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Profit & Loss Quiz-2

Dear Readers,

Maths is an important subject in CLAT,DULLB & Other Law Exams. In any of law exam, Maths carries weightage of 20 -25 % of questions. With focused practice good marks can be fetched from this section. These questions are very important in achieving your success in CLAT, DULLB and Other Law Exams..

 
Q1 Find the single discount equivalent to a series discount of 20%, 10% and 5%.
  • 35%
  • 31.6%
  • 32%
  • 36.7%
Solution

(1 - 0.2) (1 - 0.1) (1 - 0.05)
= 0.8 x 0.9 x 0.95 = 0.684 = (1 - 0.316)


Q2.If a commission of 10% is given on the marked price of a article, the gain is 25%. Find the gain percent, if the commission is increased to 20%.
  • 1%
  • 2%
  • 3%
  • 11%
Solution

Let the Marked price be Rs 100
Then SP = Rs (90/100) x 100 = Rs 90
Gain = 25%.
CP = (100/125) x 90 = Rs 72
New Commission = Rs 20, New SP = Rs 80
New Profit = (8/72) x 100 = Rs 11 %


Q3.If a commission of 10% is given on the marked price of a article, the gain is 25%. Find the gain percent, if the commission is increased to 20%.
  • 1%
  • 2%
  • 3%
  • 4%
Solution

SP = (1 + 0.2)(1 - 0.15)CP = 1.2 x 0.85CP - 1.02CP 

 
Q4.Two-third of a consignment was sold at a profit of 5% and the remainder at loss of 2%. If the profit was Rs 400, the value of consignment was.
  • 20000
  • 15000
  • 12000    
  • 10000
Solution
P = 2/3(5%) + 1/3(-2%) = 8/3% CP = 400





CP = 400x300/8 = 15,000


Q5.A man sells two commodities at the same price. On one he gains 20% and loses 20% on the other, He gets:
  • 1% loss
  • 4% loss
  • 1% gain
  • no gain no loss
Solution

SP = 1.2CP1 = 0.8 CP2
CP1 + CP2 = = SP SP
= Since 2 items 2SP = 0.96 (CP1 + CP2)
= (1- 0.04)(CP1 + CP2)
Alternate Method:
Using direct formula:
Loss % =
= (20/10)2 = 4% loss


Q6.A sweet seller declares that he sells sweets at the cost price. However, he uses a weight of 450 gms instead of 500 gms. His percentage profit is:
  • 10
  • 11.11%
  • 12
  • 11
Solution

Profit = x 500 = %    or    11.11%


Q7.A man loses Rs 20 by selling some toys at the rate of Rs 3 per piece and gains Rs 30, if he sells them at Rs 3.25 per piece. The number of pieces sold, by him is:
  • 100
  • 120
  • 200
  • 300
Solution

Let price = P Quantity = Q
PQ - 3Q = 20, PQ - 3.25Q = -30
  therefore  Q = 200
Q8.On selling an article for Rs 240, a trader loses 4%. In order to gain 10%, he must sell that article for :
  • Rs 264
  • Rs 273.20
  • Rs 275
  • Rs 280
Solution
(1.00 - 0.04) = 240  , CP
1.1 CP = 1.1 x 240/0.96 = 275

Q9.A man bought an article and sold it at a gain of 6%. If he had bought it at 5% less and sold it for Re 1 less, he would have made a profit of 10%. The CP of the article was:
  • Rs 100
  • Rs 150
  • Rs 67
  • Rs 500
Solution

Initial SP = 1.06 CP
New SP = Old SP - 1 = (0.95)CP x (1.1) = 1.045CP
1.06CP - 1 = 1.045CP
= 0.015CP = 1 CP = 66.66


Q10.A reduction of 25% in the price of eggs will enable one to buy 4 dozen more eggs for Rs 96. What is the price per dozen?
  • Rs 6
  • Rs 8
  • Rs 8.50
  • Rs 9
Solution
Let Price be P & Quantity be Q
PQ = 0.75P (Q + 4) = 96 …………..(i)
96 = 3P + 72  
P = 8 Q = 12

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