Profit and Loss Problems for Competitive Exam Success

Profit and Loss Problems

Q. A man sells a bicycle for $300 at a profit of 20%. What was the cost price of the bicycle?

Solution

Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 300. x = 300/1.2 = 250.

Correct Answer: A — $240

Q. A person sold a laptop for $1200 at a loss of 20%. What was the cost price?

Solution

Let Cost Price = x. Selling Price = x - 20% of x = 0.8x. 0.8x = 1200. x = 1200/0.8 = 1500.

Correct Answer: B — $1500

Q. A retailer bought a shirt for $30 and sold it for $45. What is the profit percentage?

Solution

Profit = Selling Price - Cost Price = 45 - 30 = 15. Profit Percentage = (15/30) * 100 = 50%.

Correct Answer: A — 50%

Q. A shopkeeper bought an article for $200 and sold it for $250. What is the profit percentage?

Solution

Profit = Selling Price - Cost Price = 250 - 200 = 50. Profit Percentage = (Profit/Cost Price) * 100 = (50/200) * 100 = 25%.

Correct Answer: B — 25%

Q. A trader bought two articles for $500 each and sold them for $600 and $400 respectively. What is his overall profit or loss?

Solution

Total Cost Price = 500 + 500 = 1000. Total Selling Price = 600 + 400 = 1000. Overall Profit/Loss = 1000 - 1000 = $0.

Correct Answer: B — $100 profit

Q. If a man buys a watch for $80 and sells it for $100, what is his profit in percentage?

Solution

Profit = Selling Price - Cost Price = 100 - 80 = 20. Profit Percentage = (20/80) * 100 = 25%.

Correct Answer: A — 25%

Q. If a person incurs a loss of 15% on selling a book for $85, what was the cost price?

Solution

Let Cost Price = x. Selling Price = x - 15% of x = 0.85x. 0.85x = 85. x = 85/0.85 = 100.

Correct Answer: A — $100

Q. If a product is sold for $150 after a loss of 10%, what was the cost price?

Solution

Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 150. x = 150/0.9 = 166.67.

Correct Answer: A — $135

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