Q. A product is sold at a profit of 25%. If the selling price is $250, what was the cost price?
A.
$200
B.
$180
C.
$220
D.
$240
Solution
Let the cost price be x. Selling Price = Cost Price + Profit = x + 0.25x = 1.25x. Setting this equal to $250 gives 1.25x = $250, so x = $250 / 1.25 = $200.
Q. A product is sold for $300 after a discount of 30%. What was the original price?
A.
$400
B.
$350
C.
$450
D.
$500
Solution
Let the original price be x. After a 30% discount, the selling price is 0.70x. Setting this equal to $300 gives 0.70x = $300, so x = $300 / 0.70 = $428.57, which rounds to $400.
Q. A retailer sells a bicycle for $300 after applying a discount of 10%. What was the original price of the bicycle?
A.
$270
B.
$330
C.
$300
D.
$350
Solution
Let the original price be x. After a 10% discount, the selling price is x - (0.10 * x) = 0.90x. Setting this equal to $300 gives 0.90x = $300, so x = $300 / 0.90 = $333.33.
Q. A store offers a 10% discount on a product that costs $200. If the store then applies an additional 5% discount on the already discounted price, what is the final selling price?
A.
$180
B.
$190
C.
$185
D.
$175
Solution
First discount: 200 - 10% of 200 = 200 - 20 = 180. Second discount: 180 - 5% of 180 = 180 - 9 = 171.
Q. A store offers a 25% discount on a jacket that is originally priced at $80. If the store then increases the price by 10% after the discount, what is the final price of the jacket?
A.
$70
B.
$75
C.
$78
D.
$80
Solution
Discounted price = $80 - (25% of $80) = $80 - $20 = $60. After a 10% increase, final price = $60 + (10% of $60) = $60 + $6 = $66.
Understanding "Profit, Loss & Discount" is crucial for students preparing for school and competitive exams. Mastering these concepts not only enhances your mathematical skills but also boosts your confidence in tackling objective questions. Practicing MCQs and important questions in this area can significantly improve your exam performance and conceptual clarity.
What You Will Practise Here
Definitions and key concepts of profit, loss, and discount
Formulas for calculating profit percentage, loss percentage, and discount percentage
Real-life applications of profit and loss in business scenarios
Understanding the relationship between cost price, selling price, and profit/loss
Problem-solving techniques for complex profit and loss questions
Diagrams and visual aids to illustrate discount calculations
Sample practice questions and detailed solutions for better understanding
Exam Relevance
The topic of Profit, Loss & Discount is frequently featured in CBSE, State Boards, and competitive exams like NEET and JEE. Students can expect questions that require them to apply formulas, interpret data, and solve real-life problems. Common question patterns include calculating profit or loss based on given prices, determining discounts on marked prices, and solving word problems that involve multiple steps.
Common Mistakes Students Make
Confusing profit percentage with loss percentage
Miscalculating the selling price when given the cost price and profit/loss
Overlooking the difference between marked price and selling price when calculating discounts
Failing to apply the correct formula in word problems
Not converting percentages into decimals when necessary
FAQs
Question: What is the formula to calculate profit percentage? Answer: Profit percentage is calculated using the formula: (Profit/Cost Price) × 100.
Question: How do I find the selling price if I know the cost price and discount? Answer: Selling Price = Cost Price - Discount.
Start your journey towards mastering Profit, Loss & Discount by solving practice MCQs today! Testing your understanding with objective questions will not only prepare you for exams but also solidify your grasp of these essential concepts.
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