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 bicycle is bought for $150 and sold for $120. What is the loss percentage?
A.
20%
B.
15%
C.
10%
D.
25%
Show solution
Solution
Loss = Cost Price - Selling Price = 150 - 120 = 30. Loss Percentage = (Loss/Cost Price) * 100 = (30/150) * 100 = 20%.
Correct Answer:
A
— 20%
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Q. A bicycle is bought for $200 and sold for $180. What is the loss percentage?
A.
10%
B.
15%
C.
20%
D.
5%
Show solution
Solution
Loss = Cost Price - Selling Price = 200 - 180 = 20. Loss Percentage = (Loss/Cost Price) * 100 = (20/200) * 100 = 10%.
Correct Answer:
A
— 10%
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Q. A bicycle is bought for $200 and sold for $240. What is the gain percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Gain = Selling Price - Cost Price = 240 - 200 = 40. Gain Percentage = (Gain/Cost Price) * 100 = (40/200) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. A book is sold for $150 after a discount of 10%. What was the marked price?
A.
$165
B.
$160
C.
$170
D.
$155
Show solution
Solution
Let Marked Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 150. x = 150/0.9 = 165.
Correct Answer:
A
— $165
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Q. A laptop is sold for $800 after a discount of 20%. What was the marked price?
A.
$1000
B.
$960
C.
$800
D.
$850
Show solution
Solution
Let Marked Price = x. Selling Price = x - 20% of x = 0.8x. 0.8x = 800. x = 800/0.8 = 1000.
Correct Answer:
A
— $1000
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Q. A laptop is sold for $800 after a profit of 25%. What was the cost price?
A.
$600
B.
$640
C.
$650
D.
$700
Show solution
Solution
Let Cost Price = x. Selling Price = x + 25% of x = 1.25x. 1.25x = 800. x = 800/1.25 = 640.
Correct Answer:
A
— $600
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Q. A laptop is sold for $800 after a profit of 60%. What was the cost price?
A.
$500
B.
$600
C.
$700
D.
$400
Show solution
Solution
Let Cost Price = x. Selling Price = x + 60% of x = 1.6x. 1.6x = 800. x = 800/1.6 = 500.
Correct Answer:
B
— $600
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Q. A laptop is sold for $800, which is 25% more than its cost price. What is the cost price?
A.
$600
B.
$640
C.
$700
D.
$720
Show solution
Solution
Let Cost Price = x. Selling Price = x + 25% of x = 1.25x. 1.25x = 800. x = 800/1.25 = 640.
Correct Answer:
A
— $600
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Q. A laptop is sold for $900 after a profit of 25%. What was the cost price?
A.
$700
B.
$750
C.
$800
D.
$850
Show solution
Solution
Let Cost Price = x. Selling Price = x + 25% of x = 1.25x. 1.25x = 900. x = 900/1.25 = 720.
Correct Answer:
B
— $750
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Q. A man bought a laptop for $800 and sold it for $720. What is the loss percentage?
A.
10%
B.
15%
C.
20%
D.
25%
Show solution
Solution
Loss = Cost Price - Selling Price = 800 - 720 = 80. Loss Percentage = (Loss/Cost Price) * 100 = (80/800) * 100 = 10%.
Correct Answer:
A
— 10%
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Q. A man bought a watch for $200 and sold it for $250. What is the gain in percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Gain = Selling Price - Cost Price = 250 - 200 = 50. Gain Percentage = (Gain/Cost Price) * 100 = (50/200) * 100 = 25%.
Correct Answer:
B
— 25%
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Q. A man sells a bicycle for $300, making a loss of 10%. What was the cost price of the bicycle?
A.
$270
B.
$300
C.
$330
D.
$350
Show solution
Solution
Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. Therefore, 0.9x = 300. x = 300/0.9 = 333.33.
Correct Answer:
C
— $330
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Q. A man sells a bicycle for $720, making a loss of 10%. What was the cost price of the bicycle?
A.
$800
B.
$750
C.
$700
D.
$720
Show solution
Solution
Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 720. x = 720/0.9 = 800.
Correct Answer:
A
— $800
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Q. A man sells an article for $150 at a loss of 10%. What was the cost price?
A.
