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 bicycle is bought for $300 and sold for $270. What is the loss percentage?
A.
10%
B.
15%
C.
20%
D.
25%
Show solution
Solution
Loss = Cost Price - Selling Price = 300 - 270 = 30. Loss Percentage = (Loss/Cost Price) * 100 = (30/300) * 100 = 10%.
Correct Answer:
B
— 15%
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Q. A bicycle is marked at $300. If a discount of 15% is applied, what is the selling price?
A.
$255
B.
$270
C.
$280
D.
$290
Show solution
Solution
Selling Price = Marked Price - (Discount % * Marked Price) = 300 - (0.15 * 300) = 300 - 45 = $255.
Correct Answer:
A
— $255
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Q. A bicycle is marked at $300. If it is sold for $240 after a discount, what is the discount percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Discount = 300 - 240 = $60. Discount Percentage = (60/300) * 100 = 20%.
Correct Answer:
B
— 25%
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Q. A bicycle is marked at $300. If it is sold for $240 after two successive discounts of 10% and 20%, what is the total discount percentage?
A.
20%
B.
25%
C.
30%
D.
35%
Show solution
Solution
First discount = 300 * 10/100 = 30. New price = 300 - 30 = 270. Second discount = 270 * 20/100 = 54. Final price = 270 - 54 = 216. Total discount = 300 - 216 = 84. Percentage = (84/300) * 100 = 28%.
Correct Answer:
C
— 30%
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Q. A bicycle is sold for $120 after a discount of 20%. What was the original price?
A.
$150
B.
$140
C.
$160
D.
$130
Show solution
Solution
Let the original price be x. After a 20% discount, Selling Price = x - 0.2x = 0.8x. 0.8x = 120, x = 120/0.8 = 150.
Correct Answer:
A
— $150
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Q. A bicycle is sold for $120 after allowing a discount of 20%. What was the marked price?
A.
$140
B.
$150
C.
$160
D.
$180
Show solution
Solution
Let the marked price be x. Selling Price = Marked Price - Discount = x - 0.2x = 0.8x. 0.8x = 120, so x = 120/0.8 = 150.
Correct Answer:
A
— $140
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Q. A bicycle is sold for $180 after allowing a discount of 10%. What was the marked price?
A.
$200
B.
$220
C.
$250
D.
$180
Show solution
Solution
Let the marked price be x. Selling Price = Marked Price - Discount = x - 0.1x = 0.9x. So, 0.9x = 180. Therefore, x = 180/0.9 = $200.
Correct Answer:
A
— $200
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Q. A bicycle is sold for $300 at a profit of 25%. What was the cost price of the bicycle?
A.
$240
B.
$250
C.
$260
D.
$270
Show solution
Solution
Let the cost price be x. Selling Price = Cost Price + Profit = x + 0.25x = 1.25x. So, 1.25x = 300. Therefore, x = 300/1.25 = 240.
Correct Answer:
A
— $240
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Q. A book is marked at $200. If it is sold for $160, what is the percentage discount given?
A.
20%
B.
25%
C.
30%
D.
35%
Show solution
Solution
Discount = Marked Price - Selling Price = 200 - 160 = $40. Percentage Discount = (40/200) * 100 = 20%.
Correct Answer:
B
— 25%
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Q. A book is marked at $50. If it is sold for $40, what is the percentage discount given?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Discount = Marked Price - Selling Price = 50 - 40 = 10. Percentage Discount = (10/50) * 100 = 20%.
Correct Answer:
B
— 25%
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Q. A book is sold for $45 after a discount of 10%. What is the marked price?
A.
$50
B.
$55
C.
$60
D.
$65
Show solution
Solution
Let the marked price be x. Selling Price = x - 0.10x = 0.90x. So, 0.90x = 45. Therefore, x = 45 / 0.90 = 50.
Correct Answer:
A
— $50
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Q. A book is sold for $45 after a discount of 10%. What was the marked price?
A.
$50
B.
$55
C.
$60
D.
$65
Show solution
Solution
Let the marked price be x. Selling Price = x - 10% of x = x - 0.1x = 0.9x. Therefore, 0.9x = 45. x = 45 / 0.9 = 50.
Correct Answer:
A
— $50
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Q. A book is sold for $45 after a discount of 10%. What was the original price of the book?
A.
$50
B.
$55
C.
$60
D.
$65
Show solution
Solution
Let the original price be x. Selling Price = x - 0.10x = 0.90x. Therefore, 0.90x = 45. x = 45 / 0.90 = $50.
Correct Answer:
A
— $50
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Q. A book is sold for $45 after a discount of 10%. What was the original price?
A.
$50
B.
$55
C.
$60
D.
$45
Show solution
Solution
Let the original price be x. After a 10% discount, Selling Price = x - 0.1x = 0.9x. 0.9x = 45, x = 45/0.9 = 50.
Correct Answer:
A
— $50
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Q. A discount of 10% on a product priced at $250 results in a selling price of what?
A.
$220
B.
$225
C.
$230
D.
$240
Show solution
Solution
Discount = 10% of 250 = 0.1 * 250 = 25. Selling Price = 250 - 25 = 225.
