Explanation of Quant Quiz : Profit & Loss

1. A tradesman marks his goods 30% above cost price. If he allows discount of 6(1/4)%, then his gain per cent is:

(a) 22%

(b) 21(7/8)%

(c) 23(3/4)%

(d) 36(1/4)%

(e) None of these 

sol. 

1. (b): C.P.=Rs. 100. Then, marked price=Rs. 130.

Therefore, S.P.=93(3/4)% of Rs. 130=(375/400)X130=121(7/8).

Hence, gain=21(7/8)%.

2. A fan is listed at Rs. 750 with a discount of 20%. What additional discount must be offered to the customer to bring the net price Rs. 540?

(a) 11(1/9)%

(b) 10%

(c) 11%

(d) 8%

(e) None of these 

sol.

2. (b); S.P. after 20% discount=80% of Rs. 750=Rs.600

Net S.P. desired=Rs. 540.

Additional discount=[(60/600)X100]%=10%

3. The marked price of an article is 10% higher than the cost price. A discount of 10% is given on the marked price. In this kind of sale, the seller:

(a) bears no loss, no gain

(b) gains 1%

(c) loses 1%

(d) None of these

(e) Can't be determine 

sol.

3. (c): Let C.P.=Rs. 100. Then, marked price=Rs. 110. 

S.P=90% of Rs. 110=Rs. 99. So, loss=1%

4. If a commission of 10% is given on the marked price of a book, the publisher gains 20%. If the commission is increased to 15%, the gain is:

(a) 16(2/3)%

(b) 13(1/3)%

(c) 15 (1/6)%

(d) 15%

(e) None of these 

sol.

4. (b); Let C.P.=Rs. 100. First S.P.=Rs. 120

Now, S.P. =Rs. 120, commission=10%

Therefore, Marked Price=[(100/90)X120]=Rs. 400/3.

No, marked price=400/3, commission=15%

Therefore, S.P.=85% of 400/3=[(85/100)X(400/3)]=340/3.

Therefore, Gain%=[(340/3)-100]=40/3=13(1/3)%.

5. Tarun bought a T.V. with 20% discount on the labelled price. Had he bought it with 25% discount, he would have saved Rs. 500. At what price did he buy the T.V.?

(a) Rs. 5000

(b) Rs. 10000

(c) Rs. 12000

(d) Rs. 16000

(e) None of these 

sol.

5. (e); Let the labeled price be Rs. 100.

S.P. in 1st case=Rs. 80, S.P. in 2nd case=Rs. 75.

5 : 100 : : 500 : x. 

So, x=[(100X500)/5]=10000.
i.e Required CP = 80 % of 10000 = 8000

6. A discount series of 10%, 20% and 40% is equivalent to a single discount of:

(a) 50%

(b) 56.8%

(c) 60%

(d) 70.28%

(e) None of these 

sol.

6. (b); Let original price=Rs. 100.

Final price=90% of (80% of 60% of 100)

=[(90/100)X(80/100)X(60/100)X100]=43.20.

Therefore, Single discount=(100-43.20)%=56.8%

7. The difference between a discount of 40% on Rs. 500 and two successive discounts of 36% and 4% on the same amount is:

(a) 0

(b) Rs. 2

(c) Rs. 1.93

(d) Rs. 7.20

(e) None of these 

sol.

7. (d); S.P. of 40% discount=60% of Rs. 500=Rs. 300

S.P. after two successive discounts of 36% and 4%

=96% of (64% of 500)=[(96/100)X(64/100)X500]=Rs. 307.20.

Therefore, Required difference=Rs. 7.20.

8. On an article with marked price Rs. 20000, a customer has a choice between three successive discounts of 20%, 20% and 10% and three successive discounts of 40%, 5% and 5%. By choosing the better offer, he can save:

(a) nothing 

(b) Rs. 690

(c) Rs. 715

(d) Rs. 785

(e) None of these 

sol.

8. (b);(90% of 80% of 80% of Rs. 20000)=Rs. 11520.

(95% of 95% of 60% of Rs. 20000)=Rs. 10830.

Therefore, Saving=Rs. (11520-10830)=Rs. 690.

9. An agent buys a T.V. set listed at Rs. 10000 and gets 10% and 20% successive discounts. He spends 10% of his C.P. on transport. At what price (in rupees) should he sell the T.V. set to earn a profit of 10%?

(a) 8692

(b) 8702

(c) 8712

(d) 8722

(e) None of these 

sol.

9. (c); Net price after two discounts=80% of 90% of Rs. 10000=Rs. 7200.

Net C.P.=(7200+10% of Rs. 7200)=7920.

Therefore, S.P. =110% of Rs. 7920=Rs. 8712.

10. While selling a watch, a shopkeeper gives a discount of 5%. If he gives a discount of 7%, he earns Rs. 15 less as profit. The marked price of the watch is:

(a) Rs. 697.50

(b) Rs. 712.50

(c) Rs. 787.50

(d) Rs. 750

sol.

10. (d);  Let the marked price be Rs. x.

95% of x-93% of x=15

2% of x=15

x=(15X100)/2=750