# IBPS SO Profit and Loss Quiz 1

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# IBPS SO Profit and Loss Quiz 1

### Introduction

Profit and Loss is an important topic of Quantitative Aptitude section. The article IBPS SO Profit and Loss Quiz 1 Consists of different types Profit Loss and Discount questions with solutions useful for candidates preparing for different competitive examinations like SSC, IBPS PO Exams, RRB ALP/Technical Exams/Junior Engineer Recruitment Exams and etc.

### Quiz

1. John buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, what is his gain percent?

A. 12%
B. 10%
C. $$4 \frac {4}{7}$$
D. $$5 \frac {5}{11}$$

Explanation –
Cost price =4700 + 800 = 5500

Selling price = 5800 = 5800

Gain =5800 â€“ 5500 = 300

Gain percent = $$\frac {300Ã—100}{5500} = \frac {60}{11} = 5 \frac {5}{11}$$ %

2. The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25% find the value of x

A. 15
B. 25
C. 18
D. 16

Explanation –
25 = $$\frac {(20 – x) 100}{x}$$

$$\Rightarrow$$ x = 4(20 âˆ’ x)

$$\Rightarrow$$ 5x = 80

$$\Rightarrow$$ x = 16

3. If selling price is doubled, the profit triples. What is the profit percent?

A. 100%
B. $$105 \frac {1}{3}$$%
C. $$66 \frac {2}{3}$$%
D. 120%

Explanation –
Let cost price = x

Selling price = y

Then, profit = y âˆ’ x

If selling price is doubled,

Selling price = 2y

Profit = 2y âˆ’ x

2y âˆ’ x = 3(y âˆ’ x)

$$\Rightarrow$$ 2y âˆ’ x = 3y âˆ’ 3x

$$\Rightarrow$$ y = 2x

Profit = (y âˆ’ x) = (2x âˆ’ x) = x

Profit percent = $$\frac {x \times 100}{x}$$ =100%

4. In a shop, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, find out approximately what percentage of the selling price is the profit?

A. 250%
B. 100%
C. 70%
D. 30%

Explanation –
Let cost price = 100

Then, profit = 320

Selling price = 100 + 320 = 420

new cost price = 125

Profit = 420 âˆ’ 125 = 295

Required percentage = $$\frac {295 \times 100} {420}$$

= $$\frac {1475}{21}$$% â‰ˆ 70%

5. A vendor bought bananas at 6 for a rupee. How many for a rupee must he sell to gain 20%?

A. 3
B. 4
C. 5
D. 6

Explanation –

Let required number = x

20 = $$(\frac {6 \times 1}{x \times 1} – 1)$$ 100

$$\Rightarrow \frac {1}{5} = \frac {6}{x} -1$$

$$\Rightarrow \frac {6}{5} = \frac {6}{x}$$

$$\Rightarrow x = 5$$

1. The percentage profit earned by selling an item for Rs. 1920 is equal to the percentage loss incurred by selling the same item for Rs. 1280. At what price should the item be sold to make 25% profit?

A. Rs. 1000
B. Rs. 4000
C. Rs. 2000
D. Rs. 5000

Explanation –
Cost price = $$\frac {1920 + 1280}{2} = 1600$$

Required selling price

= 1600 + 1600 $$\times \frac {1}{4} = 2000$$

2. An exporter expects a gain of 22.5% on his cost price. If in a week, his sale was of Rs. 392, what was his profit?

A. Rs. 100
B. Rs. 80
C. Rs. 90
D. Rs. 72

Explanation –
Selling price = 392

Gain = 22.5%

Cost Price = $$\frac {100 \times 392}{122.5} = \frac {1000 \times 392}{1225}$$

= $$\frac {40 \times 392}{49} = \frac {40 \times 56}{7} = 320$$

Proft = 392 – 320 = 72

3. A man buys a scooter for Rs. 1400 and sells it at a loss of 15. What is the selling price of the scooter?

A. Rs. 1240
B. Rs. 1190
C. Rs. 1090
D. Rs. 1130

Explanation –
Selling Price = $$1400 – 1400 \times \frac {15}{100} = 1190$$

4. Murali purchased 20 dozens of toys at the rate of Rs. 375 per dozen. He sold each one of them at the rate of Rs. 33. Find out his profit percentage.

A. 3.5%
B. 5.6%
C. 4.1%
D. 3.4%

Explanation –
Cost price of 12 toys =375

Selling price of 12 toys =33Ã—12=396

Profit =396 âˆ’ 375 = 21

Profit percentage = $$\frac {21 \times 100}{375} = \frac {7 \times 100}{125}$$

= $$\frac {7 \times 4}{5}=5.6%$$

5. Some items were bought at 6 items for Rs. 5 and sold at 5 items for Rs. 6. What is the gain percentage?

A. 44%
B. 22%
C. 33%
D. 40%

Explanation –
Gain % = $$(\frac {6 \times 6}{5 \times 5} – 1)$$100

= $$\frac {11}{25} \times 100 = 44$$%

1. On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. What is the cost price of a ball?

A. 43
B. 60
C. 55
D. 34

Explanation –
Loss = (cost price of 17 balls – selling price of 17 balls)

= (cost price of 17 balls – 720)

$$\Rightarrow$$ (cost price of 17 balls – 720) = cost price of 5 balls

$$\Rightarrow$$ Cost price of 12 balls =720

$$\Rightarrow$$ Cost price of 1 ball =60

2. When an item is sold for Rs. 18, 700, the owner loses 15%. At what price should that plot be sold to get a gain of 15%?

A. 25100
B. 24200
C. 25300
D. 21200

Explanation –
When the item is sold for Rs. 18,700, loss is 15%

$$\Rightarrow$$ Cost price = $$\frac {18700 \times 100}{85} = 22000$$

To gain 15%, selling price

= $$\frac {22000 \times 115}{100} = 25300$$

3. 100 oranges were bought at the rate of Rs. 350 and sold at the rate of Rs. 48 per dozen. What is the percentage of profit or loss?

A. $$11 \frac {2}{7}$$% loss
B. $$11 \frac {1}{7}$$% profit
C. $$14 \frac {2}{7}$$% profit
D. $$14 \frac {2}{7}$$% loss

Explanation –
$$(\frac {100 \times 48}{12 \times 350} – 1)100 = \frac {1}{7} \times 100 = 14 \times \frac {2}{7}$$%

i.e, profit % = 14$$\frac {2}{7}$$%

4. A shopkeeper sells one radio for Rs. 840 at a gain of 20% and another for Rs. 960 at a loss of 4%. What is his total gain or loss percentage?

A. 5%
B. 6%
C. $$6 \frac {12}{17}$$%
D. $$5 \frac {15}{17}$$%

5. A trader mixes 26 kg of rice at Rs. 20 per kg with 30 kg of rice of other variety at Rs. 36 per kg and sells the mixture at Rs. 30 per kg. What is his profit percentage?

A. 6%
B. 5%
C. 4%
D. 7%

Explanation –
cost price of 2626 kg rice of first variety

=26 Ã— 20 = 520

cost price of 3030 kg rice of second variety

=30 Ã— 36 = 1080

cost price of the 5656 kg rice mixture

=520 + 1080 = 1600

selling price of the 5656 kg rice mixture

=56 Ã— 30 = 1680

profit = 1680 â€“ 1600 = 80

Profit percentage = $$\frac {80Ã—100}{1600}$$= 5%