Absolute Profit and Loss MCQ Quiz - Objective Question with Answer for Absolute Profit and Loss - Download Free PDF
Last updated on Jun 10, 2025
Latest Absolute Profit and Loss MCQ Objective Questions
Absolute Profit and Loss Question 1:
The cost price of article A is ₹ 500 more than the cost price of article B. Article A is sold at a loss of 10% and B is sold at a profit of 20%. If there is a profit of ₹ 200 in the entire transaction, then the cost price of article A is:
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 1 Detailed Solution
Given:
Cost Price of Article A (CA) = Cost Price of Article B (CB) + ₹500
Article A is sold at a loss of 10%
Article B is sold at a profit of 20%
Total Profit = ₹200
Formula used:
Selling Price (S) = Cost Price (C) × (1 + Profit%/100) (if profit)
Selling Price (S) = Cost Price (C) × (1 - Loss%/100) (if loss)
Total Profit = Selling Price of A + Selling Price of B - (Cost Price of A + Cost Price of B)
Calculation:
Let Cost Price of Article B (CB) = ₹x
⇒ Cost Price of Article A (CA) = x + 500
Selling Price of Article A (SA) = (x + 500) × (1 - 10/100) = (x + 500) × 0.9
Selling Price of Article B (SB) = x × (1 + 20/100) = x × 1.2
Total Profit = ₹200
⇒ SA + SB - (CA + CB) = 200
⇒ [(x + 500) × 0.9] + (x × 1.2) - [(x + 500) + x] = 200
⇒ 0.9x + 450 + 1.2x - (x + 500) - x = 200
⇒ 0.9x + 1.2x - x - x + 450 - 500 = 200
⇒ 0.1x + 450 - 500 = 200
⇒ 0.1x - 50 = 200
⇒ 0.1x = 250
⇒ x = 2500
Cost Price of Article A (CA) = x + 500 = 2500 + 500 = ₹3000
∴ The correct answer is option (2).
Absolute Profit and Loss Question 2:
The cost of 2 pens and 5 pencils is ₹ 57. If the cost of a pen is increased by ₹ 1.50 and that of a pencil is decreased by ₹ 1, then the cost of 5 pens and 3 pencils is ₹ 109. What is the original cost of 3 pens and 4 pencils ?
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 2 Detailed Solution
Calculation:
Let the original cost of one pen be 'p' rupees.
Let the original cost of one pencil be 'c' rupees.
2p + 5c = 57 (Equation 1)
New cost of a pen = (p + 1.50) rupees
New cost of a pencil = (c - 1) rupees
So, 5(p + 1.50) + 3(c - 1) = 109
5p + 7.50 + 3c - 3 = 109
5p + 3c = 104.50 (Equation 2)
Multiply Equation 1 by 3: (2p + 5c = 57) × 3 ⇒ 6p + 15c = 171 (Equation 3)
Multiply Equation 2 by 5: (5p + 3c = 104.50) × 5 ⇒ 25p + 15c = 522.50 (Equation 4)
Subtract Equation 3 from Equation 4:
(25p + 15c) - (6p + 15c) = 522.50 - 171
19p = 351.50
p = 351.50 / 19
p = 18.50
Now substitute the value of p = 18.50 into Equation 1 to find c:
2(18.50) + 5c = 57
37 + 5c = 57
5c = 57 - 37
c = 4
The original cost of 3 pens and 4 pencils:
Cost = 3p + 4c = 3(18.50) + 4(4) = 55.50 + 16
Cost = 71.50
∴ The original cost of 3 pens and 4 pencils is ₹ 71.50.
Absolute Profit and Loss Question 3:
When an item is sold at a price of Rs.11000 then the profit made on it is 20% more than the loss incurred when the same item is sold at Rs.5500. Find the purchase price of the item.
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 3 Detailed Solution
Given:
Selling Price 1 (SP1) = Rs. 11000, which results in a profit.
Selling Price 2 (SP2) = Rs. 5500, which results in a loss.
The profit made on SP1 is 20% more than the loss incurred on SP2.
Formula used:
Profit = Selling Price - Cost Price (SP - CP)
Loss = Cost Price - Selling Price (CP - SP)
Calculations:
Let the Cost Price (CP) of the item be 'x' Rupees.
