Profit and Loss MCQ & Objective Questions
Understanding the concept of Profit and Loss is crucial for students preparing for exams. This topic not only forms a significant part of the curriculum but also helps in developing analytical skills. Practicing MCQs and objective questions related to Profit and Loss can enhance your exam preparation and boost your confidence, ensuring you score better in your assessments.
What You Will Practise Here
Basic definitions of Profit and Loss
Formulas for calculating profit percentage and loss percentage
Understanding cost price, selling price, and their relationships
Real-life applications of Profit and Loss in business scenarios
Common tricks to solve Profit and Loss problems quickly
Diagrams and visual aids to illustrate key concepts
Practice questions that cover various difficulty levels
Exam Relevance
The topic of Profit and Loss is frequently tested in CBSE, State Boards, and competitive exams like NEET and JEE. It often appears in the form of direct questions, word problems, and application-based scenarios. Students can expect to encounter questions that require them to calculate profit margins, determine selling prices, or analyze business transactions. Familiarity with common question patterns can significantly enhance your performance in these exams.
Common Mistakes Students Make
Confusing profit with loss and vice versa
Incorrectly applying formulas, especially in percentage calculations
Overlooking the importance of units in calculations
Failing to read the question carefully, leading to misinterpretation
FAQs
Question: What is the formula for calculating profit percentage?Answer: The formula for profit percentage is (Profit / Cost Price) × 100.
Question: How can I quickly identify whether a transaction results in profit or loss?Answer: Compare the selling price with the cost price; if the selling price is higher, it’s profit; if lower, it’s loss.
Question: Are there any shortcuts for solving Profit and Loss problems?Answer: Yes, understanding the relationships between cost price, selling price, and profit/loss can help you solve problems more efficiently.
Now that you have a clear understanding of Profit and Loss, it's time to put your knowledge to the test! Dive into our practice MCQs and objective questions to solidify your understanding and excel in your exams.
Q. A shopkeeper marks a price of $200 on a shirt and offers a discount of 15%. What is the selling price?
A.
$170
B.
$175
C.
$180
D.
$185
Show solution
Solution
Discount = 15% of 200 = 0.15 * 200 = 30. Selling Price = Marked Price - Discount = 200 - 30 = 170.
Correct Answer:
A
— $170
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Q. A shopkeeper sells a shirt for $300 after giving a discount of 25% on the marked price. What was the marked price?
A.
$350
B.
$400
C.
$450
D.
$500
Show solution
Solution
Let Marked Price = x. Selling Price = x - 25% of x = 0.75x. 0.75x = 300. x = 300/0.75 = 400.
Correct Answer:
B
— $400
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Q. A shopkeeper sells a toy for $60, making a profit of 20%. What was the cost price?
A.
$50
B.
$55
C.
$45
D.
$60
Show solution
Solution
Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 60. x = 60/1.2 = 50.
Correct Answer:
A
— $50
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Q. A shopkeeper sells an item for $240 after a profit of 20%. What was the cost price?
A.
$200
B.
$220
C.
$180
D.
$240
Show solution
Solution
Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. Therefore, 1.2x = 240. x = 240/1.2 = 200.
Correct Answer:
A
— $200
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Q. A trader bought 50 kg of sugar at $2 per kg and sold it at $2.50 per kg. What is the total profit?
A.
$25
B.
$30
C.
$20
D.
$15
Show solution
Solution
Cost Price = 50 * 2 = 100. Selling Price = 50 * 2.5 = 125. Profit = Selling Price - Cost Price = 125 - 100 = 25.
Correct Answer:
A
— $25
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Q. A trader marks a price of $1000 on an item and offers a discount of 15%. What is the selling price?
A.
$850
B.
$900
C.
$950
D.
$800
Show solution
Solution
Discount = 15% of 1000 = 150. Selling Price = Marked Price - Discount = 1000 - 150 = 850.
Correct Answer:
A
— $850
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Q. A trader marks a price of $500 on a product and offers a discount of 10%. What is the selling price?
A.
$450
B.
$400
C.
$475
D.
$425
Show solution
Solution
Discount = 10% of 500 = 50. Selling Price = Marked Price - Discount = 500 - 50 = 450.
Correct Answer:
A
— $450
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Q. A trader marks a price of $500 on an item and offers a discount of 10%. What is the selling price?
A.
$450
B.
$400
C.
$500
D.
$350
Show solution
Solution
Discount = 10% of 500 = 50. Selling Price = Marked Price - Discount = 500 - 50 = 450.
Correct Answer:
A
— $450
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Q. A trader marks an article at $800 and allows a discount of 15%. What is the selling price?
A.
$680
B.
$700
C.
$750
D.
$720
Show solution
Solution
Discount = 15% of 800 = 0.15 * 800 = 120. Selling Price = Marked Price - Discount = 800 - 120 = 680.
Correct Answer:
A
— $680
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Q. If a man sells a TV for $800 at a loss of 20%, what was the cost price?
A.
$960
B.
$800
C.
$720
D.
