Q. A customer buys a laptop for $800 after a discount of 20%. What was the marked price?
A.
$1000
B.
$900
C.
$850
D.
$800
Solution
Let the marked price be x. After a 20% discount, the selling price is 0.80x. Setting this equal to $800 gives 0.80x = $800, so x = $800 / 0.80 = $1000.
Q. A customer buys three items priced at $50, $70, and $80. If a discount of 15% is applied to the total bill, what is the amount saved due to the discount?
Q. A customer buys two items for $120 each. If the first item has a profit margin of 25% and the second has a loss of 25%, what is the overall profit or loss?
A.
$0
B.
$10 profit
C.
$10 loss
D.
$20 profit
Solution
Cost Price of first item = 120 / 1.25 = $96; Cost Price of second item = 120 / 0.75 = $160. Total Cost Price = 96 + 160 = $256; Total Selling Price = 240. Loss = 256 - 240 = $16.
Q. A customer buys two items for $120 each. If the first item has a profit of 20% and the second has a loss of 20%, what is the overall profit or loss? (2023)
A.
No profit, no loss
B.
Loss of $12
C.
Profit of $12
D.
Profit of $24
Solution
Cost Price of first item = 100, Selling Price = 120. Cost Price of second item = 150, Selling Price = 120. Total Cost Price = 250, Total Selling Price = 240. Overall loss = 10.
Q. A customer buys two items for $120 each. If the shopkeeper gives a discount of 10% on the total bill, what is the final amount paid by the customer? (2023)
A.
$216
B.
$220
C.
$240
D.
$250
Solution
Total cost before discount = 2 * $120 = $240. Discount = 10% of $240 = $24. Final amount = $240 - $24 = $216.
Q. A customer buys two items for $240 after a discount of 10% on each. What was the total marked price of the items?
A.
$250
B.
$260
C.
$270
D.
$280
Solution
Let the total marked price be x. After a 10% discount, the selling price is 0.90x. Setting this equal to $240 gives 0.90x = $240, so x = $240 / 0.90 = $266.67, which rounds to $280.
Q. A merchant bought a batch of goods for $500 and sold them for $600. If he had given a discount of 10% on the selling price, what would be his profit?
Understanding "Profit, Loss & Discount" is crucial for students preparing for school and competitive exams. Mastering these concepts not only enhances your mathematical skills but also boosts your confidence in tackling objective questions. Practicing MCQs and important questions in this area can significantly improve your exam performance and conceptual clarity.
What You Will Practise Here
Definitions and key 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 relationship between cost price, selling price, and profit/loss
Problem-solving techniques for complex profit and loss questions
Diagrams and visual aids to illustrate discount calculations
Sample practice questions and detailed solutions for better understanding
Exam Relevance
The topic of Profit, Loss & Discount is frequently featured in CBSE, State Boards, and competitive exams like NEET and JEE. Students can expect questions that require them to apply formulas, interpret data, and solve real-life problems. Common question patterns include calculating profit or loss based on given prices, determining discounts on marked prices, and solving word problems that involve multiple steps.
Common Mistakes Students Make
Confusing profit percentage with loss percentage
Miscalculating the selling price when given the cost price and profit/loss
Overlooking the difference between marked price and selling price when calculating discounts
Failing to apply the correct formula in word problems
Not converting percentages into decimals when necessary
FAQs
Question: What is the formula to calculate profit percentage? Answer: Profit percentage is calculated using the formula: (Profit/Cost Price) × 100.
Question: How do I find the selling price if I know the cost price and discount? Answer: Selling Price = Cost Price - Discount.
Start your journey towards mastering Profit, Loss & Discount by solving practice MCQs today! Testing your understanding with objective questions will not only prepare you for exams but also solidify your grasp of these essential concepts.
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