Case 1: Item sold at Rs. 11000 (Profit)
Profit = SP1 - CP
⇒ Profit = 11000 - x
Case 2: Item sold at Rs. 5500 (Loss)
Loss = CP - SP2
⇒ Loss = x - 5500
Relationship between Profit and Loss:
Profit = Loss + 20% of Loss
⇒ Profit = Loss + (20/100) × Loss
⇒ Profit = Loss + 0.20 × Loss
⇒ Profit = 1.20 × Loss
Now, substitute the expressions for Profit and Loss into this equation:
11000 - x = 1.20 × (x - 5500)
11000 - x = 1.20x - (1.20 × 5500)
11000 - x = 1.20x - 6600
11000 + 6600 = 1.20x + x
17600 = 2.20x
x = 17600 / 2.20
x = 8000
∴ The purchase price of the item is Rs. 8000.
Absolute Profit and Loss Question 4:
By selling a watch for Rs. 16536 a man loses 22%. Find the cost price of the watch. (In Rs.)
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 4 Detailed Solution
Given:
Selling Price (SP) = ₹16536
Loss Percentage = 22%
Formula used:
Cost Price (CP) = \(\dfrac{SP \times 100}{100 - \text{Loss%}}\)
Calculation:
CP = \(\dfrac{16536 \times 100}{100 - 22}\)
⇒ CP = \(\dfrac{16536 \times 100}{78}\)
⇒ CP = \(\dfrac{1653600}{78}\)
⇒ CP = ₹21200
∴ The correct answer is option (4).
Absolute Profit and Loss Question 5:
When the article sold at the rate of Rs.10464 earned a profit of 18% more than that of the loss incurred when the same article was sold at the rate of Rs.5232. Find the cost price of the article. (In Rs.)
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 5 Detailed Solution
Given:
Selling Price 1 (SP1) = ₹10,464 (Profit incurred)
Selling Price 2 (SP2) = ₹5,232 (Loss incurred)
Profit earned = Loss incurred + 18% of Loss incurred
Formula used:
Profit = Selling Price - Cost Price (SP - CP)
Loss = Cost Price - Selling Price (CP - SP)
Calculation:
Let the Cost Price of the article be CP.
Profit (P) = SP1 - CP = 10464 - CP
Loss (L) = CP - SP2 = CP - 5232
Profit = Loss + 18% of Loss
⇒ Profit = Loss × \((1 + \dfrac{18}{100})\)
⇒ Profit = Loss × (1 + 0.18)
⇒ Profit = Loss × 1.18
Substitute the expressions for Profit and Loss into the equation:
(10464 - CP) = (CP - 5232) × 1.18
⇒ 10464 - CP = 1.18 × CP - (1.18 × 5232)
⇒ 10464 - CP = 1.18 CP - 6173.76
⇒ 10464 + 6173.76 = 1.18 CP + CP
⇒ 16637.76 = 2.18 CP
⇒ CP = \(\dfrac{16637.76}{2.18}\)
⇒ CP = 7632
∴ The cost price of the article is ₹7,632.
Top Absolute Profit and Loss MCQ Objective Questions
Mona purchased two sets of jewellery for Rs. 4,000 each. She sold these sets of jewellery, gaining 8% on one and losing 6% on the other. Calculate her total loss or gain in this whole transaction.
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 6 Detailed Solution
Download Solution PDFGiven:
Cost price of two sets of jewellery = Rs.4000 each
Profit on 1st set of jewellery = 8%
Loss on 2nd set of jewellery = 6%
Calculation:
Total profit = 4000 × (8 - 6)%
⇒ 4000 × 2% = Rs.80
∴ The correct answer is Rs.80.
A shopkeeper bought 20 chairs for ₹18,000. On selling them he had a gain equal to the selling price of four chairs. What is the selling price of each chair?
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 7 Detailed Solution
Download Solution PDFGiven:
A shopkeeper bought 20 chairs for ₹18,000
On selling them he had a gain equal to the selling price of four chairs
Calculation:
Profit = (S.P. of 20 chairs) − (C.P. of 20 chairs)
⇒ S.P. of 4 chairs = S.P. of 20 chairs − C.P. of 20 chairs
⇒ S.P. of 16 chairs = C.P. of 20 chairs
⇒ S.P. of 16 chairs = 18000
⇒ S.P. of 1 chair = Rs. 18000/16
⇒ Rs 1125
∴ The selling price of each chair is Rs. 1125.
