Profit and Loss: Aptitude Questions with Answers – Free Practice!
Topic-wise Aptitude Questions
Review Profit Loss Concepts before you get started
Q. 1 When someone makes a profit from selling a house, they need to pay taxes on the difference between the selling price and the original purchase price. If the profit is 20% or less of the purchase price, the tax rate is 6%. Any profit exceeding 20% of the purchase price is subject to a 10% tax rate. A business family bought a house for 164,000 dollars and sold it 15 years later for 228,000 dollars. How much tax must they pay on the profit?
Check Solution
Ans: B
the profit earned is 64000. Now 20% of this profit will be 12800
taking 6% of 12800 will be 768
Now beyond 20% of 12800 means 80% of 128000.
We will get 0.8 of 128000 as 51200. This amount 51200 is taxed at 10%
0.1 of 51200 = 5120
adding 1 and 2
768+ 5120 = 5888
Q. 2 A shopkeeper prides himself on offering the best deals. He purchases a batch of 40 pens for βΉ50 and later sets a price where he sells 30 pens for βΉ50. While doing this, he wonders: what is the percentage of profit heβs actually making on each pen?
Check Solution
Ans: B) 50%
Cost price (CP) of 1 pen = 50 / 40 = βΉ1.25.
Selling price (SP) of 1 pen = 50 / 30 = βΉ1.6667.
Profit % = [(SP – CP) / CP] Γ 100 = [(1.6667 – 1.25) / 1.25] Γ 100 = 33.33%.
Q. 3 Two friends, A and B, partner up to start a business. A invests βΉ50,000, and B contributes βΉ40,000. After a few months, B notices heβs entitled to a profit share of βΉ6,000. Curious about how their business is doing, they ask their accountant: what is the total profit generated by their venture?
Check Solution
Ans: C) βΉ13,500
The profit ratio of A and B = 50,000 : 40,000 = 5 : 4.
Let total profit be P. Then, B’s share = 4/(5+4) Γ P = 4/9 Γ P.
Given, 4/9 Γ P = 6,000.
P = 6,000 Γ 9 / 4 = βΉ13,500.
Q. 4 A merchant known for his clever pricing strategy mixes two types of sugar: one costing βΉ24 per kg and the other βΉ30 per kg. He blends them in the ratio of 1:2 and sets a selling price that gives him a 20% profit. Can you determine the selling price of his mixture per kg?
Check Solution
Ans: D) βΉ33.60/kg
Cost price of the mixture = (1 Γ 24 + 2 Γ 30) / 3 = (24 + 60) / 3 = βΉ28/kg.
Selling price for 20% gain = 28 + 20% of 28 = βΉ33.60/kg.
Q. 5 A neighbourhood shopkeeper purchases 20 kg of rice at βΉ50 per kg and another 30 kg at βΉ60 per kg. After mixing the two, he decides to sell the entire lot at βΉ65 per kg. How much profit or loss percentage does he earn on this sale?
Check Solution
Ans: 16% profit
Total CP = (20 Γ 50) + (30 Γ 60) = 1000 + 1800 = βΉ2800 for 50 kg.
SP = 50 Γ 65 = βΉ3250.
Profit % = [(SP – CP) / CP] Γ 100 = [(3250 – 2800) / 2800] Γ 100 β 16.07%.
Q.6 Two entrepreneurs, A and B, pool their resources to start a venture. A invests βΉ40,000, while B invests βΉ50,000. They agree to split profits in proportion to their investments. If their business earns a total profit of βΉ13,500 in the first year, how much of this profit does B take home?
Check Solution
Ans: βΉ7,500
Investment ratio of A and B = 40,000 : 50,000 = 4 : 5.
B’s share = 5/(4+5) Γ 13,500 = 5/9 Γ 13,500 = βΉ7,500.
Q. 7 Nandalal sells two identical Sarees for βΉ990 each. However, he gains 10% on one Saree and incurs a 10% loss on the other. After totaling his transactions, he wonders if heβs made an overall profit or a lossβand by what percentage?
