Profit and Loss MCQ Quiz - Objective Question with Answer for Profit and Loss - Download Free PDF
Last updated on Jun 19, 2025
Latest Profit and Loss MCQ Objective Questions
Profit and Loss Question 1:
A trader sold Product X at a 25% loss, and its cost price was ₹8,000. He used the entire selling amount to purchase Product Y, which he sold at a 40% profit. What is the overall profit or loss from the entire transaction?
Answer (Detailed Solution Below)
Profit and Loss Question 1 Detailed Solution
Selling Product X at 25% loss:
Cost Price of X = ₹8000
Loss = 25% of ₹8000 = ₹2000
Selling Price SP of X = ₹8000 − ₹2000 = ₹6000
Using ₹6000 to buy Product Y:
So, Cost Price of Y = ₹6000
Profit on Y = 40%
So, Selling Price of Y = ₹6000 + 40% of ₹6000
= ₹6000 + ₹2400 = ₹8400
Overall profit/loss:
Total Cost Price = ₹8000 for Product X
Final Selling Price = ₹8400 from Product Y
Overall Profit = ₹8400 ₹8000 = ₹400
Thus, the correct answer is ₹400 Profit
Profit and Loss Question 2:
The cost of a car depreciates 10% every year over the previous year. If a person sells his car at a profit of 10% at ₹ 3,20,760, then the price of the car 3 years ago was
Answer (Detailed Solution Below)
Profit and Loss Question 2 Detailed Solution
Given:
Current selling price (after 10% profit) = ₹3,20,760
Depreciation rate = 10% per year
Profit percentage = 10%
Time = 3 years
Formula used:
Selling price = Cost price × (1 + Profit %)
Depreciation formula: Value after n years = Initial value × (1 - Depreciation rate)n
Calculation:
Let the cost price of the car 3 years ago be ₹X.
⇒ Current cost price = ₹3,20,760 ÷ (1 + 10/100)
⇒ Current cost price = ₹3,20,760 ÷ 1.1
⇒ Current cost price = ₹2,91,600
Depreciation formula: Value after 3 years = Initial value × (1 - 10/100)3
⇒ ₹2,91,600 = X × (0.9)3
⇒ ₹2,91,600 = X × 0.729
⇒ X = ₹2,91,600 ÷ 0.729
⇒ X = ₹4,00,000
∴ The price of the car 3 years ago was ₹4,00,000 (Option 2).
Profit and Loss Question 3:
X marked an article at 60% above its C. P. He sold it at profit after 2 successive discounts of 10% each. The profit percentage is
Answer (Detailed Solution Below)
Profit and Loss Question 3 Detailed Solution
Given:
Cost Price (C.P.) = ₹100 (Assume for simplicity)
Marked Price (M.P.) = C.P. × 1.60 = ₹100 × 1.60 = ₹160
First Discount = 10%
Second Discount = 10%
Formula used:
Final Selling Price (S.P.) = M.P. × (1 - Discount1) × (1 - Discount2)
Profit Percentage = [(S.P. - C.P.) / C.P.] × 100
Calculation:
Final S.P. = ₹160 × (1 - 0.10) × (1 - 0.10)
⇒ Final S.P. = ₹160 × 0.90 × 0.90
⇒ Final S.P. = ₹160 × 0.81
⇒ Final S.P. = ₹129.6
Profit Percentage = [(S.P. - C.P.) / C.P.] × 100
⇒ Profit Percentage = [(₹129.6 - ₹100) / ₹100] × 100
⇒ Profit Percentage = (₹29.6 / ₹100) × 100
⇒ Profit Percentage = 29.6%
∴ The correct answer is option (1).
Profit and Loss Question 4:
X bought 5 pencils at ₹ 24 and sold 4 of them at 20. His profit or loss percentage is
Answer (Detailed Solution Below)
Profit and Loss Question 4 Detailed Solution
Given:
X bought 5 pencils at ₹24 and sold 4 of them at ₹20.
Formula used:
Profit or Loss Percentage = (Profit or Loss / Cost Price) × 100
Calculation:
Cost Price of 1 pencil = ₹24 ÷ 5 = ₹4.8
Cost Price of 4 pencils = ₹4.8 × 4 = ₹19.2
Selling Price of 4 pencils = ₹20
Profit = Selling Price - Cost Price = ₹20 - ₹19.2 = ₹0.8
Profit Percentage = (Profit ÷ Cost Price) × 100
⇒ Profit Percentage = (₹0.8 ÷ ₹19.2) × 100
⇒ Profit Percentage = 4.1666%
∴ The correct answer is option 2 (Profit 4(1/6) %).
Profit and Loss Question 5:
The ratio x by which the C. P. has to be multiplied to set the S. P., if the profit is 10%, then x =
Answer (Detailed Solution Below)
Profit and Loss Question 5 Detailed Solution
Given:
Cost Price (C.P.) = 100 (assume for simplicity)
Profit = 10%
Selling Price (S.P.) = C.P. + Profit
Formula used:
S.P. = C.P. × x
Where x is the ratio by which C.P. is multiplied to get S.P.
