Practice Test on Profit Loss and Discount will help you to learn the depth concepts of Profit Loss and Discount. We have included all the basic questions to trick questions for better practice. Also, by practicing the given problems, you can test your own knowledge and improve your preparation level easily. Students who want to learn the depth concept of Profit, Loss, and Discount can refer to the complete article. Find out various models and also the step-by-step procedure to solve all the questions. All questions given here are framed by the subject experts to help the students to have a perfect knowledge of the concept.
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Profit Loss and Discount Practice Questions
1. A shopkeeper buys a Book for $25 and sells it for $40. What is the Profit for the shopkeeper?
(a) $25
(b) $15
(c) $20
(d) $10
Answer:
(b) $15
Explanation:
Given that a shopkeeper buys a Book for $25 and sells it for $40.
The Cost price of the Book = $25
The Selling Price of the Book = $40
To find the profit, subtract the Cost Price from the Selling Price.
Profit = Selling Price – Cost Price
Substitute the Selling Price and Cost Price in the above formula.
Profit = $40 – $25 = $15.
Therefore, the Profit gained by the shopkeeper is $15.
The answer is (b) $15
2. Ryan buys a clock for $85 and sells it for $60. What is the Loss?
(a) $25
(b) $15
(c) $20
(d) $10
Answer:
(a) $25
Explanation:
Given that Ryan buys a clock for $85 and sells it for $60.
The Cost price of the clock = $85
The Selling Price of the clock = $60
To find the loss, subtract the Selling Price from the Cost Price.
Loss = Cost Price – Selling Price
Substitute the Selling Price and Cost Price in the above formula.
Loss = $85 – $60 = $25.
Therefore, the Loss is $25.
The answer is (a) $25.
3. The marked price of a phone is $ 2400. The shopkeeper offers an off-season discount of 15% on it. Find its selling price.
(a) $2015
(b) $2030
(c) $2040
(d) $2050
Answer:
(c) $2040
Explanation:
Given that the marked price of a phone is $ 2400. The shopkeeper offers an off-season discount of 15% on it.
The price of a phone is $ 2400.
The discount percent on a phone is 15%
Firstly, find out the discount on the phone.
Discount on phone = (15 * $2400)/100 = $360
To find the selling price of the phone, subtract the discount on the phone from The price of a phone.
Selling price = $ 2400 – $360 = $2040
Therefore, the selling price of a phone is $2040.
The final answer is (c) $2040
4. Sam buys a Watch for $80 and sells it for $120. Her gain percent is …………….
(a) 50%
(b) 45%
(c) 60%
(d) 25%
Answer:
(a) 50%
Explanation:
Given that Sam buys a Watch for $60 and sells it for $120.
The Cost price of the Watch = $80
The Selling Price of the Watch = $120
To find the profit, subtract the Cost Price from the Selling Price.
Profit = Selling Price – Cost Price
Substitute the Selling Price and Cost Price in the above formula.
Profit = $120 – $80 = $40.
Therefore, the Profit gained by the shopkeeper is $40.
Gain% = (Profit or Gain/C.P x 100)%
Substitute the Profit and Cost Price in the above formula.
Gain% = ($40/$80 x 100)%
Gain% = (0.5 x 100)%
Gain% = 50%
Therefore, the answer is (a) 50%
5. A cricket bat is bought for $150 and sold for $120. The loss percent is ……………. .
(a) 45%
(b) 30%
(c) 20%
(d) 15%
Answer:
(c) 20%
Explanation:
Given that a cricket bat is bought for $150 and sold for $120.
The Cost price of the clock = $150
The Selling Price of the clock = $120
To find the loss, subtract the Selling Price from the Cost Price.
Loss = Cost Price – Selling Price
Substitute the Selling Price and Cost Price in the above formula.
Loss = $150 – $120 = $30.
Therefore, the Loss is $30.
Loss percentage = (Loss / Cost price) x 100
Substitute the Loss and Cost Price in the above formula.
Loss percentage = ($30/$150) x 100
Loss% = (0.2 x 100)%
Loss% = 20%
Therefore, the answer is (c) 20%
6. Ram sold a phone for Rs.5000 and thereby gains Rs.300. Find his gain percent?
(a) 5.38%
(b) 6.72%
(c) 6.38%
(d) 6.97%
Answer:
(c) 6.38%
Explanation:
Given that Ram sold a phone for Rs.5000 and thereby gains Rs.300.
The gain = Rs.300
The Selling Price of the phone = Rs.5000
To find the profit, subtract the Cost Price from the Selling Price.
Profit = Selling Price – Cost Price
Find the Cost Price from the Above Formula.
Cost Price = Selling Price – Profit
Substitute the Selling Price and Profit in the above formula.
Cost Price = Rs.5000 – Rs.300 = Rs.4700
Therefore, the Cost Price of the phone is Rs.4700.
Gain% = (Profit or Gain/C.P x 100)%
Substitute the Profit and Cost Price in the above formula.
