# Profit and Loss Question, Formulas -Profit and loss MCQ online test

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## Profit and Loss Formulas

In this section, we have given some of the Profit and Loss Formulas. So, for all the candidates who are interested in profit & loss Aptitude questions and answers then, the below formulas will help them.

SP: Selling Price

CP: Cost Price

Gain = \${Gain}/{CP} × 100 \$

SP =\$ [  {(100 + Gain %)}/{100} × CP ] \$

Loss % = \$ {Loss}/{CP} × 100 \$

SP = \$ [ {(100 – Loss %)}/{100} × CP ] \$

## Some Basic Rules on Profit and Loss

• Cost Price (CP) - This is the price at which a product is purchased.
• Selling Price (SP) - This is the price at which a product is sold.
• Profit or Gain - If the selling price is more than the cost price, the difference between them is the profit incurred.
• Profit or Gain = Selling price (SP) – Cost price (CP)
• Loss - If the selling price is less than the cost price, the difference between them is the loss incurred.
• Loss = Cost price (CP) – Selling price (SP)
• Profit or Loss is always calculated on the cost price.
• Marked Price - This is the price marked as the selling price on a product, also known as the listed price.
• Discount or Rebate - This is the reduction in price offered on the marked or listed price.
• If a product is sold at a gain of 10%, then SP = 110% of CP.
• If a product is sold at a loss of 10%, then SP90% of CP.
• Profit or Loss always depends on the cost price but not on the selling price.
• If an article is sold at a certain gain ‘X’ then Selling Price = (100 + X) % of Cost Price.
• If an article is sold at a certain loss ‘X’ then Selling Price = (100 - X) % of Cost Price

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• Simplification
• Simple Interest
• Compound Interest
• Averages
• Profit and Loss
• Time and Work
• Time and Distance
• Problems on Trains
• Number System
• Percentage
• Partnership
• Simple Equations
• Ratio and Proportion
• Probability
• Data Interpretation
• Geometry
• Fraction
• LCM and HCF
• Discount
• Approximation
• Area And Perimeter
• Mensuration
• Work and wages
• Chain Rule
• Pipes and Cistern
• Races and games
• Stocks and Shares
• Problems on Ages
• Unitary Method
• Sets and Functions

## Profit and loss questions and answers

Question-1)

The selling price of an article is Rs. 2220 and the percent profit earned is 20%. What is the cost price of the article?

A) Rs. 1750

B) Rs. 1876

C) Rs. 1776

D) Rs. 1850

E) None of these

Ans: D

Solution: Given data, Selling Price (SP) = 2220, Profit percentage = 20%

Cost Price (CP) = \${100 / {100 + Gain %} × SP \$

CP = \${100 / 120} × 2220 = 1850\$

Question-2)

The profit earned by selling an article for Rs. 1450 is the same as the loss incurred by selling the article for Rs. 1280. What is the cost price of the article?

A) 1385

B) 1405

C) 1355

D) 1365

E) None of these

Ans: D

Solution: Assume Cost price = x

According to the given data,
1450 – x = x – 1280
⇒ 1450 + 1280 = 2x

Therefore x = 1365