# SSC MTS Profit and Loss Quiz Day 1

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# SSC MTS Profit and Loss Quiz Day 1

### Introduction

Profit and Loss is an important topic of Quantitative Aptitude section. The article SSC MTS Profit and Loss Quiz Day 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. A shopkeeper offers a discount of 10% on his articles. The marked price of the article is Rs. 450. The selling price should be?

A. 405
B. 400
C. 395
D. 410

Explanation:
Selling Price = $$\frac{100 âˆ’ 10}{100}$$ Ã— 450 = $$\frac{90}{100}$$ Ã— 450
= Rs. 405

2. How much percent more than the cost price should a shopkeeper mark his goods so that after allowing a discount of 25% on the marked price, he gains 20%?

A. 60%
B. 55%
C. 70%
D. 50%

Explanation:
Let cost price of goods be Rs 100.
Gain = 20%
Therefore, selling price = Rs 120
Discount = 25%
Marked Price = ($$\frac{100}{100âˆ’25}$$) Ã— 120
= Rs. 160
i.e.60% more

3. A dishonest dealer professes to sell his goods at the cost price but uses a false weight of 850 g instead of 1 kg. His gain percent is

A. 71 $$\frac{11}{17}$$%
B. 11 $$\frac{11}{17}$$%
C. 17 $$\frac{12}{17}$$%
D. 17 $$\frac{11}{17}$$%

Explanation:
If a trader professes to sell his goods at cost price, but uses false weights, then
Gain% = [$$\frac{Error}{True value – Error}$$ Ã— 100]%
In the given question, Error = 1000 – 850 = 150
Thus, Gain%=[$$\frac{150}{1000 – 150}$$ Ã— 100]%
= 17 $$\frac{11}{17}$$%

4. A retailer purchased radiosets at the rate of Rs. 400 each from a wholesaler. He raised the price by 30% and then allowed a discount of 8% on each set. His profit will be:

A. 19%
B. 78.4%
C. 22%
D. 19.6%

Explanation:
Cost price = Rs. 400
Marked Price = $$\frac{100 + 30}{100}$$ Ã— 400 = $$\frac{130}{100}$$ Ã— 400
= Rs. 520
Selling Price = 100 âˆ’ 8100 Ã— 520 = 92100 Ã— 520
= Rs.478.40
Profit percent = $$\frac{478.40 – 400}{400}$$ Ã— 100
= 19.6%

5. An article is sold at 10% loss. If the selling price is Rs. 40 more, there will be a gain of 15%. The cost price of the article is:

A. 140
B. 120
C. 175
D. 160

Explanation:
Let the cost price be Rs. x.
Selling Price at 10% loss = $$\frac{90x}{100}$$
Selling Price at 15% gain =$$\frac{115x}{100}$$
Thus, according to the problem,
$$\frac{115x}{100}$$ âˆ’ $$\frac{90x}{100}$$ = 40
x = Rs.160.

1. The marked price of a table is Rs. 800. A retailer bought it after two successive discounts of 10% and 15%. He spent Rs. 13 on transportation and sold it for Rs. 875. His profit was:

A. 40%
B. 37%
C. 28%
D. 25%

Explanation:
Marked price = Rs. 800.
Price after discounts of 10% and 15% = 800 Ã— $$\frac{100 – 10}{100}$$ Ã— $$\frac{100 – 15}{100}$$
= 612
Profit percent = $$\frac{875 âˆ’ 625}{625}$$ Ã— 100
Total Cost price = 612 + 13 = Rs. 625
= 40%

2. A person sells 320 mangoes at the cost price of 400 mangoes. What is his profit percent?

A. 10%
B. 15%
C. 20%
D. 25%

Explanation:
Let cost price of 400 mangoes = Rs. 400
Thus, selling price of 320 mangoes = Rs. 400
Cost price of 320 mangoes = Rs. 320

Profit percent = $$\frac{400 âˆ’ 320}{320}$$ Ã— 100
= 25%

3. By selling 33 metres of cloth, a person gains the cost of 11 metres. Find his gain%:

A. 33 13%
B. 33 12%
C. 33%
D. 34 13%

Explanation:
Let cost per metre be Rs. x
Cost price of 33 m of cloth = 33x
Gain = 11x
Profit percent = $$\frac{11x}{33x}$$ Ã— 100 = $$\frac{100}{3}$$
= 33 $$\frac{1}{3}$$%

4. Marked price of an article is Rs 240 and cost price of article is marked up by 20%. If the profit percent is 10% then what is the discount offered ?