$165
B.
$140
C.
$150
D.
$135
Show solution
Solution
Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 150. x = 150/0.9 = 165.
Correct Answer:
A
— $165
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Q. A man sells an article for $200 at a loss of 10%. What was the cost price?
A.
$220
B.
$210
C.
$230
D.
$240
Show solution
Solution
Let Cost Price = x. Selling Price = x - 10% of x = 0.9x. 0.9x = 200. x = 200/0.9 = 220.
Correct Answer:
A
— $220
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Q. A man sells an article for $300 at a loss of 25%. What was the cost price?
A.
$350
B.
$400
C.
$375
D.
$300
Show solution
Solution
Let Cost 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 merchant bought 100 kg of rice at $2 per kg and sold it at $2.50 per kg. What is the total profit?
A.
$50
B.
$100
C.
$75
D.
$25
Show solution
Solution
Cost Price = 100 * 2 = 200. Selling Price = 100 * 2.5 = 250. Profit = Selling Price - Cost Price = 250 - 200 = 50.
Correct Answer:
A
— $50
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Q. A merchant bought 50 kg of rice 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 merchant bought 50 kg of sugar at $2 per kg and sold it at $2.50 per kg. What is the total profit?
A.
$20
B.
$25
C.
$30
D.
$35
Show solution
Solution
Cost Price = 50 * 2 = 100. Selling Price = 50 * 2.5 = 125. Profit = Selling Price - Cost Price = 125 - 100 = 25.
Correct Answer:
B
— $25
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Q. A person bought a watch for $120 and sold it for $90. What is the loss percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Loss = Cost Price - Selling Price = 120 - 90 = 30. Loss Percentage = (Loss/Cost Price) * 100 = (30/120) * 100 = 25%.
Correct Answer:
B
— 25%
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Q. 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. A product is bought for $250 and sold for $300. What is the profit in dollars?
A.
$40
B.
$50
C.
$60
D.
$70
Show solution
Solution
Profit = Selling Price - Cost Price = 300 - 250 = 50.
Correct Answer:
B
— $50
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Q. A product is sold for $300 after a profit of 25%. What was the cost price?
A.
$240
B.
$250
C.
$260
D.
$270
Show solution
Solution
Let Cost Price = x. Selling Price = x + 25% of x = 1.25x. 1.25x = 300. x = 300/1.25 = 240.
Correct Answer:
A
— $240
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Q. A retailer bought 10 items for $200 and sold them for $250. What is the profit percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Total Cost Price = 200. Total Selling Price = 250. Profit = 250 - 200 = 50. Profit Percentage = (Profit/Cost Price) * 100 = (50/200) * 100 = 25%.
Correct Answer:
B
— 25%
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Q. A retailer bought a laptop for $800 and sold it for $960. What is the profit percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Profit = Selling Price - Cost Price = 960 - 800 = 160. Profit Percentage = (160/800) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. A retailer bought a toy for $15 and sold it for $18. What is the profit percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Profit = Selling Price - Cost Price = 18 - 15 = 3. Profit Percentage = (3/15) * 100 = 20%.
Correct Answer:
B
— 25%
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Q. A retailer bought a watch for $300 and sold it for $360. What is the profit percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Profit = Selling Price - Cost Price = 360 - 300 = 60. Profit Percentage = (60/300) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. A seller bought a watch for $150 and sold it for $120. What is the loss in dollars?
A.
$20
B.
$30
C.
$25
D.
$15
Show solution
Solution
Loss = Cost Price - Selling Price = 150 - 120 = 30.
Correct Answer:
A
— $20
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Q. A seller marks a price of $500 on a product and offers a discount of 20%. What is the selling price?
A.
$400
B.
$450
C.
$350
D.
$300
Show solution
Solution
Discount = 20% of 500 = 100. Selling Price = Marked Price - Discount = 500 - 100 = 400.
Correct Answer:
A
— $400
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Q. A shopkeeper bought a shirt for $40 and sold it for $50. What is the profit percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Profit = Selling Price - Cost Price = 50 - 40 = 10. Profit Percentage = (Profit/Cost Price) * 100 = (10/40) * 100 = 25%.
Correct Answer:
B
— 25%
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