Profit, Loss & Discount MCQ & Objective Questions
Understanding the concepts of Profit, Loss, and Discount is crucial for students preparing for various exams. These topics not only form a significant part of the mathematics syllabus but also enhance your analytical skills. Practicing MCQs and objective questions on these concepts can significantly improve your exam scores and boost your confidence. Engaging with practice questions helps you grasp important concepts and prepares you for the types of questions you will encounter in your exams.
What You Will Practise Here
Definitions and basic 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 difference between Cost Price, Selling Price, and Marked Price
Solving numerical problems involving Profit, Loss, and Discount
Interpreting word problems and translating them into mathematical equations
Diagrams and visual aids to illustrate key concepts
Exam Relevance
The topics of Profit, Loss, and Discount are frequently tested in CBSE, State Boards, NEET, JEE, and other competitive exams. Students can expect a variety of question patterns, including direct calculations, application-based problems, and conceptual questions. Mastering these topics will not only help you in mathematics but also in real-world financial literacy.
Common Mistakes Students Make
Confusing Cost Price and Selling Price when calculating Profit or Loss
Misunderstanding the concept of Marked Price and its relation to Discount
Failing to convert percentages into decimals correctly during calculations
Overlooking the importance of reading the question carefully, leading to incorrect assumptions
Neglecting to practice word problems, which can be tricky and require careful interpretation
FAQs
Question: What is the formula for calculating Profit Percentage?Answer: Profit Percentage = (Profit/Cost Price) × 100.
Question: How do I calculate Discount Amount?Answer: Discount Amount = Marked Price × (Discount Percentage/100).
Question: Why is it important to practice MCQs on Profit, Loss, and Discount?Answer: Practicing MCQs helps reinforce concepts, improves speed, and enhances problem-solving skills, which are essential for exams.
Now is the time to sharpen your skills! Dive into our practice MCQs on Profit, Loss, and Discount to test your understanding and prepare effectively for your exams. Every question you solve brings you one step closer to success!
Q. A laptop is marked at $800. If it is sold for $720, what is the percentage discount given?
A.
10%
B.
12.5%
C.
15%
D.
20%
Show solution
Solution
Discount = Marked Price - Selling Price = 800 - 720 = $80. Percentage Discount = (80/800) * 100 = 10%.
Correct Answer:
B
— 12.5%
Learn More →
Q. A man bought a bicycle for $300 and sold it at a loss of 10%. What is the selling price?
A.
$270
B.
$280
C.
$290
D.
$300
Show solution
Solution
Loss = 10% of 300 = 0.10 * 300 = $30. Selling Price = Cost Price - Loss = 300 - 30 = $270.
Correct Answer:
A
— $270
Learn More →
Q. A merchant bought 10 kg of sugar at $5 per kg and sold it at $6 per kg. What is the total profit?
A.
$5
B.
$10
C.
$15
D.
$20
Show solution
Solution
Cost Price = 10 * 5 = 50. Selling Price = 10 * 6 = 60. Profit = Selling Price - Cost Price = 60 - 50 = 10.
Correct Answer:
B
— $10
Learn More →
Q. A merchant bought a watch for $200 and sold it for $250. What is the profit in dollars?
A.
$40
B.
$50
C.
$60
D.
$70
Show solution
Solution
Profit = Selling Price - Cost Price = 250 - 200 = 50.
Correct Answer:
B
— $50
Learn More →
Q. A merchant bought a watch for $300 and sold it for $360. What is the profit in dollars?
A.
$50
B.
$60
C.
$70
D.
$80
Show solution
Solution
Profit = Selling Price - Cost Price = 360 - 300 = 60.
Correct Answer:
B
— $60
Learn More →
Q. A pair of shoes is marked at $120. If a 10% discount is followed by a 5% discount, what is the final price?
A.
$108
B.
$114
C.
$115
D.
$110
Show solution
Solution
First discount: 120 - (10/100 * 120) = 120 - 12 = $108. Second discount: 108 - (5/100 * 108) = 108 - 5.4 = $102.6.
Correct Answer:
A
— $108
Learn More →
Q. A pair of shoes is marked at $120. If a customer receives a 25% discount followed by an additional 10% discount, what is the final price?
A.
$81
B.
$90
C.
$84
D.
