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.**

**Answer**: Option A

**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%?**

**Answer**: Option A

**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**

**Answer**: Option D

**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:**

**Answer**: Option D

**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:**

**Answer**: Option D

**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.

**Answer**: Option A

**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?**

**Answer**: Option D

**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%:**

**Answer**: Option A

**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 ?**

**Answer**: Option B

**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:**

**Answer**: Option D

**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

**Answer**: Option D

**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:**

**Answer**: Option B

**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:**

**Answer**: Option A

**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:**

**Answer**: Option B

**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?**

**Answer**: Option C

**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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