A. 10
B. 20
C. 30
D. 40

Explanation:
MP=240
1.2 Ã— CP = 240
CP = 200
SP = MP – d
SP = 240 – d
$$\frac{240 âˆ’ d âˆ’ 200}{200}$$ = 10
40 – d = 20
d = 20

5. If a selling price of Rs. 24 results in 20% discount on the list price of an article, the selling price that would result in 30% discount on the list price is:

A. 17
B. 23
C. 18
D. 21

Explanation:
Selling price = Rs. 24
Thus, list price = $$\frac{100}{100 âˆ’ 20}$$ Ã— 24 = Rs. 30
For 30% discount,
Selling price = $$\frac{100 âˆ’ 30}{100}$$ Ã— 30 = Rs. 21

1. If the cost price of 15 books is equal to the selling price of 20 books, the loss percent is:

A. 16
B. 20
C. 24
D. 25

Explanation:
Let the cost price of each book be Rs 1.
Selling price of 20 books = Rs 15
Cost price of 20 books = Rs 20
âˆ´ Loss per cent = $$\frac{Cost price – Selling price}{Cost price}$$ x 100
= $$\frac{20 âˆ’ 15}{20}$$ Ã— 100 = 25%

2. Successive discounts of 10%, 20% and 30% is equivalent to a single discount of:

A. 60%
B. 49.6%
C. 40.5%
D. 36%

Explanation:
Single equivalent discount for successive discounts of 10% and 20%,
= (10 + 20 âˆ’ $$\frac{10 Ã— 20}{100}$$ )%
= 28%
Single equivalent discount for successive discounts of 28% and 30%,
= (28 + 30 âˆ’ $$\frac{28 Ã— 30}{100}$$)%
= 49.6%

3. A merchant purchase a wrist watch for Rs 1200 and fixes its list price in such a way that after allowing a discount of 10%, he earns a profit of 20%. The list price of the watch is:

A. Rs 1600
B. Rs 1200
C. Rs 1400
D. Rs 1800

Explanation:
Let the marked price of the wrist watch be Rs x.
According to the problem,
$$\frac{90}{ 100x}$$ = $$\frac{1200 Ã— 120}{100}$$
On solving, we get
x = Rs 1600

4. A man sells an article at 5% above the cost price. If he had bought it at 5% less than what he paid for it and sold it for Rs 2 less, he would have gained 10%. The cost price of the article is:

A. Rs 250
B. Rs 400
C. Rs 350
D. Rs 200

Explanation:
Let cost price of the article be Rs x.
Then, selling price = $$\frac{105x}{100 }$$
If new cost price = $$\frac{95x}{100}$$
then selling price = $$\frac{105x}{100 }$$ âˆ’ 2 = $$\frac{105x âˆ’ 200}{100}$$
Profit = 10% of $$\frac{95x}{100}$$ = $$\frac{95x}{1000}$$
Profit = Selling Price – Cost Price
$$\frac{95x}{1000}$$ = $$\frac{105x âˆ’ 200}{100}$$ âˆ’ $$\frac{95x}{100}$$
$$\frac{95x}{1000}$$ = $$\frac{105x âˆ’ 200}{100}$$
or, 95x = 100x – 2000
or, -5x = -2000
or x = Rs 400
âˆ´ Cost price = Rs 400

5. Loss of 20% on selling price is equal to x% loss in cost price. What is x?

A. 20
B. 20
C. 16 23%
D. 16

Explanation:
Let selling price = Rs 100
Loss = 20%
Cost price = Rs 120
Loss % of cost price = $$\frac{20}{120}$$ Ã— 100
= 16 $$\frac{2}{3}$$%

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