Check Solution
Ans: C) 1% loss
Let the CP of item 1 be βΉx, and for item 2, it is also βΉx.
SP of item 1 = x + 10% of x = 1.1x.
SP of item 2 = x – 10% of x = 0.9x.
Net loss = (10% of 10%) = 1%.
Q. 8 Abha buys a gift item, sells it to Benny with a 20% profit, and Benny then sells it to Chandu at a 10% loss. If Chandu pays βΉ216 for the item, what was the original cost price that Abha paid for it?
Check Solution
Ans: B) βΉ200
Let the CP for A be βΉx.
After A sells to B at 20% profit: SP for B = 1.2x.
After B sells to C at 10% loss: SP for C = 0.9 Γ 1.2x = 1.08x.
1.08x = 216, so x = 216 / 1.08 = βΉ200.
Q. 9 Three partnersβAdani, Birla, and Clarkβinvest βΉ10,000, βΉ15,000, and βΉ20,000 respectively in a business. Adani also takes on the role of a working partner and earns 20% of the total profit for his efforts. If the business generates βΉ25,000 in profit, how much of the remaining profit does Birla receive?
Check Solution
Ans: βΉ6,000
Aβs service share = 20% of 25,000 = βΉ5,000. Remaining profit = 25,000 – 5,000 = βΉ20,000.
Investment ratio = 10,000 : 15,000 : 20,000 = 2 : 3 : 4.
B’s share = 3/(2+3+4) Γ 20,000 = 3/9 Γ 20,000 = βΉ6,000.
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Q. 10 If Selling Price = 3200, Cost Price = 2500, then calculate Profit
Check Solution
Ans: D
Profit = Selling Price (SP) – Cost price (CP)
Q. 11 Given Selling Price = 7620 and Loss = 1130, find out the Cost Price
Check Solution
Ans: A
Cost price (CP) = Selling Price (SP) + Loss
Q. 12 A manufacturing company sold 400 units of a part at Rs 80 per unit and another 5000 units at Rs 50 per unit to a German automobile company. The cost to produce each unit was Rs 60. What was the company’s total profit or loss after selling all 900 units?
Check Solution
Ans: D
The company made a total of 400 x 80 = 32000 from the 400 units sold for 80 each.
The company made a total of 500 x 50 = 25000 from the 500 units sold for 50 each.
The total revenue from the 900 units sold is 32000 + 25000 = 57000.
The total cost of producing the 900 units is 900 x 60 = 54000.
The company made a profit of 57000 – 54000 = 3000 on the 900 units sold.
So the answer is 3000
Q. 13 Luke purchased two tickets for a Concert: one corner ticket costing 156 dollars and one mezzanine ticket priced at 184 dollars. He later sold the corner ticket for 25% more than its purchase price and the mezzanine ticket for 25% less than what he originally paid. Calculate Luke’s overall profit or loss from these transactions.
Check Solution
Ans: B
He sold the concompany ticket for 25 percent more than he paid for it, so he sold it for 156*1.25 = 195
He sold the mezzanine ticket for 25 percent less than he paid for it, so he sold it for 184*0.75 = 138
His total income from selling the tickets was 195+138 = 333
He paid 156+184 = 340 for the tickets, so he made a profit of 333-340 = -7
So the answer is -7
Q. 14 A clothing store owner purchased two equal-sized batches of dresses at identical costs. The owner sold every dress from the first batch for 70 each, making a profit of 1,600. The second batch was sold for 90 per dress, bringing in a profit of 2,400. How many dresses were there in total in both batches?
Check Solution
Ans: D
Lets say there were x number of dresses in each shipment. And cost of the each dress is y. Then we can set up following equation:
70x – xy = 1600
90x -xy = 2400
20x = 800
x= 40
Therefore there are 80 dresses in both shipments
Q. 15 A shopkeeper experiences a 20% loss on a defective mobile phone when compared to its selling price. If the phone originally cost 6000, what is the selling price?
Check Solution
Suppose selling price is x; Loss = 0.2x
Cost price = x+0.2x = 6000
=>1.2x = 6000
x = 5000

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