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 shopkeeper sells an item for $80 at a profit of 20%. What was the cost price?
A.
$60
B.
$65
C.
$70
D.
$75
Show solution
Solution
Let the cost price be x. Selling Price = Cost Price + Profit = x + 20% of x = x + 0.2x = 1.2x. Therefore, 1.2x = 80. x = 80 / 1.2 = 66.67.
Correct Answer:
A
— $60
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Q. A shopkeeper sells an item for $80 at a profit of 25%. What was the cost price of the item?
A.
$60
B.
$65
C.
$70
D.
$75
Show solution
Solution
Let the cost price be x. Selling Price = x + 25% of x = 1.25x. Therefore, 1.25x = 80. x = 80 / 1.25 = $64.
Correct Answer:
A
— $60
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Q. A sofa is marked at $600 and has a 15% discount followed by a 5% discount. What is the final price?
A.
$510
B.
$525
C.
$540
D.
$550
Show solution
Solution
First discount: 600 - (0.15 * 600) = 600 - 90 = $510. Second discount: 510 - (0.05 * 510) = 510 - 25.5 = $484.5.
Correct Answer:
C
— $540
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Q. A sofa is marked at $900. If it is sold for $675 after two successive discounts of 10% and 15%, what is the total discount percentage?
A.
25%
B.
30%
C.
35%
D.
20%
Show solution
Solution
First discount: 900 - (10/100 * 900) = 900 - 90 = $810. Second discount: 810 - (15/100 * 810) = 810 - 121.5 = $688.5.
Correct Answer:
B
— 30%
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Q. A store offers a 25% discount on a jacket that is marked at $120. What is the final price after the discount?
A.
$90
B.
$80
C.
$100
D.
$70
Show solution
Solution
Discount = 25% of 120 = 0.25 * 120 = 30. Final Price = Marked Price - Discount = 120 - 30 = 90.
Correct Answer:
A
— $90
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Q. A store offers a 25% discount on a jacket that is originally priced at $120. What is the final price after the discount?
A.
$80
B.
$85
C.
$90
D.
$95
Show solution
Solution
Discount = 25% of 120 = 0.25 * 120 = 30. Final Price = 120 - 30 = 90.
Correct Answer:
C
— $90
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Q. A store offers a 25% discount on a jacket that is originally priced at $200. What is the final price after the discount?
A.
$150
B.
$160
C.
$170
D.
$180
Show solution
Solution
Discount = 25% of 200 = 0.25 * 200 = 50. Final Price = Original Price - Discount = 200 - 50 = 150.
Correct Answer:
A
— $150
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Q. A store offers a 30% discount on a jacket that is originally priced at $200. What is the final price after the discount?
A.
$130
B.
$140
C.
$150
D.
$160
Show solution
Solution
Discount = 30% of 200 = 0.30 * 200 = $60. Final Price = 200 - 60 = $140.
Correct Answer:
A
— $130
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Q. A store offers a 30% discount on a jacket that originally costs $200. What is the final price after the discount?
A.
$130
B.
$140
C.
$150
D.
$160
Show solution
Solution
Discount = 30% of 200 = 0.30 * 200 = $60. Final Price = 200 - 60 = $140.
Correct Answer:
A
— $130
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Q. A store offers a discount of 15% on a jacket that costs $120. What is the final price after discount?
A.
$90
B.
$100
C.
$105
D.
$110
Show solution
Solution
Discount = 15% of 120 = 0.15 * 120 = $18. Final Price = Cost - Discount = 120 - 18 = $102.
Correct Answer:
B
— $100
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Q. A store sells a laptop for $800 after applying a discount of 20%. What was the original price?
A.
$900
B.
$1000
C.
$1100
D.
$1200
Show solution
Solution
Let the original price be x. Selling Price = x - 0.20x = 0.80x. So, 0.80x = 800. Therefore, x = 800 / 0.80 = 1000.
Correct Answer:
B
— $1000
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Q. A television is marked at $500. If it is sold at a price after applying a 25% discount, what is the selling price?
A.
$375
B.
$400
C.
$425
D.
$450
Show solution
Solution
Selling Price = Marked Price - (Discount % of Marked Price) = 500 - (25/100 * 500) = 500 - 125 = $375.
Correct Answer:
A
— $375
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Q. A television is marked at $500. If it is sold for $400 after a discount, what is the discount percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Discount = 500 - 400 = $100. Discount Percentage = (100/500) * 100 = 20%.
Correct Answer:
B
— 25%
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Q. A television is marked at $600. If it is sold at a price after applying a 25% discount, what is the selling price?
A.
$450
B.
$400
C.
$500
D.
$550
Show solution
Solution
Selling Price = Marked Price - (Discount % of Marked Price) = 600 - (25/100 * 600) = 600 - 150 = $450.
Correct Answer:
A
— $450
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Q. A television is marked at $600. If it is sold for $480 after a discount, what is the discount percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Discount = 600 - 480 = $120. Discount Percentage = (120/600) * 100 = 20%.
