Profit And Loss
Math MCQs

Question :    The cost price of an article is $12, and the sale price is $15. Find the profit and profit percent.

Correct Answer  $3 and 25%

Solution & Explanation

Solution

Given, Cost price (CP) = $12

Sale price (SP) = $15

Therefore, profit and profit % = ?

Calculation of profit, when cost price and sale price is known

Profit = Sale Price – Cost Price

∴ Profit = $15 – $12

⇒ Profit = $3

Calculation of profit% using formula, when profit and cost price is known

Profit% = ^{Profit × 100}/_{Cost price}

Here, profit = $3

And, Cost Price = $12

∴ Profit% = ^{3 × 100 25}/_{12 4}

⇒ Profit = 25%

Therefore, Profit = $3 and Profit% = 25% Answer

Calculation of profit% using Unitary Method, when profit and cost price is known

Here, profit = $3

And, Cost Price = $12

∵ In $12, profit = $3

∴ In $1, profit = ³/₁₂

∴ In $100, profit = ³/₁₂ × 100

= ^{3 × 100}/₁₂

= ³⁰⁰/₁₂

= 25%

Therefore, profit = 25%

Therefore, Profit = $3 and Profit% = 25% Answer

Similar Questions

(1) John sold rice at $7.20 per kg. If he purchased 120 kg of rice for $960, then calculate the loss and loss percent in this sale.

(2) After selling an article for $1565.5 the shopkeeper earns a profit of 55%. For how much had he purchase that article?

(3) Calculate the earnings percentage if a vendor buys 54 articles for $1 and sells 53 articles for $1.

(4) Calculate the earnings percentage if a vendor buys 57 articles for $1 and sells 56 articles for $1.

(5) How much percent will John get if he buys 38 articles for $1 and sells 37 articles for $1?

(6) Find the profit percent if a vendor buys 9 articles for $1 and sells 8 articles for $1.

(7) Find the cost price, if a shopkeeper earns a profit of 80% by selling an article for $2718

(8) William loses 73% by selling an article for $947.70. For how much should he sell it to get a profit of 72%?

(9) While shifting to the other city, Mr. Bob sold all of the furniture and got a profit of 35%. If he sold them for $823.50, then for how much had he purchased them?

(10) Find the cost price, if a dealer gets a loss of 32% by selling 500 books for $4222.80.