Profit and Loss Problems - Exam Prep Practice

Profit and Loss Problems - Practice Problems with Solutions

Q. A bicycle is sold for $180, which is 20% more than its cost price. What is the cost price?

A. $150
B. $160
C. $140
D. $170

Solution

Let Cost Price = x. Selling Price = x + 20% of x = 1.2x. 1.2x = 180. x = 180/1.2 = 150.

Correct Answer: A — $150

Learn More →

Q. A man bought a watch for $200 and sold it at a loss of 10%. What is the selling price?

A. $180
B. $190
C. $200
D. $210

Solution

Loss = 10% of 200 = 20. Selling Price = Cost Price - Loss = 200 - 20 = 180.

Correct Answer: A — $180

Learn More →

Q. A merchant sells two articles for $500 each. If he makes a profit of 10% on one and a loss of 10% on the other, what is his overall profit or loss?

A. Loss of $5
B. Profit of $5
C. No profit no loss
D. Loss of $10

Solution

Cost Price of first = 500/1.1 = 454.55, Selling Price = 500. Cost Price of second = 500/0.9 = 555.56, Selling Price = 500. Total Cost Price = 454.55 + 555.56 = 1010.11, Total Selling Price = 1000. Loss = 1010.11 - 1000 = 10.11.

Correct Answer: A — Loss of $5

Learn More →

Q. A person bought a laptop for $800 and sold it for $720. What is the loss percentage?

A. 10%
B. 15%
C. 20%
D. 5%

Solution

Loss = Cost Price - Selling Price = 800 - 720 = 80. Loss Percentage = (Loss/Cost Price) * 100 = (80/800) * 100 = 10%.

Correct Answer: B — 15%

Learn More →

Q. A trader marks his goods 25% above the cost price. If he sells them at a discount of 10%, what is his profit percentage?

A. 12.5%
B. 15%
C. 10%
D. 20%

Solution

Let Cost Price = 100. Marked Price = 125. Selling Price = 90% of 125 = 112.5. Profit = 112.5 - 100 = 12.5. Profit Percentage = (12.5/100) * 100 = 12.5%.

Correct Answer: A — 12.5%

Learn More →

Q. If a car is bought for $15,000 and sold for $12,000, what is the loss percentage?

A. 20%
B. 15%
C. 25%
D. 10%

Solution

Loss = 15000 - 12000 = 3000. Loss Percentage = (Loss/Cost Price) * 100 = (3000/15000) * 100 = 20%.

Correct Answer: A — 20%

Learn More →

Q. If a man sells an article for $120 at a profit of 20%, what was the cost price?

A. $100
B. $90
C. $110
D. $80

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

Learn More →

Q. If a product is sold for $240 after a discount of 20%, what was the marked price?

A. $300
B. $280
C. $250
D. $320

Solution

Let Marked Price = x. Selling Price = x - 20% of x = 0.8x. 0.8x = 240. x = 240/0.8 = 300.

Correct Answer: A — $300

Learn More →

Showing 1 to 8 of 8 (1 Pages)

Profit and Loss Problems - Practice Problems with Solutions

On a scale of 0–10, how likely are you to recommend The Soulshift Academy?