Correct Answer:
B
— 25%
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Q. A television is marked at $600. If it is sold for $480 after a discount, what was the discount percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Discount = 600 - 480 = 120. Percentage Discount = (120 / 600) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. A watch is marked at $250. If it is sold for $200, what is the discount percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Discount = 250 - 200 = 50. Percentage Discount = (50/250) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. An electronic gadget is marked at $200. If it is sold at a price after a 30% discount, what is the selling price?
A.
$140
B.
$150
C.
$160
D.
$170
Show solution
Solution
Selling Price = Marked Price - (Discount % * Marked Price) = 200 - (0.30 * 200) = 200 - 60 = $140.
Correct Answer:
A
— $140
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Q. An item is marked at $120 and has a 25% discount followed by a 10% discount. What is the final price?
A.
$90
B.
$84
C.
$96
D.
$100
Show solution
Solution
First discount: 120 - (0.25 * 120) = 120 - 30 = $90. Second discount: 90 - (0.10 * 90) = 90 - 9 = $81.
Correct Answer:
B
— $84
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Q. An item is marked at $120 and has a successive discount of 10% followed by 20%. What is the final price?
A.
$96
B.
$100
C.
$90
D.
$80
Show solution
Solution
First discount: 120 - (10/100 * 120) = 120 - 12 = $108. Second discount: 108 - (20/100 * 108) = 108 - 21.6 = $86.4.
Correct Answer:
A
— $96
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Q. An item is marked at $120 and is sold at a price after two successive discounts of 10% and 20%. What is the final selling price?
A.
$96
B.
$100
C.
$108
D.
$110
Show solution
Solution
First discount = 120 * 10/100 = 12. New price = 120 - 12 = 108. Second discount = 108 * 20/100 = 21.6. Final price = 108 - 21.6 = $86.4.
Correct Answer:
A
— $96
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Q. An item is marked at $120 and is sold at a price of $90 after two successive discounts of 10% and 15%. What is the total discount percentage?
A.
25%
B.
30%
C.
35%
D.
40%
Show solution
Solution
First discount = 120 * 10/100 = 12. New price = 120 - 12 = 108. Second discount = 108 * 15/100 = 16.2. Final price = 108 - 16.2 = 91.8. Total discount = 120 - 91.8 = 28.2. Percentage = (28.2/120) * 100 = 23.5%.
Correct Answer:
C
— 35%
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Q. An item is marked at $150 and has two successive discounts of 10% and 15%. What is the final selling price?
A.
$127.50
B.
$128.25
C.
$130.00
D.
$135.00
Show solution
Solution
First discount: 150 - (0.10 * 150) = 150 - 15 = $135. Second discount: 135 - (0.15 * 135) = 135 - 20.25 = $114.75.
Correct Answer:
B
— $128.25
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Q. An item is marked at $150 and is sold at a price after two successive discounts of 10% and 15%. What is the final selling price?
A.
$113.25
B.
$127.50
C.
$120.00
D.
$135.00
Show solution
Solution
First discount: 150 - (0.10 * 150) = 150 - 15 = 135. Second discount: 135 - (0.15 * 135) = 135 - 20.25 = $113.25.
Correct Answer:
A
— $113.25
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Q. An item is marked at $250 and has two successive discounts of 20% and 10%. What is the final selling price?
A.
$200
B.
$225
C.
$210
D.
$215
Show solution
Solution
First discount: 250 - (20/100 * 250) = 250 - 50 = $200. Second discount: 200 - (10/100 * 200) = 200 - 20 = $180.
Correct Answer:
D
— $215
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Q. An item is marked at $300 and has two successive discounts of 5% and 10%. What is the final selling price?
A.
$270
B.
$285
C.
$280
D.
$295
Show solution
Solution
First discount: 300 - (5/100 * 300) = 300 - 15 = $285. Second discount: 285 - (10/100 * 285) = 285 - 28.5 = $256.50.
Correct Answer:
C
— $280
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Q. An item is sold for $450 after a discount of 10%. What was the original price?
A.
$500
B.
$550
C.
$600
D.
$450
Show solution
Solution
Let the original price be x. Selling Price = Original Price - Discount = x - 0.10x = 0.90x. So, 0.90x = 450. Therefore, x = 450/0.90 = 500.
Correct Answer:
A
— $500
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Q. If a man sells an article for $150 at a profit of 20%, what was the cost price?
A.
$125
B.
$130
C.
$140
D.
$120
Show solution
Solution
Let the cost price be x. Selling Price = Cost Price + Profit = x + 0.2x = 1.2x. 1.2x = 150, x = 150/1.2 = 125.
Correct Answer:
A
— $125
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Q. If a product is bought for $150 and sold for $120, what is the loss percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Loss = Cost Price - Selling Price = 150 - 120 = 30. Loss Percentage = (Loss/Cost Price) * 100 = (30/150) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. If a product is bought for $300 and sold for $270, what is the loss percentage?
A.
5%
B.
10%
C.
15%
D.
20%
Show solution
Solution
Loss = Cost Price - Selling Price = 300 - 270 = 30. Loss Percentage = (Loss/Cost Price) * 100 = (30/300) * 100 = 10%.
Correct Answer:
B
— 10%
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