rs. 600

D. Rs. 500

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Correct Answer: Option C

Explanation:
Let initial CP = x. Initial SP = 1.2x. New CP = x - 100. New SP = 1.2x - 100. New profit = 24%. New SP = 1.24 * (x - 100). 1.2x - 100 = 1.24x - 124. 0.04x = 24. x = 600.

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