 ## Profit and Loss - Important Formulas

IMPORTANT FACTS

Cost Price:

The price, at which an article is purchased, is called its cost price, abbreviated as C.P.

Selling Price:

The price, at which an article is sold, is called its selling prices, abbreviated as S.P.

Profit or Gain:

If S.P. is greater than C.P., the seller is said to have a profit or gain.

Loss:

If S.P. is less than C.P., the seller is said to have incurred a loss.

## Profit and Loss - General Questions

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

• A. 4/4 %7
• B. 5/5 %11
• C. 10%
• D. 12%

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

• A. 15
• B. 16
• C. 18
• D. 25

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

• A. 66 2/3
• B. 100
• C. 105 1/3
• D. 120

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

• A. 30%
• B. 70%
• C. 100%
• D. 250%

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

• A. 3
• B. 4
• C. 5
• D. 6

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

• A. Rs. 2000
• B. Rs. 2200
• C. Rs. 2400
• D. Data inadequate

7. A shopkeeper 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. 18.20
• B. Rs. 70
• C. Rs. 72
• D. Rs. 88.25

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

• A. Rs. 1090
• B. Rs. 1160
• C. Rs. 1190
• D. Rs. 1202

9. Sam 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. What was his percentage profit?

• A. 3.5
• B. 4.5
• C. 5.6
• D. 6.5

10. On selling 17 balls at Rs. 720, there is a loss equal to the cost price of 5 balls. The cost price of a ball is:

• A. Rs. 45
• B. Rs. 50
• C. Rs. 55
• D. Rs. 60

## Exercise :: Profit and Loss - Data Sufficiency 1

1. A shopkeeper sells some articles at the profit of 25% on the original price. What is the exact amount of profit? To find the answer, which of the following information given in Statements I and II is/are necessary?
I. Sale price of the article
II. Number of articles sold

• A. Only I is necessary
• B. Only II is necessary
• C. Either I or II is necessary
• D. Both I and II are necessary
• E. None of these

2. A shopkeeper sells some toys at Rs. 250 each. What percent profit does he make? To find the answer, which of the following information given in Statements I and II is/are necessary?
I. Number of toys sold.
II. Cost price of each toy.

• A. Only I is necessary
• B. Only II is necessary
• C. Both I and II are necessary
• D. Either I or II ins necessary
• E. None of these

## Exercise :: Profit and Loss - Data Sufficiency 2

Directions to Solve

• Each of the questions given below consists of a statement and / or a question and two statements numbered I and II given below it. You have to decide whether the data provided in the statement(s) is / are sufficient to answer the given question. Read the both statements and
• Give answer (A) if the data in Statement I alone are sufficient to answer the question, while the data in Statement II alone are not sufficient to answer the question.
• Give answer (B) if the data in Statement II alone are sufficient to answer the question, while the data in Statement I alone are not sufficient to answer the question.
• Give answer (C) if the data either in Statement I or in Statement II alone are sufficient to answer the question.
• Give answer (D) if the data even in both Statements I and II together are not sufficient to answer the question.
• Give answer(E) if the data in both Statements I and II together are necessary to answer the question.

1. A man mixes two types of rice (X and Y) and sells the mixture at the rate of Rs. 17 per kg. Find his profit percentage.
I. The rate of X is Rs. 20 per kg.
II. The rate of Y is Rs. 13 per kg.

• A. I alone sufficient while II alone not sufficient to answer
• B. II alone sufficient while I alone not sufficient to answer
• C. Either I or II alone sufficient to answer
• D. Both I and II are not sufficient to answer
• E. Both I and II are necessary to answer

2. By selling a product with 20% profit, how much profit was earned?
I. The difference between cost and selling price is Rs. 40.
II. The selling price is 120 percent of the cost price.

• A. I alone sufficient while II alone not sufficient to answer
• B. II alone sufficient while I alone not sufficient to answer
• C. Either I or II alone sufficient to answer
• D. Both I and II are not sufficient to answer
• E. Both I and II are necessary to answer

## Exercise :: Problems on Trains - Data Sufficiency 3

Directions to Solve

Each of these questions is followed by three statements. You have to study the question and all the three statements given to decide whether any information provided in the statement(s) is redundant and can be dispensed with while answering the given question.

1. By selling an article what is the profit percent gained?
I. 5% discount is given on list price.
II. If discount is not given, 20% profit is gained.
III. The cost price of the articles is Rs. 5000.

• A. Only I and II
• B. Only II and III
• C. Only I and III
• D. All I, II and III
• E. None of these

2. What was the percentage of discount given?
I. 23.5% profit was earned by selling an almirah for Rs. 12,350.
II. If there were no discount, the earned profit would have been 30%.
III. The cost price of the almirah was Rs. 10,000.

• A. Only I and II
• B. Only II and III
• C. Only I and III
• D. Any two of the three
• E. None of these

## Exercise :: Profit and Loss - Data Sufficiency 4

Directions to Solve

Each of these questions is followed by three statements. You have to study the question and all the three statements given to decide whether any information provided in the statement(s) is redundant and can be dispensed with while answering the given question.

1. What is the percent profit earned by the shopkeeper on selling the articles in his shop?
I. Labeled price of the articles sold was 130% of the cost price.
II. Cost price of each article was Rs. 550.
III. A discount of 10% on labeled price was offered.

• A. Only I
• B. Only II
• C. I and III
• D. All the three are required
• E. Question cannot be answer even with information in all the three statements.