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SSC MTS Profit and Loss Quiz Day 1

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SSC MTS Profit and Loss Quiz Day 1

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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.

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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


Answer: Option A

Explanation:
Selling Price = \(\frac{100 − 10}{100}\) × 450 = \(\frac{90}{100}\) × 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%


Answer: Option A

Explanation:
Let cost price of goods be Rs 100.
Gain = 20%
Therefore, selling price = Rs 120
Discount = 25%
Marked Price = (\(\frac{100}{100−25}\)) × 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 \(\frac{11}{17}\)%


Answer: Option D

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


Answer: Option D

Explanation:
Cost price = Rs. 400
Marked Price = \(\frac{100 + 30}{100}\) × 400 = \(\frac{130}{100}\) × 400
= Rs. 520
Selling Price = 100 − 8100 × 520 = 92100 × 520
= Rs.478.40
Profit percent = \(\frac{478.40 – 400}{400}\) × 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


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,
\(\frac{115x}{100}\) − \(\frac{90x}{100}\) = 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%


Answer: Option A

Explanation:
Marked price = Rs. 800.
Price after discounts of 10% and 15% = 800 × \(\frac{100 – 10}{100}\) × \(\frac{100 – 15}{100}\)
= 612
Profit percent = \(\frac{875 − 625}{625}\) × 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%


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 = \(\frac{400 − 320}{320}\) × 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%


Answer: Option A

Explanation:
Let cost per metre be Rs. x
Cost price of 33 m of cloth = 33x
Gain = 11x
Profit percent = \(\frac{11x}{33x}\) × 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


Answer: Option B

Explanation:
MP=240
1.2 × CP = 240
CP = 200
SP = MP – d
SP = 240 – d
\(\frac{240 − d − 200}{200}\) = 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


Answer: Option D

Explanation:
Selling price = Rs. 24
Thus, list price = \(\frac{100}{100 − 20}\) × 24 = Rs. 30
For 30% discount,
Selling price = \(\frac{100 − 30}{100}\) × 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


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
∴ Loss per cent = \(\frac{Cost price – Selling price}{Cost price}\) x 100
= \(\frac{20 − 15}{20}\) × 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%


Answer: Option B

Explanation:
Single equivalent discount for successive discounts of 10% and 20%,
= (10 + 20 − \(\frac{10 × 20}{100}\) )%
= 28%
Single equivalent discount for successive discounts of 28% and 30%,
= (28 + 30 − \(\frac{28 × 30}{100}\))%
= 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


Answer: Option A

Explanation:
Let the marked price of the wrist watch be Rs x.
According to the problem,
\(\frac{90}{ 100x}\) = \(\frac{1200 × 120}{100}\)
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


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 = \(\frac{105x}{100 }\) − 2 = \(\frac{105x − 200}{100}\)
Profit = 10% of \(\frac{95x}{100}\) = \(\frac{95x}{1000}\)
Profit = Selling Price – Cost Price
\(\frac{95x}{1000}\) = \(\frac{105x − 200}{100}\) − \(\frac{95x}{100}\)
\(\frac{95x}{1000}\) = \(\frac{105x − 200}{100}\)
or, 95x = 100x – 2000
or, -5x = -2000
or x = Rs 400
∴ 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


Answer: Option C

Explanation:
Let selling price = Rs 100
Loss = 20%
Cost price = Rs 120
Loss % of cost price = \(\frac{20}{120}\) × 100
= 16 \(\frac{2}{3}\)%



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