$75
Show solution
Solution
First discount: 120 - (0.25 * 120) = 120 - 30 = 90. Second discount: 90 - (0.10 * 90) = 90 - 9 = $81.
Correct Answer:
C
— $84
Learn More →
Q. A pair of shoes is marked at $90. If a 15% discount is applied, what is the selling price?
A.
$76.50
B.
$75
C.
$80
D.
$70
Show solution
Solution
Selling Price = Marked Price - (Discount % of Marked Price) = 90 - (15/100 * 90) = 90 - 13.5 = $76.50.
Correct Answer:
A
— $76.50
Learn More →
Q. A pair of shoes is marked at $90. If a 30% discount is applied, what is the selling price?
A.
$63
B.
$70
C.
$72
D.
$75
Show solution
Solution
Selling Price = Marked Price - (Discount % * Marked Price) = 90 - (0.30 * 90) = 90 - 27 = $63.
Correct Answer:
A
— $63
Learn More →
Q. A pair of shoes is marked at $90. If a discount of 30% is applied, what is the selling price?
A.
$63
B.
$70
C.
$60
D.
$75
Show solution
Solution
Selling Price = Marked Price - (Discount % of Marked Price) = 90 - (30/100 * 90) = 90 - 27 = $63.
Correct Answer:
A
— $63
Learn More →
Q. A product is bought for $150 and sold for $180. What is the profit in dollars?
A.
$20
B.
$25
C.
$30
D.
$35
Show solution
Solution
Profit = Selling Price - Cost Price = 180 - 150 = $30.
Correct Answer:
A
— $20
Learn More →
Q. A product is marked at $200 and is sold at a discount of 15%. What is the selling price?
A.
$170
B.
$180
C.
$190
D.
$200
Show solution
Solution
Discount = 15% of 200 = 0.15 * 200 = 30. Selling Price = Marked Price - Discount = 200 - 30 = 170.
Correct Answer:
A
— $170
Learn More →
Q. A product is marked at $500 and sold for $450 after a discount. What is the discount percentage?
A.
5%
B.
10%
C.
15%
D.
20%
Show solution
Solution
Discount = Marked Price - Selling Price = 500 - 450 = 50. Discount Percentage = (Discount/Marked Price) * 100 = (50/500) * 100 = 10%.
Correct Answer:
C
— 15%
Learn More →
Q. A product is sold for $300 after a discount of 25%. What was the original price?
A.
$350
B.
$375
C.
$400
D.
$450
Show solution
Solution
Let the original price be x. Selling Price = Original Price - Discount = x - 0.25x = 0.75x. So, 0.75x = 300. Therefore, x = 300/0.75 = $400.
Correct Answer:
C
— $400
Learn More →
Q. A retailer bought a watch for $80 and marked it up by 25%. What is the marked price?
A.
$90
B.
$100
C.
$110
D.
$120
Show solution
Solution
Marked Price = Cost Price + Markup = 80 + (25% of 80) = 80 + 20 = $100.
Correct Answer:
C
— $110
Learn More →
Q. A retailer bought a watch for $80 and sold it for $100. What is the gain in dollars?
A.
$15
B.
$20
C.
$25
D.
$30
Show solution
Solution
Gain = Selling Price - Cost Price = 100 - 80 = 20.
Correct Answer:
B
— $20
Learn More →
Q. A retailer bought a watch for $80 and sold it for $100. What is the gain in percentage?
A.
25%
B.
30%
C.
20%
D.
15%
Show solution
Solution
Gain = Selling Price - Cost Price = 100 - 80 = 20. Gain Percentage = (Gain/Cost Price) * 100 = (20/80) * 100 = 25%.
Correct Answer:
A
— 25%
Learn More →
Q. A retailer marks a product 40% above the cost price. If the cost price is $50, what is the marked price?
A.
$60
B.
$70
C.
$80
D.
$90
Show solution
Solution
Marked Price = Cost Price + 40% of Cost Price = 50 + 0.40 * 50 = 50 + 20 = 70.
Correct Answer:
C
— $80
Learn More →
Q. A retailer marks up the price of a product by 25% and then offers a discount of 10%. If the cost price is $80, what is the final selling price?
A.
$90
B.
$92
C.
$95
D.
