Profit and Loss Test Paper 3

11) A man earns a profit of 20% on selling price. Find the profit percent on the cost price.

Answer: B

Answer with the explanation:

Let the selling price is 100
Profit = 20% on S.P.
Now, profit = 20
So, C.P = 100- 20 = 80

Solution 1:
Apply formula:
Profit % = (profit/C.P) * 100

Hence, (20/80) * 100 = 25%

Solution 2:
Profit = Selling Price - Cost Price
= 100 - 80 = 20
Profit % = (20 /80) * 100 = 25%

12) The owner of the cell phone shop charges 23% more than the cost price. If a customer paid 7011 for a cell phone, find the cost price of the cell phone.

5860
5220
5700
6750

Answer: C

Explanation:

Solution 1:

Let the cost price = 100
The owner sells the phone on the price 23% more than the cost price.
So, the selling price is 100+23 = 123.
ATQ, the customer has to pay 7011 to purchase the cell phone.

If the selling price is 123 the cost price is 100.
If the selling price is 1 the cost price is 100/123.
If the selling price is 7011, the cost price =(100/123) * 7011
= 5700

Solution 2:

Let a number x to compare the assumed selling price and actual selling price.
i.e., 123 * x =7011
x = 57

That means if we multiply the assumed value with 57, we get the original selling price.
So, multiply the cost price with 57 to get the original cost price, i.e., 100 * 57 = 5700.

13) The profit percent gained if an object is sold at Rs 464 is equals to the loss percent when the object is sold at Rs 436. Find the cost price of this object?

Answer: C

Explanation:

Apply formula:

Profit = selling price - cost price
Loss = cost price - selling price

ATQ, Selling price in case of profit is 464
Selling price in case of loss is 436

And the loss % = profit %

So, cost price - selling price = selling price - cost price
Let cost price = x

x- 436 = 464 - x
2x= 464+436
2x = 900
x = 450

14) A shopkeeper sells an article for Rs 78 and earns double the profit that he would have earned on selling this article for Rs 69. Find the C.P of this article.

62
61.5
55.5
60

Answer: D

Explanation:

Apply formula:

Profit = S.P - C.P

ATQ, the shopkeeper earns the double profit that he would have earned had he sold it for Rs 69.

Profit% = 2 (profit %)

S.P - C.P = 2* (S.P - C.P)

Let C.P = x

78 - x = 2 * (69 - x)
78- x= 138 - 2x
x= 138 - 78
x= 60

Hence, the cost price of the article = 60.

15) By selling an object for Rs 900, a man earns a profit that is double the loss incurred when the object is sold for Rs 450. If he sells it at a profit of 20%, find the selling price of this object.