quants-profit-loss-quiz3

Profit & Loss Quiz-3

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.Raghu bought 4 dozen oranges at Rs 12 per dozen and 2 dozen oranges at Rs 16 per dozen. He sold them all to earn % profit. At what price per dozen did he sell the oranges?

• Rs 14.40
• Rs 16
• Rs 16.80
• Rs 19.20

Solution

CP = (4 x 12 + 2 x 16) / (4 + 2) = 80/6

SP = 1.2CP = 1.2 x 80/6 = 16

Q2. A single discount equivalent to a discount series of 40% and 20% is:

•   50%
•   52%
•   55%
•   60%

Solution

SP = (1 - 0.4) (1 - 0.2)CP = 0.6 x 0.8CP = 0.48

CP = (1 - 0.52) CP

Q3. Rajesh buys an article with 25% discount on its marked price. He makes a profit of 10% by selling it at Rs 660 the marked price is:

• Rs 600
• Rs 685
• Rs 700
• None of these

Solution

SP = 660 = 1.1 CP  

CP = 600

CP = (1 - 0.25)MP = 0.75MP

MP =  

Q4.What price should a shopkeeper mark on an article, costing him Rs 153, to gain 20% after allowing a discount of 15%?

• Rs 224
• Rs 216
• Rs 184
• Rs 162

Solution

0.85 MP = SP = 1.2CP

MP = C P = x 153 = 216

Q5.If the SP of Rs 24 results in a discount on list price, what SP would result in a 30% discount on list price?

• Rs 27
• Rs 21
• Rs 20
• Data inadequate

Solution

  We need discount on the current price

Q6. If the cost price of 12 books is same as the selling price of 16 books, the loss percentage is

• 15%
• 20%
• 25%
• 30%

CP of 12 books = SP of 16 books

= CP of 16 books + (P/2) of 16 books

CP of 4 books = Loss of 16 books

CP of 1 book = loss of 4 books

Loss = 1/4 CP = 25% CP

Alternate Method:

Let the CP of 1 book = Re 1

CP of 16 books = Rs 16

SP of 16 Books = Rs 12

Loss % = (4/16) x 10 = 25%

Q7. A man loses the selling price of 4 apples on selling 36 apples. His loss percentage is

• 12.5%  
• 11.1%  
• 10%  
• None of these

Solution

Let SP of 1 apple = x; SP of 36 apples = 36x

Loss = 4x  

CP = 40x

Therefore, Loss %age = (4/40) x 100 = 40%

Q8.A man sells two cows for Rs. 4000 each, neither gaining nor losing in the deal. If he sold one cow at a gain of 25%, then the other cow is sold at a loss of

• 16.66%
• 18.22%
• 25%
• None of these

Solution

4000 = 1.25 CP₁

CP₁ = 3200, Profit = 800

CP₂ = 4000 + 800 = 4800

Loss = = 16.66%

Q9. The cost price of an article is 40% of the selling price. The percentage that the selling price is of cost price is

• 250%
• 240%
• 60%
• 40%

Solution

CP = 40% of SP = 0.4 SP

SP₁ = 2.5 CP = 250%

Q10. Two horses were sold for Rs.12000 each, one at a loss of 20% and the other at a gain of 20%. The entire transaction resulted in

• no loss, no gain
• loss of 4%
• gain of 4%
• gain of 8%

Solution

1.2 CP = 12000  

CP = 10000

P = 2000

0.8 CP = 12000  

 CP = 15000

L = 3000

Loss = 3000 - 2000 = 1000

Alternate Method:

Using direct formula:

Loss % =

= (20/10)² = 4% loss