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Mathematical Skills section - Profit & Loss

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MAT Mathematical Skills Questions | Profit and Loss Questions | Study Material

MAT 2023 Test will be conducted on 2 June 2024  (Sunday) (PBT), 26 May 2024  (Sunday) (CBT - 1)   and note that exam will comprise of Mathematical Skills section will have 40 questions with allotted 40 marks and this can be differentiator hence, following questions with solutions will be very useful pertaining to Profit & loss in mathematical skills section :

Question 1)

If selling price is doubled the profit triples. Find the profit percent.

A. 66 2/3

B. 105

C. 105 1/3

D. 120

Answer : Option B

Solution :

Let C.P be Rs. x and S.P be Rs. y.

Then, 3(y-x) = (2y-x)  y = 2x.

Profit = Rs.(y-x) = Rs.(2x-x) = Rs. x.

Profit % = [(x/x)*100]% = 100%

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Question 2)

In a certain store, the profit is 320% of the cost. If the cost increase by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?

A. 30%

B. 70%

C. 100%

D. 250%

Answer : Option B

Solution:

Let C.P = Rs. 100. Then profit = Rs. 320, S.P = Rs. 420.

New C.P = 125% of Rs. 100 = Rs. 125

New S.P = Rs. 420.

Profit = Rs.(420-125) = Rs. 295.

Required percentage = (295/420 * 100)% = 1475/21 % = 70% Approx.

Question 3)

The percentage profit earned by selling an article for Rs. 1920 is equal to the percentage loss incurred by selling the same article for Rs. 1280.At what price should the article for Rs. 1280. At what price should the article be sold to make 25% profit?

A. Rs. 2000

B. Rs. 2200

C. Rs. 2400

D. Data inadequate

Answer : Option A

Solution :

Let C.P be Rs. x.

Then, [(1920-x)/x]*100 = [(x-1280)/x]*100

1920 - x = x - 1280

2x = 3200

x = 1600

Required S.P = 125% of Rs. 1600 = Rs.(125/100)*1600 = Rs. 2000

Question 4)

Sam purchased 20 dozens of toys at the rate of Rs. 375 per dozen. He Sold each one of the rate of Rs. 33.What was his percentage profit?

A. 3.5

B. 4.5

C. 5.6

D. 6.5

Answer : Option C

Solution:

Cost Price of 1 toy = Rs. (375/12) = Rs. 31.25

Selling Price of 1 toy = Rs. 33

So, Gain = Rs. (33- 31.25) = Rs. 1.75

Profit % = [(1.75/31.25) * 100] % = 28/5 % = 5.6 %

Question 5)

100 oranges are bought at the rate of Rs. 350 and sold at the rate of Rs. 48 per dozen. The percentage of profit or loss is :

A.    14 2/7 % gain

B.    15 % gain

C.    14 2/7% loss

D.    15 % loss 

Answer: Option A

Solution:

C.P of  1 orange = Rs. (350/100) = Rs. 3.50

S.P of 1 orange = Rs. (48/12) = Rs. 4

I.e. Gain % = (0.50/3.50 x 100)% = 100/7 % = 14 2/7%

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