Level 1
Profit & Loss MCQs set 2 for EOBI Officer / Assistant (NTS) Mathematics — 20 solved questions.
Q1. The true discount on Rs. 2562 due 4 months hence is Rs. 122. The rate percent is:_________?
Answer: 15%
Explanation: Present value = 2562−122 = 2440; rate = (122×100)/(2440×(4/12)) = 12200/813.33 = 15%.
Q2. On decreasing the price of T.V. sets by 30 % its sale is increased by 20 %. What is the effect on the revenue received by the shopkeeper?
Answer: 16 % decrease
Explanation: New revenue = 0.70 × 1.20 = 0.84 of original, representing a 16% decrease.
Q3. A trader marks his articles 20% more than the cost price. If he allows 20% discount, then find his gain or loss percent?
Answer: None of these
Explanation: The correct value is None of these. Apply the formula or arithmetic step shown in the question and
Q4. A person purchased a TV set for Rs. 16000 and a DVD player for Rs. 6250. He sold both the items together for Rs. 31150. What percentage of profit did he make?
Answer: 40%
Explanation: Total cost = 16000+6250 = Rs. 22250; profit = 31150−22250 = 8900; profit% = (8900/22250)×100 = 40%.
Q5. The owner of a furniture shop charges his customer 24% more than the cost price. If a customer paid Rs. 8339 for a computer table, then what was the cost price of the computer table?
Answer: Rs. 6725
Explanation: CP × 1.24 = 8339; CP = 8339/1.24 = Rs. 6725. Show the calculation clearly when solving similar quantitative items.
Q6. Abdul purchased 20 dozen toys at the rate of Rs. 375 per dozen. He sold each toy for Rs. 33. What was his percentage profit?
Answer: 5.60%
Explanation: Total cost = 7500; total revenue = 240×33 = 7920; profit% = (420/7500)×100 = 5.6%.
Q7. A sells a bicycle to B at a profit of 20%. B sells it to C at a profit of 25%. If C pays Rs. 225 for it, the cost price of the bicycle for A is:________?
Answer: Rs. 150
Explanation: Working backwards: B's cost = 225/1.25 = 180; A's cost = 180/1.20 = Rs. 150.
Q8. Akram sold a plot for Rs. 60,000 and the cost of the plot is Rs. 57,000, then the profit he earns is what percentage?
Answer: 5.26%
Explanation: Profit% = (3000/57000)×100 = 5.26%. 5.26% is correct because it matches what the question requires. Show the calculation clearly when solving similar quantitative items.
Q9. A, B and C are entered into a partnership. A invested Rs.6500 for 6 months, B invested Rs.8400 for 5 months and C invested Rs.10000 for 3 months. A is a working partner and gets 5% of the total profit for the same. Find the share of C in a total profit of Rs.7400.
Answer: Rs. 1900
Explanation: Capital-time ratios: A=39000, B=42000, C=30000; working bonus = 5% of 7400 = 370; distributable = 7030; C's share = (30/111)×7030 = Rs. 1900.
Q10. A began business with Rs.45000 and was joined afterwards by B with Rs.54000. When did B join if the profits at the end of the year were divided in the ratio of 2:1?
Answer: 7 months
Explanation: Profit ratio 2:1 means 45000×12 : 54000×t = 2:1; 540000 = 108000t → t = 5 months; B joined after 12−5 = 7 months.
Q11. A and B began business with Rs.3000 and Rs.4000 after 8 months, A withdraws Rs.1000 and B advances Rs.1000 more. At the end of the year, their profits amounted to Rs.630. Find the share of A.
Answer: Rs. 240
Explanation: A's capital-time = 3000×8+2000×4 = 32000; B's = 4000×8+5000×4 = 52000; ratio 32:52 = 8:13; A's share = (8/21)×630 = Rs. 240.
Q12. The list price of an article is Rs. 65. A customer pays Rs. 56.16 for it. He was given two successive discounts, one of them being 10%. The other discount is________?
Answer: 4%
Explanation: After 10% discount: 65×0.90 = Rs. 58.50; second discount d: 58.50×(1−d) = 56.16 → d = 4%.
Q13. A and B enter into partnership with capital as 7:9. At the end of 8 months, A withdraws. If they receive the profits in the ratio of 8:9 find how long B's capital was used?
Answer: 7 months
Explanation: Profit ratio = 7×8 : 9×t = 8:9; 56/9t = 8/9 → 56 = 8t → t = 7 months.
Q14. The value of a machine depreciates at 20% per annum. If its present value is Rs. 1,50,000, at what price should it be sold after two years such that a profit of Rs. 24,000 is made?
Answer: Rs. 1,20,000
Explanation: Value after 2 years = 150000×0.8×0.8 = Rs. 96000; selling price for Rs. 24000 profit = 96000+24000 = Rs. 120000.
Q15. The difference in selling prices of a heater at gains of 5% and 7.5% is rupees 1.25 then the price of heater is:
Answer: 50
Explanation: Difference in gain = CP×(7.5%−5%) = CP×2.5% = 1.25 → CP = Rs. 50.
Q16. Find the cost of 96 shares of Rs. 10 each at (3/4) discount, brokerage being(1/4) per share.
Answer: Rs. 912
Explanation: Each share costs Rs. 10 − ¾ (discount) + ¼ (brokerage) = Rs. 9.50, so 96 shares cost 96 × 9.50 = Rs. 912.
Q17. The cash difference between the selling prices of an article at a profit of 4% and 6% is Rs. 3. The ratio of the two selling prices is:__________?
Answer: 52:53:00
Explanation: Selling prices at 4% and 6% profit are 104x and 106x; their ratio simplifies to 52:53, and the Rs. 3 difference confirms the cost price.
Q18. A businessman allows a discount of 5% for cash payment. How much percent above the cost price should be marked to make a gain of 14%:
Answer: 20%
Explanation: With a 5% cash discount, the selling price is 95% of the marked price. To achieve 14% profit on cost, the marked price must be 114/0.95 ≈ 120% of cost, which is 20% above cost price.
Q19. Profit after selling a commodity for Rs. 425 is same as loss after selling it for Rs.355. The cost of the commodity is:________?
Answer: Rs. 390
Explanation: Setting profit equal to loss: 425 − CP = CP − 355, solving gives CP = (425 + 355) / 2 = Rs. 390.
Q20. A man sells two articles for Rs.3600 each and he gains 30% on the first and loses 30% on the next. Find his total gain or loss?
Answer: 9% loss
Explanation: When two articles are sold at the same price with equal and opposite profit/loss percentages, the overall result is always a loss equal to (percentage²/100)% = 30²/100 = 9% loss.