Gain% = (Rs.300/Rs.4700 x 100)%
Gain% = 6.38%
Therefore, the answer is (c) 6.38%
MCQs on Profit Loss and Discount
1. By selling a table for $ 624, a shopkeeper gains 10%. For how much should he sell it to gain 12%?
(a) $645.34
(b) $655.34
(c) $625.34
(d) $635.34
Answer:
(d) $635.34
Explanation:
Given that By selling a table for $ 624, a shopkeeper gains 10%.
Let the Cost Price be X.
To find the profit, subtract the Cost Price from the Selling Price.
Profit = Selling Price – Cost Price
Selling Price = Profit + Cost Price
Substitute the Selling Price and Profit in the above formula.
$ 624 = X + 10%X
$ 624 = (110/100)X
X = $567.27
If the table has to be sold at 12% gain,
$567.27 × 12% = $68.07
Selling price = $567.27 + $68.07 = $635.34
Therefore, the answer is (d) $635.34
2. Olivia buys a laptop for Rs.25000 and thereby gains Rs.5000. Find his gain percent?
(a) 30%
(b) 25%
(c) 15%
(d) 20%
Answer:
(d) 20%
Explanation:
Given that Olivia buys a laptop for Rs.25000 and thereby gains Rs.5000.
The gain = Rs.5000
The Cost Price of the laptop = Rs.25000
Gain% = (Profit or Gain/C.P x 100)%
Substitute the Profit and Cost Price in the above formula.
Gain% = (Rs.5000/Rs.25000 x 100)%
Gain% = 20%
Therefore, the answer is (d) 20%
3. Anil sold a bike for Rs.25000 and he faced a loss of Rs.5000. Find his loss percent?
(a) 16.66%
(b) 15.66%
(c) 14.28%
(d) 17.66%
Answer:
(a) 16.66%
Explanation:
Given that Anil sold a bike for Rs.25000 and he faced a loss of Rs.5000.
The Loss = Rs.5000
The Selling Price of the bike = Rs.25000
To find the loss, subtract the Selling Price from the Cost Price.
Loss = Cost Price – Selling Price
Cost Price = Selling Price + Loss
Substitute the Selling Price and Loss in the above formula.
Cost Price = Rs.25000 + Rs.5000
Therefore, the Cost Price is $30000.
Loss percentage = (Loss / Cost price) x 100
Substitute the Loss and Cost Price in the above formula.
Loss percentage = (5000/30000) x 100
Loss% = (0.1666 x 100)%
Loss% = 16.66%
Therefore, the answer is (a) 16.66%
4. Some Apples were bought at 8 for $6 and sold at 5 for $10. The gain percent is….
(a) 1.84%
(b) 1.66%
(c) 2%
(d) 2.33%
Answer:
(b) 1.66%
Explanation:
Given that Some Apples were bought at 8 for $6 and sold at 6 for $4.
The Cost Price of the Apples = 8 for $6 = \(\frac { $6 }{ 8 } \)
The Selling Price of the Apples = 5 for $10 = \(\frac { $10 }{ 5 } \)
To find the profit, subtract the Cost Price from the Selling Price.
Profit = Selling Price – Cost Price
Substitute the Selling Price and Cost Price in the above formula.
Profit = 2 – \(\frac { $6 }{ 8 } \) = \(\frac { $5 }{ 4 } \).
Therefore, the Profit gained by the shopkeeper is \(\frac { $5 }{ 4 } \).
Gain% = (Profit or Gain/C.P x 100)%
Substitute the Profit and Cost Price in the above formula.
Gain% = (\(\frac { $5 }{ 4 } \) / \(\frac { $6 }{ 8 } \) x 100)%
Gain% = \(\frac { 5 }{ 3 } \)%
Gain% = 1.66%
Therefore, the answer is (b) 1.66%
5. On selling 50 oranges, a vendor loses the selling price of 5 oranges. Find his loss percent?
(a) 9.09%
(b) 9.05%
(c) 10%
(d) 9.06%
Answer:
(a) 9.09%
Explanation:
Given that On selling 50 oranges, a vendor loses the selling price of 5 oranges.
Let the Cost price of 1 orange = X
Therefore, the Cost price of 50 oranges = 50X
Let the Selling Price of 1 orange = S
Therefore, the Selling Price of 50 oranges = 50S
Loss as given = Selling Price of 5 oranges = 5S
LOSS = Cost price – Selling Price
i.e. 5S = 50X – 50S
55S = 50X
S = 50/55 * X
Therefore S = 10/11 * X
Now, loss% = loss X 100 / C.P
Loss% = 5S * 100 / 50X
Substitute S = 10X/11
Loss% = 5(10X/11) * 100 / 50X
Loss% = 9.09
Therefore, the loss percent is 9.09%
6. The price of a shirt was slashed from $ 350 to $ 300 by a shopkeeper in the winter season. Find the rate of discount given by him?
(a) 14.28%
(b) 13.02%
(c) 15.78%
(d) 14.06%
Answer:
(a) 14.28%
Explanation:
Given that the price of a shirt was slashed from $ 350 to $ 300 by a shopkeeper in the winter season.