Ramesh purchases a table and a chair for Rs. 3,900. He sells the table at a profit of 8% and the chair at a profit of 16%. He earns a profit of Rs. 540. What is the difference between the original price of the table and the chair?
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 8 Detailed Solution
Download Solution PDF⇒ 8% of 3900 = 312
⇒ 16% of 3900 = 624
As per question,
⇒ 26 unit → 3900
⇒ 1 unit → 3900/26
⇒ Difference between the original price of the table and chair = 12 unit
⇒ Difference = (3900/26) × 12 = 150 × 12 = 1800
∴ The difference between the original price of the table and the chair is Rs. 1800.
Given:
Ramesh purchases a table and a chair for Rs. 3,900.
He sells the table at a profit of 8% and the chair at a profit of 16%.
He earns a profit of Rs. 540.
Concept used:
Profit = Cost Price × Profit%
Calculation:
Let the original price of the chair be Rs. Q.
Original price of the table = Rs. (3900 - Q)
According to the question,
Q × 16% + (3900 - Q) × 8% = 540
⇒ 16Q + 3900 × 8 - 8Q = 54000
⇒ 8Q = 54000 - 3900 × 8
⇒ 8Q = 22800
⇒ Q = 22800/8
⇒ Q = 2850
So, the original price of the table = 3900 - 2850 = Rs. 1050
Now, the price difference between the chair and table = 2850 - 1050 = Rs. 1800
∴ The difference between the original price of the table and the chair is Rs. 1800.
The price of an article is increased by r%. The new price was decreased by r% later. Now the latest price is Rs. 1. What was the original price of the article?
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 9 Detailed Solution
Download Solution PDFGiven:
The price of an article is increased by r%.
The new price was decreased by r% later.
Now the latest price is Rs. 1.
Concept used:
If the price of an article is increased by r% and then decreased by r% , the total decrease is r2/100
Calculation:
Let the old price be Rs x
As per the question,
\(x - \frac{r^2}{100} \times \frac{x}{100}\) = 1
⇒ x = \(\rm\frac{10000}{10000−r^{2}}\)
∴ The correct option is 1
A man sells two cows for Rs.15,640 each, gaining 15% on one and losing 15% on the other. Find his total gain or loss.
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 10 Detailed Solution
Download Solution PDFGiven:
A man sells two cows for Rs.15,640 each, gaining 15% on one and losing 15% on the other.
Concept used:
1. Selling Price = Cost Price × (1 + Gain%)
2. Selling Price = Cost Price × (1 - Loss%)
Calculation:
Cost price of the cow that's sold at a 15% profit = 15640 ÷ (1 + 15%) = Rs. 13600
Profit incurred = 15640 - 13600 = Rs. 2040
Cost price of the cow that's sold at a 15% loss = 15640 ÷ (1 - 15%) = Rs. 18400
Loss incurred = 18400 - 15640 = Rs. 2760
Total loss
⇒ 2760 - 2040
⇒ Rs. 720
∴ His total loss is Rs. 720.
Shortcut Trick
1st cow sells at 15% profit, CP : SP = 20 : 23, the 2nd cow sells at 15% loss, CP : SP = 20 : 17
Now, the selling price of two cows is the same, we make SP equal in both the ratios we get,
So, 391 unit → 15640,
Then, total loss (800 - 782) = 18 unit → 15640/391 × 18 = Rs.720
A saree bought for Rs. 500 is marked at 16% profit and later on sold at a sales discount of x% on the marked price. If the selling price of the saree is Rs. 493, find the value of x.
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 11 Detailed Solution
Download Solution PDFGiven :
CP = Rs.500
Profit = 16%
Discount = x %
SP = Rs.493
Formula Used :
Discount = MP - SP
Profit = SP - CP
Calculation :
Profit = 16% = 16/100
MP = 116 × 5 = 580
Discount = x %
So,
⇒ 580 × (100 - x)/100 = 493
⇒ 58 × (100 - x) = 4930
⇒ 5800 - 58x = 4930
⇒ 58x = 870
⇒ x = 15
∴ The correct answer is 15.