Calculation:
S.P. = C.P. + Profit
⇒ S.P. = 100 + 10
⇒ S.P. = 110
Now, S.P. = C.P. × x
⇒ 110 = 100 × x
⇒ x = 110 ÷ 100
⇒ x = 11 ÷ 10
⇒ x = 1.1
∴ The correct answer is option (2): 11/10.
Top Profit and Loss MCQ Objective Questions
A shopkeeper earns a profit of 25 percent on selling a radio at 15 percent discount on the Printed price. Finds the ratio of the Printed price and the cost price of the radio.
Answer (Detailed Solution Below)
Profit and Loss Question 6 Detailed Solution
Download Solution PDFGiven:
Profit = 25 Percent
Discount = 15 Percent
Formula:
MP/CP = (100 + Profit %)/(100 – Discount %)
MP = Printed Price
CP = Cost Price
Calculation:
We know that –
MP/CP = (100 + Profit %)/(100 – Discount %) ………. (1)
Put all given values in equation (1) then we gets
MP/CP = (100 + 25)/(100 – 15)
⇒ 125/85
⇒ 25/17
∴ The Ratio of the Printed price and cost price of radio will be 25 ∶ 17In what ratio sugar of Rs. 38 per kg and Rs. 30 per kg be mixed with each other so that on selling mixture at Rs. 35.2 per kg there will be a profit of 10%?
Answer (Detailed Solution Below)
Profit and Loss Question 7 Detailed Solution
Download Solution PDFGiven Profit = 10%, Selling Price = Rs. 35.2
Cost Price = Selling Price/(1 + Profit%) = 35.2/(1 + 10%) = 35.2/(1 + 0.1) = 35.2/1.1 = Rs. 32
Now find the ratio in which the two varieties of sugar need to be mixed to get a cost price of Rs. 32
Using the formula for Allegations,
Quantity of lesser price/Quantity of higher price = (Average - Price of lesser quantity)/(Price of higher quantity Average)
⇒ (32 – 30)/(38 – 32) = 2/6 = 1 : 3
∴ Required ratio = 1 : 3
A shopkeeper normally makes a profit of 20% in a certain transaction; he weights 900 g instead of 1 kg, due to an issue with the weighing machine. If he charges 10% less than what he normally charges, what is his actual profit or loss percentage?
Answer (Detailed Solution Below)
Profit and Loss Question 8 Detailed Solution
Download Solution PDFGiven:
A shopkeeper normally makes a profit of 20% in a certain transaction,
He weights 900 g instead of 1 kg, due to an issue with the weighing machine.
He charges 10% less than what he normally charges.
Formula used:
SP =
Calculations:
Let the cost price of 1 Kg of goods = Rs. 100
So, the selling price of 1 Kg of goods = 100 × 120/100 = Rs. 120
Cost price of 900 grams of goods = Rs. 90
According to question,
Shopkeeper charges 10% less what he normally charges
So, the new selling price = old selling price × (100 - 10)/100
⇒ New selling price = 120 ×
So, profit = Rs. (108 - 90) = Rs. 18
So, profit % = (
Hence, Profit percentage is 20%.
A dishonest merchant sells goods at a 12.5% loss on the cost price, but uses 28 g weight instead of 36 g. What is his percentage profit or loss?
Answer (Detailed Solution Below)
Profit and Loss Question 9 Detailed Solution
Download Solution PDFGiven:
A dishonest merchant sells goods at a 12.5% loss on the cost price but uses 28 g weight instead of 36 g.
Concept used:
Final percentage change after two successive increments of A% and B% = (A + B +
Calculation:
Percentage gain by using 28 g weight instead of 36 g =
Percentage loss = 12.5%
Considering 12.5% loss as -12.5% profit,
Now, the final percentage profit/loss =
Here, the positive sign indicates a percentage profit.
∴ His percentage profit is 12.5%
Shortcut TrickCalculation:
Merchant sells goods at a 12.5% loss:
C.P : S.P = 8 : 7
Merchant uses 28 g weight instead of 36 g
C.P : S.P = 28 : 36 = 7 : 9
We can use successive methods:
| C.P. | S.P. |
| 8 | 7 |
| 7 | 9 |
| 56 | 63 |
So, C.P : S.P = 56 : 63 = 8 : 9
Profit% = {(9 - 8)/8} × 100
⇒ 12.5%
∴ The correct answer is 12.5%.
Two successive discounts of 40% and 20%, respectively, on the marked price of an article are equal to single discount of Rs 988. The marked price (in Rs) of the article is:
Answer (Detailed Solution Below)
Profit and Loss Question 10 Detailed Solution
Download Solution PDFGiven:
Two discounts = 40% and 20%
Formula:
Two discounts a% and b%
Total discount =
Discount amount = (marked price) × (discount %)/100
Calculation:
Single discount percentage =
⇒ 52 = 988/marked price × 100
⇒ Marked price = 1900
∴ Marked price of an article is Rs.1900.