Cost Price = Price of the shirt in the starting = ₹ 350
Selling Price = Price of the shirt after slashing = ₹ 300
To Find the Rate of discount which is given by him, first, we have to find the amount that has been discounted.
The discount on the shirt = Cost Price – Selling Price
Substitute the Cost Price and Selling Price in the above equation.
The discount on the shirt = 350 – 300= ₹ 50
Now, We need to calculate the discount percentage.
To find out the discount percentage we use the formula,
Discount Percentage = Discounted Price / Cost Price x 100
Now, Substitute the Discounted Price and Cost Price in the above equation.
Discount Percentage = ₹ 50/₹ 350 x 100 = 14.28% (approximately)
Therefore, the rate of discount that is given to him is 14.28%.
The final answer is (a) 14.28%
Sample Questions on Profit Loss and Discount
1. Komal buys a shoe for Rs.2400 and he loses Rs.400. Find his loss percent?
(a) 16.24%
(b) 16.87%
(c) 16.11%
(d) 16.66%
Answer:
(d) 16.66%
Explanation:
Given that Komal buys a shoe for Rs.2400 and he loses Rs.400.
The loss = Rs.400
The Cost Price of the shoe = Rs.2400
Loss% = (Loss / Cost price) x 100
Substitute the Loss and Cost Price in the above formula.
Loss% = (Rs.400/Rs.2400 x 100)%
Gain% = 16.66%
Therefore, the answer is (d) 16.66%
2. A shopkeeper sold two dresses for Rs. 525 each, gaining 10% on one and losing 10% on the other. Find his gain or loss percent in the whole transaction.
(a) neither gain nor loss
(b) 1 % gain
(c) 1 % loss
(d) 0.99% loss
Answer:
(d) 0.99% loss
Explanation:
Given that a shopkeeper sold two dresses for Rs. 525 each, gaining 10% on one and losing 10% on the other.
Let the two dresses are A and B.
The Selling Price of the two dresses A and B is Rs. 525.
Let the cost price of dress A = X
Given Profit =10%
Therefore, \(\frac { 110 }{ 100 } \)X = 525
X = 477.2727
Let the cost price of dress B = Y
Given Loss =10%
Therefore, \(\frac { 90 }{ 100 } \) Y = 525
Y = 583.3333
Net cost price = X + Y = 1060.606
Net selling price = 525 * 2 = 1050
Loss% = \(\frac { 1060.606 – 1050 }{ 1060.606 } \) * 100 = 0.99%
Therefore, the answer is (d) 0.99% loss
3. By selling a dinner set for $ 500, a man loses 1/9 of his outlay. If it is sold for $ 800, what is the gain or loss percent?
(a) 40% gain
(b) 42.22 % gain
(c) 42.36 % gain
(d) 43.87% gain
Answer:
(b) 42.22 % gain
Explanation:
Given that by selling a dinner set for $ 500, a man loses 1/9 of his outlay.
8/9 of the cost price = $ 500
Cost price = \(\frac { 500 * 9 }{ 8 } \) = 562.5
If selling price is $ 800,
Gain = $ 800 – $562.5 = $237.5
Gain% = (Gain/Cost Price) * 100
Gain% = \(\frac { $237.5 }{ $562.5 } \) * 100
The gain% = 42.22%
Therefore, the gain% is (b) 42.22 % gain
4. At what percentage above the cost price must a laptop be marked so as to gain 22% after allowing a customer a discount of 10%?
(a) 35.55%
(b) 35%
(c) 40%
(d) 35.80%
Answer:
(a) 35.55%
Explanation:
Given that the cost price must a laptop be marked so as to gain 22% after allowing a customer a discount of 10%
Let the cost price = Rs.100
Then, the selling price = Rs.122
Now let the Market Price be Rs. X
Then, 90% of X = 122
\(\frac { 90X }{ 100 } \) = 122
X = 135.5555
Therefore, the marked price = 35.55% above the Cost Price.
The answer is (a) 35.55%
5. A dealer marks his goods at 55% above the cost price and allows a discount of 30% on the marked price. Find his gain or loss percent?
(a) 6.2%
(b) 7.5%
(c) 3.5%
(d) 8.5%
Answer:
(d) 8.5%
Explanation:
Given that a dealer marks his goods at 55% above the cost price and allows a discount of 30% on the marked price.
Let the Cost Price of the goods be X
The Marked price of the goods = X + (55/100 of x) = Rs 1.55 X
Also, the discount = 30%
Marked Price – Discount on Marked Price = Selling Price
Substitute the values in the above equation.
Discount = 30% of 1.55X = 1.55X × 0.3 = Rs 0.465X
Selling Price = 1.55 X – 0.465X = 1.085X
Selling Price = 1.085X
As Selling Price is more than Cost Price, there is a profit.
So, Profit = Selling Price – Cost Price
= 1.085X – X
= 0.085X
Profit percentage = (Profit / Cost Price) x 100
= (0.085X / X) x 100
= 8.5%
Therefore, the Profit percentage is 8.5%.
The answer is (d) 8.5%