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15 Profit & Loss Questions and Answers
15 solved Profit & Loss questions with step-by-step explanations. Includes formulas, shortcuts, and tips for placement tests and competitive exams.
Profit and Loss is a fundamental topic in quantitative aptitude, appearing regularly in placement tests, MBA entrance exams, and government job screenings. The core concept revolves around cost price (CP) — the amount a seller pays to acquire an item, and selling price (SP) — the amount at which it is sold. When SP exceeds CP, the seller earns a profit; when CP exceeds SP, the seller incurs a loss. Both profit and loss are expressed as percentages of the cost price. Advanced problems include successive discounts, false weight scams, and marked price calculations. Below are solved profit and loss questions with step-by-step explanations to strengthen your fundamentals.
A product costs Rs. 1620 and is sold at 10% profit. Find the selling price.
An item is sold for Rs. 986 at a loss of 15%. Find its cost price.
A product costs Rs. 220 and is sold at 25% profit. Find the selling price.
An item is sold for Rs. 247 at a loss of 5%. Find its cost price.
A product costs Rs. 500 and is sold at 15% profit. Find the selling price.
An item is sold for Rs. 697 at a loss of 15%. Find its cost price.
If Cost Price = Rs. 420 and Selling Price = Rs. 648, what is the profit amount?
A product costs Rs. 1760 and is sold at 5% profit. Find the selling price.
If Cost Price = Rs. 907 and Selling Price = Rs. 1392, what is the profit amount?
A product costs Rs. 980 and is sold at 25% profit. Find the selling price.
If Cost Price = Rs. 627 and Selling Price = Rs. 759, what is the profit amount?
A product costs Rs. 240 and is sold at 15% profit. Find the selling price.
If Cost Price = Rs. 233 and Selling Price = Rs. 492, what is the profit amount?
A product costs Rs. 440 and is sold at 10% profit. Find the selling price.
If Cost Price = Rs. 1193 and Selling Price = Rs. 1328, what is the profit amount?
Key Takeaways
- Profit % and Loss % are ALWAYS calculated on Cost Price, never Selling Price.
- For profit: SP = CP × (100 + Profit%)/100. For loss: SP = CP × (100 - Loss%)/100.
- Discount % is calculated on Marked Price (MP), not Cost Price.
- In successive discount problems, apply discounts one after another — do not add them.
- If profit and loss percentages are equal, there is always a net loss of (P²/100)%.
Frequently Asked Questions
What is the formula for profit percentage?
Profit % = (Profit ÷ Cost Price) × 100, where Profit = Selling Price - Cost Price. Always use CP (not SP) as the base for percentage calculation.
How do I calculate selling price from cost price and profit%?
Selling Price = Cost Price × (100 + Profit%) ÷ 100. For 15% profit: SP = CP × 1.15. For 15% loss: SP = CP × 0.85.
What is successive profit and loss?
When profit or loss percentages are applied one after another, use the net change formula: Net% = a + b + (a × b) ÷ 100. If there's a 10% profit followed by a 20% discount: Net = 10 + (-20) + (10 × -20) ÷ 100 = -12% (net loss of 12%).
What is false weight profit?
When a seller uses false weight (say 900g instead of 1kg), the effective profit % = (Error ÷ Actual) × 100 = ((1000 - 900) ÷ 900) × 100 = 11.11% — this is added to the selling price profit.
More Profit & Loss Practice Resources
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