Alternate MethodLet the MP be x.
x - [x × (100 - 40)/100 × (100 - 20)/100] = 988
⇒ x - [x × (60/100) × (80/100)] = 988
⇒ x - x × (3/5) × (4/5) = 988
⇒ 13x/25 = 988
⇒ x = (988 × 25)/13
⇒ x = 1900
∴ Marked price of an article is Rs.1900.
Sulekha bought 36 kg of sugar for Rs. 1,040. She sold it at a profit equal to the selling price of 10 kg of it. What is the selling price (in Rs.) for 5 kg of sugar ?
Answer (Detailed Solution Below)
Profit and Loss Question 11 Detailed Solution
Download Solution PDFGiven:
Cost price of 36 kg sugar = Rs.1040
Formula used:
Profit = Selling price - Cost price
Calculation:
CP of 1 kg sugar = Rs.1040/36
According to the question,
SP × 10 = SP × 36 - CP × 36
⇒ CP × 36 = 26 × SP
⇒ 1040/ 36 × 36 = 26 × SP
⇒ 1040 = 26 × SP
⇒ SP = 1040/26 = 40
Now, SP of 5 kg of sugar = 40 × 5 = Rs. 200
∴ The selling price of 5 kg sugar = Rs.200
A grocery shop is offering 10% discount on the purchase of Rs.500 and above. A 5% discount is given on the purchase of value above Rs.250 but below Rs.500. A discount of additional 1% is given if payment is made instantly in cash. How much would a customer have to pay by cash if he buys 25 packets of biscuits and one packet is priced at Rs.30?
Answer (Detailed Solution Below)
Profit and Loss Question 12 Detailed Solution
Download Solution PDFGiven:
A grocery shop is offering a 10% discount on the purchase of Rs.500 and above. A 5% discount is given on the purchase of value above Rs.250 but below Rs.500. A discount of an additional 1% is given if payment is made instantly in cash.
He bought 25 packets of biscuits and one packet is priced at Rs.30.
Concept used:
1. Final discount percentage after two successive discounts of A% and B% =
2. Selling price = Marked Price × (1 - Discount%)
Calculation:
Total billed price = 25 × 30 = Rs. 750
Since he paid in cash, he would get two consecutive discounts of 10% and 1%.
So, final discounts = 10 + 1 - (10 × 1)/100 = 10.9%
Now, he would have to pay = 750 × (1 - 10.9%) = Rs. 668.25
∴ He would have to pay Rs. 668.25.
A and B invested money in a business in the ratio of 7 ∶ 5. If 15% of the total profit goes for charity, and A's share in the profit is Rs. 5,950, then what is the total profit?
Answer (Detailed Solution Below)
Profit and Loss Question 13 Detailed Solution
Download Solution PDFGiven:
A and B invested money in a business in the ratio of 7 ∶ 5.
15% of the total profit goes for charity, and A's share in the profit is Rs. 5,950
Calculation:
The total profit of A and B will be 5950 × 12 / 7 = Rs 10200
The total profit including charity is 10200 × 100/85 = Rs 12000
∴ The correct option is 2
A shopkeeper marks his goods 30% higher than the cost price and allows a discount of 10% on the marked price. In order to earn 6.5% more profit, what discount percent should he allow on the marked price?
Answer (Detailed Solution Below)
Profit and Loss Question 14 Detailed Solution
Download Solution PDFGiven:
Mark up percentage on goods = 30%
Discount Percentage = 10%
Formulas used:
Selling Price = Cost Price + Profit
Profit percent = Profit/Cost Price × 100
Discount = Marked Price - Selling Price
Discount percent = Discount/Marked Price × 100
Calculation:
Let the cost price be = 100a
Marked price = 100a + 100a × 30/100 = 130a
Selling price after discount = 130a - 130a × 10/100
⇒ 117a
Selling price for 6.5% more profit = 117a + 100a × 6.5/100
⇒ 117a + 6.5a = 123.5a
∴ New Discount percent = (130a -123.5a)/130 × 100
⇒ 5%
Shortcut Trick
On selling an item for 440 rupees, loss is 60% of the profit received on selling the same item in 1000 rupees. Know the purchase price of that item? (In rupees)
Answer (Detailed Solution Below)
Profit and Loss Question 15 Detailed Solution
Download Solution PDFCalculation:
Let cost price of the item be Rs. x
According to the question
(x – 440) = (1000 – x) × 60/100
⇒ (x – 440) = (1000 – x) × 3/5
⇒ 5x – 2200 = 3000 – 3x
⇒ 5x + 3x = 3000 + 2200
⇒ 8x = 5200
⇒ x = 5200/8
⇒ x = 650
∴ The correct answer is option (1).
Shortcut Trick