Correct Answer:
D
— $240
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Q. A discount of 15% is given on a product priced at $200. What is the selling price after the discount?
A.
$170
B.
$180
C.
$185
D.
$190
Show solution
Solution
Discount = 15% of 200 = 0.15 * 200 = 30. Selling Price = Cost Price - Discount = 200 - 30 = 170.
Correct Answer:
A
— $170
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Q. A discount of 25% on a product brings its price down to $75. What was the original price?
A.
$100
B.
$90
C.
$80
D.
$70
Show solution
Solution
Let the original price be x. After a 25% discount, Selling Price = x - 0.25x = 0.75x. 0.75x = 75, x = 75/0.75 = 100.
Correct Answer:
A
— $100
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Q. A dress is marked at $120. If a discount of 15% is applied, what is the selling price?
A.
$102
B.
$100
C.
$105
D.
$110
Show solution
Solution
Selling Price = Marked Price - (Discount % of Marked Price) = 120 - (15/100 * 120) = 120 - 18 = $102.
Correct Answer:
A
— $102
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Q. A dress is marked at $200. If it has a 30% discount followed by an additional 10% discount, what is the final price?
A.
$140
B.
$130
C.
$150
D.
$120
Show solution
Solution
First discount: 200 - (30/100 * 200) = 200 - 60 = $140. Second discount: 140 - (10/100 * 140) = 140 - 14 = $126.
Correct Answer:
A
— $140
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Q. A dress is marked at $250 and has a discount of 15% followed by another discount of 10%. What is the final price?
A.
$212.50
B.
$215.00
C.
$220.00
D.
$225.00
Show solution
Solution
First discount: 250 - (15/100 * 250) = 250 - 37.5 = $212.5. Second discount: 212.5 - (10/100 * 212.5) = 212.5 - 21.25 = $191.25.
Correct Answer:
A
— $212.50
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Q. A dress is marked at $250 and has a discount of 15%. What is the selling price?
A.
$212.50
B.
$225
C.
$237.50
D.
$240
Show solution
Solution
Selling Price = Marked Price - (Discount % of Marked Price) = 250 - (15/100 * 250) = 250 - 37.5 = $212.50.
Correct Answer:
A
— $212.50
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Q. A dress is marked at $250 and has a discount of 20% followed by an additional discount of 10%. What is the final selling price?
A.
$200
B.
$225
C.
$210
D.
$215
Show solution
Solution
First discount = 250 * 20/100 = 50. New price = 250 - 50 = 200. Second discount = 200 * 10/100 = 20. Final price = 200 - 20 = $180.
Correct Answer:
C
— $210
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Q. A dress is marked at $250 and has two successive discounts of 10% and 20%. What is the final selling price?
A.
$200
B.
$180
C.
$190
D.
$210
Show solution
Solution
First discount: 250 - (10/100 * 250) = 250 - 25 = $225. Second discount: 225 - (20/100 * 225) = 225 - 45 = $180.
Correct Answer:
C
— $190
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Q. A dress is marked at $250. If it is sold for $200 after two successive discounts of 10% and 20%, what is the selling price after the first discount?
A.
$225
B.
$240
C.
$200
D.
$250
Show solution
Solution
First discount: 250 - (0.10 * 250) = 250 - 25 = $225.
Correct Answer:
A
— $225
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Q. A jacket is marked at $200 and is sold for $160 after a discount. What is the discount percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Discount = 200 - 160 = 40. Percentage Discount = (40/200) * 100 = 20%.
Correct Answer:
A
— 20%
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Q. A laptop is marked at $1000. If it is sold for $800 after a discount, what is the discount percentage?
A.
15%
B.
20%
C.
25%
D.
30%
Show solution
Solution
Discount = 1000 - 800 = 200. Percentage Discount = (200 / 1000) * 100 = 20%.
Correct Answer:
B
— 20%
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Q. A laptop is marked at $1000. If it is sold for $800, what is the total percentage discount?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Discount = Marked Price - Selling Price = 1000 - 800 = $200. Percentage Discount = (200/1000) * 100 = 20%.
Correct Answer:
B
— 25%
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Q. A laptop is marked at $1200 and has two successive discounts of 5% and 10%. What is the final selling price?
A.
$1020
B.
$1080
C.
$1100
D.
$1150
Show solution
Solution
First discount = 1200 * 5/100 = 60. New price = 1200 - 60 = 1140. Second discount = 1140 * 10/100 = 114. Final price = 1140 - 114 = $1026.
Correct Answer:
B
— $1080
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Q. A laptop is marked at $1200. If a discount of 30% is applied, what is the selling price?
A.
$840
B.
$860
C.
$880
D.
$900
Show solution
Solution
Selling Price = Marked Price - (Discount % of Marked Price) = 1200 - (30/100 * 1200) = 1200 - 360 = $840.
Correct Answer:
A
— $840
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Q. A laptop is marked at $1200. If it is sold for $960 after a discount, what is the discount percentage?
A.
20%
B.
25%
C.
30%
D.
15%
Show solution
Solution
Discount = 1200 - 960 = 240. Percentage Discount = (240/1200) * 100 = 20%.
Correct Answer:
B
— 25%
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