Practice 20 essential Profit & Loss MCQs for OSSSC PEO and Odisha Police Constable exams. Test your speed with TCS-pattern questions, step-by-step solutions, and detailed explanations. Master Profit & Loss formulas and problem-solving with our 20-question math mock test for Odisha competitive exams. Ideal for OSSSC PEO and Police Constable aspirants.
1. A wrist watch was purchased for ₹3,000 and sold for ₹3,500. What is the profit percentage?
Profit = ₹3,500 − ₹3,000 = ₹500. Profit% = (500/3000) × 100 = 16.66%.
2. A table was bought for ₹3,000 and sold for ₹3,200. What is the gain or loss in terms of money?
Profit = Selling Price − Cost Price = ₹3,200 − ₹3,000 = ₹200. Therefore, the gain is ₹200.
3. Mihir buys a book for ₹625. However, due to a short urgency, he sells it for ₹550. Find his loss percentage.
Loss = ₹625 − ₹550 = ₹75. Loss% = (75/625) × 100 = 12%.
4. A man buys 10 identical articles for a total of ₹15. He sells each of them for ₹1.70. What is his profit percentage?
Total CP = ₹15. Total SP = 10 × ₹1.70 = ₹17. Profit = ₹2. Profit% = (2/15) × 100 = 13.33%.
5. A shopkeeper bought an oven for ₹25,000 and sold it for ₹29,500. He spent ₹1,500 as overhead expenses. What is his gain percentage, rounded to the nearest integer?
Total CP = ₹25,000 + ₹1,500 = ₹26,500. Profit = ₹29,500 − ₹26,500 = ₹3,000. Profit% = (3000/26500) × 100 ≈ 11.32%, which rounds to 11%.
6. An article is sold at a profit of 250%. What is the ratio of its Cost Price (CP) to its Selling Price (SP)?
A 250% profit means Profit = 2.5 × CP. Therefore SP = CP + 2.5CP = 3.5CP. Hence CP : SP = 1 : 3.5 = 2 : 7.
7. The Cost Price of an article is ₹6,450. If the profit earned is 16%, what is its Selling Price?
SP = CP × 116/100 = ₹6,450 × 116/100 = ₹7,482.
8. Sandeep made a profit of 22% when he sold an overcoat for ₹8,540. What was the Cost Price of the overcoat?
SP = 122% of CP. Therefore CP = ₹8,540 × 100/122 = ₹7,000.
9. The SP of a shirt sold at a 20% profit is ₹1,200, and the SP of a trouser sold at a 10% profit is ₹660. Find the ratio of the CP of the shirt to the CP of the trouser.
CP of shirt = ₹1,200/1.20 = ₹1,000. CP of trouser = ₹660/1.10 = ₹600. Ratio = 1000 : 600 = 5 : 3.
10. Sukrut purchased an item for ₹650 and sold it at a profit of 26%. At what price did Sukrut sell the item?
SP = ₹650 × 126/100 = ₹819.
11. A shopkeeper charges his customer 14% more than the cost price. If a customer paid ₹18,240 for a mobile phone, what was the Cost Price of the phone?
₹18,240 = 114% of CP. Therefore CP = ₹18,240 × 100/114 = ₹16,000.
12. By selling a hair oil product for ₹336, the gain is 12%. If the profit is reduced by 9 percentage points, what will be the resultant selling price?
₹336 = 112% of CP, so CP = ₹300. Reduced profit = 12% − 9% = 3%. New SP = ₹300 × 103/100 = ₹309. Note: The original options did not contain ₹309.
13. By selling a car for ₹2,78,000, a dealer makes a profit of 25%. If the profit is reduced to 18%, what will be the new selling price?
₹2,78,000 = 125% of CP. New SP = ₹2,78,000 × 118/125 = ₹2,62,432.
14. If an article is sold for ₹402, there is a loss of 33%. At what price should it be sold to get a 37% profit?
₹402 = 67% of CP, so 1% = ₹6. For a 37% profit, SP = 137% = 137 × ₹6 = ₹822.
15. When an article is sold for ₹480, there is a loss of 16 2/3%. To gain 8 1/3%, it should be sold for:
16 2/3% = 1/6 loss, so ₹480 = 5/6 of CP. Hence CP = ₹576. For 8 1/3% = 1/12 gain, new SP = ₹576 × 13/12 = ₹624.
16. A man sells a cow for ₹22,000 and gains 10%. At what price should he sell it to gain 14%?
₹22,000 = 110% of CP, so CP = ₹20,000. At 14% profit, SP = ₹20,000 × 114/100 = ₹22,800.
17. A man loses 28% by selling an article for ₹144. If he sells it for ₹288, what is his profit or loss percentage?
₹144 = 72% of CP, so CP = ₹200. At SP ₹288, profit = ₹88. Profit% = (88/200) × 100 = 44%.
18. By selling an article for ₹2,200, a profit of 10% is earned. If the same article is sold for ₹2,600, what percentage of profit will be earned?
₹2,200 = 110% of CP, so CP = ₹2,000. Profit at ₹2,600 = ₹600. Profit% = (600/2000) × 100 = 30%.
19. What is the basic formula to calculate Profit Percentage?
Profit Percentage is calculated relative to the Cost Price. Therefore, Profit% = (Profit/Cost Price) × 100.
20. When no discount is offered on an item, which of the following statements holds true?
When no discount is offered, the Selling Price is equal to the Marked Price. Therefore, MP = SP.
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