Three-fourth of a consignment was sold at a profit of 8% and the rest at a loss of 4%. If there was an overall profit of Rs. 600, then find the value of the consignment.
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 12 Detailed Solution
Download Solution PDFGiven:
Three-fourth of a consignment was sold at a profit of 8% and the rest at a loss of 4%.
Overall profit of Rs. 600.
Calculations:
Let total consignment be 4 units.
So, total profit
⇒ (3 × 8% - 1 × 4%)/4
⇒ 20%/4
⇒ 5%
According to question,
5% of Total = 600
So, 100% = Rs.12000
Hence, The Required value is Rs.12,000.
Apples were purchased at 100 for Rs.350 and sold at Rs.48 a dozen. What is the profit or loss percentage?
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 13 Detailed Solution
Download Solution PDFGiven:
CP of 100 apples = Rs 350
SP of 1 dozen apples = Rs 48
Concept Used:
Gain Percentage = \(\frac{Gain}{CP}\times 100\)
Calculation:
⇒ SP of 12 apples = Rs 48
⇒ So, SP of 1 apple = \(\frac{48}{12}\) = Rs 4
⇒ SP of 100 apples = Rs 400
As can be seen, SP > CP.
⇒ Gain = 400 – 350 = Rs 50
⇒ Profit Percentage = \(\frac{50}{350}\times 100\) = \(\frac{100}{7}=14\frac{2}{7}\%\)
Therefore, the profit percentage is 14\(\frac{2}{7}\)%.
The cost price of an article is decreased by 10% and then increased by 20%. If the final price is ₹540, then the original cost price is:
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 14 Detailed Solution
Download Solution PDFGiven:
Cost price (C.P) is first decreased by 10%.
Cost price (C.P) is again increased by 20%
Final price = Rs.540
Calculation:
Let the C.P = 100x
Cost price after decrement = 100x × (100 -10)% = 90x
Cost price after increment = 90x × (100 + 20)% = 108x
According to the question:
⇒ 108x = 540
⇒ x = 540/108 = 5
⇒ 100x = 5 × 100 = Rs.500
∴ The correct answer is 500.
Alternate MethodCalculation:
| Inc./dec. | C.P | New C.P |
| (- 10%) | 10 | 9 |
| (+ 20%) | 5 | 6 |
| Final | 50 | 54 |
Now,
⇒ 54 units = Rs.540
⇒ 1 unit = 540/54 = Rs.10
⇒ Original C.P = 50 units = 50 × 10 = Rs.500
∴ The correct answer is Rs.500.
The cost price of article A is ₹ 500 more than the cost price of article B. Article A is sold at a loss of 10% and B is sold at a profit of 20%. If there is a profit of ₹ 200 in the entire transaction, then the cost price of article A is:
Answer (Detailed Solution Below)
Absolute Profit and Loss Question 15 Detailed Solution
Download Solution PDFGiven:
Cost Price of Article A (CA) = Cost Price of Article B (CB) + ₹500
Article A is sold at a loss of 10%
Article B is sold at a profit of 20%
Total Profit = ₹200
Formula used:
Selling Price (S) = Cost Price (C) × (1 + Profit%/100) (if profit)
Selling Price (S) = Cost Price (C) × (1 - Loss%/100) (if loss)
Total Profit = Selling Price of A + Selling Price of B - (Cost Price of A + Cost Price of B)
Calculation:
Let Cost Price of Article B (CB) = ₹x
⇒ Cost Price of Article A (CA) = x + 500
Selling Price of Article A (SA) = (x + 500) × (1 - 10/100) = (x + 500) × 0.9
Selling Price of Article B (SB) = x × (1 + 20/100) = x × 1.2
Total Profit = ₹200
⇒ SA + SB - (CA + CB) = 200
⇒ [(x + 500) × 0.9] + (x × 1.2) - [(x + 500) + x] = 200
⇒ 0.9x + 450 + 1.2x - (x + 500) - x = 200
⇒ 0.9x + 1.2x - x - x + 450 - 500 = 200
⇒ 0.1x + 450 - 500 = 200
⇒ 0.1x - 50 = 200
⇒ 0.1x = 250
⇒ x = 2500
Cost Price of Article A (CA) = x + 500 = 2500 + 500 = ₹3000
∴ The correct answer is option (2).