$100
Show solution
Solution
Marked Price = Cost Price + 25% of Cost Price = 80 + 20 = $100. Discount = 10% of 100 = $10. Selling Price = 100 - 10 = $90.
Correct Answer:
B
— $92
Learn More →
Q. A retailer marks up the price of a watch by 25% and then offers a discount of 10%. If the cost price is $200, what is the selling price?
A.
$220
B.
$230
C.
$240
D.
$250
Show solution
Solution
Marked Price = Cost Price + 25% of Cost Price = 200 + 50 = 250. Discount = 10% of 250 = 25. Selling Price = Marked Price - Discount = 250 - 25 = 225.
Correct Answer:
C
— $240
Learn More →
Q. A retailer marks up the price of a watch by 25% and then offers a discount of 10%. If the cost price is $200, what is the final selling price?
A.
$220
B.
$225
C.
$230
D.
$240
Show solution
Solution
Marked Price = Cost Price + 25% of Cost Price = 200 + 50 = $250. Discount = 10% of 250 = 25. Selling Price = 250 - 25 = $225.
Correct Answer:
C
— $230
Learn More →
Q. A retailer offers a discount of 15% on a jacket priced at $200. What is the selling price after the discount?
A.
$170
B.
$180
C.
$190
D.
$160
Show solution
Solution
Discount = 15% of 200 = 0.15 * 200 = 30. Selling Price = 200 - 30 = 170.
Correct Answer:
B
— $180
Learn More →
Q. A seller bought a bicycle for $150 and sold it for $180. What is the profit in dollars?
A.
$20
B.
$25
C.
$30
D.
$35
Show solution
Solution
Profit = Selling Price - Cost Price = 180 - 150 = $30.
Correct Answer:
A
— $20
Learn More →
Q. A seller bought a bicycle for $300 and sold it at a loss of 10%. What is the selling price?
A.
$270
B.
$280
C.
$290
D.
$300
Show solution
Solution
Loss = 10% of 300 = 30. Selling Price = Cost Price - Loss = 300 - 30 = 270.
Correct Answer:
A
— $270
Learn More →
Q. A shirt is marked at $80. If a discount of 20% is applied, what is the selling price?
A.
$64
B.
$60
C.
$70
D.
$72
Show solution
Solution
Selling Price = Marked Price - (Discount % * Marked Price) = 80 - (0.20 * 80) = 80 - 16 = $64.
Correct Answer:
A
— $64
Learn More →
Q. A shirt is marked at $80. If a discount of 20% is offered, what is the selling price?
A.
$64
B.
$60
C.
$70
D.
$72
Show solution
Solution
Selling Price = Marked Price - (Discount % * Marked Price) = 80 - (0.20 * 80) = 80 - 16 = $64.
Correct Answer:
A
— $64
Learn More →
Q. A shopkeeper marks a price of $250 on a table and gives a discount of 10%. What is the selling price?
A.
$225
B.
$240
C.
$230
D.
$220
Show solution
Solution
Discount = 10% of 250 = 0.1 * 250 = 25. Selling Price = 250 - 25 = 225.
Correct Answer:
A
— $225
Learn More →
Q. A shopkeeper marks a price of $500 on a sofa and gives a discount of 15%. What is the selling price?
A.
$425
B.
$450
C.
$475
D.
$500
Show solution
Solution
Discount = 15% of 500 = 0.15 * 500 = $75. Selling Price = 500 - 75 = $425.
Correct Answer:
A
— $425
Learn More →
Q. A shopkeeper offers a discount of 25% on a product marked at $80. What is the final selling price?
A.
$60
B.
$65
C.
$70
D.
$75
Show solution
Solution
Discount = 25% of 80 = 0.25 * 80 = 20. Selling Price = Marked Price - Discount = 80 - 20 = 60.
Correct Answer:
A
— $60
Learn More →
Q. A shopkeeper sells a laptop for $800 after giving a discount of 20%. What was the marked price?
A.
$1000
B.
$900
C.
$950
D.
$850
Show solution
Solution
Let the marked price be x. Selling Price = Marked Price - Discount = x - 0.20x = 0.80x. So, 0.80x = 800. Therefore, x = 800/0.80 = 1000.
Correct Answer:
A
— $1000
Learn More →
Showing 31 to 60 of 102 (4 Pages)
