Profit And Loss
Math MCQs

Question :    If Robert purchased a TV set in an auction at $250 and sold it at $300, then calculate the profit earned and profit percent in this sale.

Correct Answer  Profit = $50 & Profit% = 20%

Solution & Explanation

Solution

Given, Cost price (CP) = $250

Sale price (SP) = $300

Therefore, profit and profit % = ?

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

Profit = Sale Price – Cost Price

∴ Profit = $300 – $250

⇒ Profit = $50

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

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

Here, profit = $50

And, Cost Price = $250

∴ Profit% = ^{50 × 100}/₂₅₀

∴ Profit% = ^{50 × 20 × 5}/_{250 × 5}

⇒ Profit = 20%

Therefore, Profit = $50 and Profit% = 20% Answer

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

Here, profit = $50

And, Cost Price = $250

∵ In $250, profit = $50

∴ In $1, profit = ⁵⁰/₂₅₀ = ¹/₅

∴ In $100, profit = ¹/ ₅ × 100 20

∴ Profit% = 20%

Therefore, Profit = $50 and Profit% = 20% Answer

Similar Questions

(1) A shopkeeper earns a profit of 50% by selling an article for $1365. Find the cost price of the article.

(2) William loses 75% by selling an article for $902.50. For how much should he sell it to get a profit of 74%?

(3) If a vendor buys 60 articles for $1 and sells 59 articles for $1 then, calculate the profit in percent.

(4) Find the cost price, if a dealer earns a profit of 380% by selling an article for $36048

(5) A broker loses 41% by selling an article for $1126.90. For how much should he sell it to get a profit of 40%?

(6) Mr. Jojo buys 30 articles for $1 and sells 29 articles for $1. Find the profit in percent.

(7) Mrs. Mary loses 19% by selling an article for $656.10. For how much should she sell it to get a profit of 18%?

(8) James loses 67% by selling an article for $1059.30. For how much should he sell it to get a profit of 66%?

(9) A share broker earns a profit of 400% by selling his shares for $39550. For how much had he purchased those shares?

(10) Find the cost price, if a trader gets a loss of 19% by selling an article for $2924.10