$640
Show solution
Solution
Let Cost Price = x. Selling Price = x - 20% of x = 0.8x. Therefore, 0.8x = 800. x = 800/0.8 = 1000.
Correct Answer:
A
— $960
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Q. If a person buys a laptop for $800 and sells it for $720, what is the loss percentage?
A.
10%
B.
15%
C.
12.5%
D.
8%
Show solution
Solution
Loss = Cost Price - Selling Price = 800 - 720 = 80. Loss Percentage = (Loss/Cost Price) * 100 = (80/800) * 100 = 10%.
Correct Answer:
C
— 12.5%
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Q. If a person buys a watch for $150 and sells it for $180, what is the profit in dollars?
A.
$20
B.
$30
C.
$25
D.
$15
Show solution
Solution
Profit = Selling Price - Cost Price = 180 - 150 = 30.
Correct Answer:
B
— $30
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Q. If a person buys a watch for $80 and sells it for $100, what is the profit in dollars?
A.
$15
B.
$20
C.
$25
D.
$30
Show solution
Solution
Profit = Selling Price - Cost Price = 100 - 80 = 20.
Correct Answer:
B
— $20
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Q. If a person buys a watch for $80 and sells it for $64, what is the loss percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Loss = Cost Price - Selling Price = 80 - 64 = 16. Loss Percentage = (Loss/Cost Price) * 100 = (16/80) * 100 = 20%.
Correct Answer:
C
— 25%
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Q. If a person sells a book for $30 at a loss of 25%, what was the cost price?
A.
$35
B.
$40
C.
$45
D.
$50
Show solution
Solution
Let Cost Price = x. Selling Price = x - 25% of x = 0.75x. 0.75x = 30. x = 30/0.75 = 40.
Correct Answer:
B
— $40
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Q. If a person sells a book for $45 and incurs a loss of 10%, what was the cost price?
A.
$50
B.
$55
C.
$60
D.
$45
Show solution
Solution
Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 45. x = 45/0.9 = 50.
Correct Answer:
A
— $50
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Q. If a person sells a book for $45 at a loss of 10%, what was the cost price?
A.
$50
B.
$55
C.
$60
D.
$65
Show solution
Solution
Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 45. x = 45/0.9 = 50.
Correct Answer:
A
— $50
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Q. If a person sells a watch for $150 and incurs a loss of 25%, what was the cost price?
A.
$175
B.
$180
C.
$200
D.
$210
Show solution
Solution
Let Cost Price = x. Selling Price = x - 25% of x = 0.75x. 0.75x = 150. x = 150/0.75 = 200.
Correct Answer:
C
— $200
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Q. If a person sells a watch for $240 and makes a profit of 20%, what was the cost price?
A.
$200
B.
$220
C.
$180
D.
$240
Show solution
Solution
Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 240. x = 240/1.2 = 200.
Correct Answer:
A
— $200
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Q. If a product is sold for $120 after a profit of 20%, what was the cost price?
A.
$90
B.
$100
C.
$110
D.
$80
Show solution
Solution
Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 120. x = 120/1.2 = 100.
Correct Answer:
B
— $100
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Q. If a product is sold for $120 at a profit of 20%, what was the cost price?
A.
$100
B.
$90
C.
$110
D.
$80
Show solution
Solution
Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 120. x = 120/1.2 = 100.
Correct Answer:
A
— $100
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Q. If a product is sold for $600 at a profit of 20%, what was the cost price?
A.
$480
B.
$500
C.
$520
D.
$600
Show solution
Solution
Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 600. x = 600/1.2 = 500.
Correct Answer:
A
— $480
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Q. If a seller sells an item for $450 at a loss of 10%, what was the cost price?
A.
$500
B.
$550
C.
$600
D.
$450
Show solution
Solution
Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 450. x = 450/0.9 = 500.
Correct Answer:
A
— $500
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Q. If a trader makes a profit of $50 on selling a watch for $250, what is the cost price?
A.
$200
B.
$210
C.
$220
D.
$230
Show solution
Solution
Cost Price = Selling Price - Profit = 250 - 50 = 200.
Correct Answer:
A
— $200
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Q. If a trader makes a profit of 15% on an item that costs $80, what is the selling price?
A.
$90
B.
$92
C.
$95
D.
$85
Show solution
Solution
Profit = 15% of 80 = 0.15 * 80 = 12. Selling Price = Cost Price + Profit = 80 + 12 = 92.
Correct Answer:
B
— $92
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Q. If a trader makes a profit of 25% on an item bought for $80, what is the selling price?
A.
$90
B.
$100
C.
$110
D.
$120
Show solution
Solution
Profit = 25% of 80 = 0.25 * 80 = 20. Selling Price = Cost Price + Profit = 80 + 20 = 100.
Correct Answer:
B
— $100
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Q. If the cost price of an item is $150 and it is sold for $180, what is the gain in percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Gain = Selling Price - Cost Price = 180 - 150 = 30. Gain Percentage = (Gain/Cost Price) * 100 = (30/150) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. If the cost price of an item is $300 and it is sold 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
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