Mathematical Ability Test

[Topic: Profit & Loss] MAA3

Test Test Code Topic No. of Questions

MATHEMATICS MAA3 PROFIT & LOSS 20

Page | 1

Maximum Marks 20 Competitive score 16 Time allowed 18 minutes Answers with explanations have been provided for self-evaluation. Do send us your score after completing the test.

1. An article costing Rs 500 is sold at 25% profit. What is the selling price? a. Rs 650 b. Rs 625 c. Rs 700 d. Rs 725

2. If selling a bicycle for Rs 1980/- causes 10% loss on the selling price, what is the cost price of the bicycle? a. 2378 b. 2628 c. 2178 d. 2188 3. If selling a wall clock for Rs 1980 causes 10% loss, what is the cost price? a) Rs 2000 b) Rs 2200 c) Rs 2750 d) Rs 2800 4. On selling an item for Rs 440, a man makes 10% profit. If he wants double the percentage profit, what should be the selling price? a) Rs 540 b) Rs 480 c) Rs 440 d) Rs 470

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

5. If selling price is 5/8 of cost price of an item, find out the loss percentage. a) 23% b) 36% c) 37.5% d) 49% 6. Bhargav, by selling a TV for a certain price gains 20% . What would be the profit/loss percentage if he were to sell it for half the price? a) 30% loss b) 35% loss c) 40% loss d) 45% loss 7. A greedy seller proclaims to sell goods at margin free rates, but by using a false weighing machine, gains 150 grams for every 1 kg. Find out his profit percentage. a. 16.5% b. 16.65% c. 17.55% d. 17.65% 8. Sale volume of a particular commodity decreased by 5% when the seller decided to increase the price of an article by 20%. Find out the loss/gain percentage on the total sale. a) 15% profit b) 16% profit c) 14% profit d) 17% profit 9. A toyshop owner sells two toys simultaneously for Rs 1500 each. While on one toy he lost 20%, he could manage to gain 20% on the sale of other toy. Find out his gain/loss percentage. a. 3% gain b. 4% gain c. 4% loss d. 3% loss

Page | 2

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

10. When a watch seller decides to sell a particular watch for Rs 98 more than the intended sale price, he realizes that the profit is increased by 7%. What would be the cost price of the watch? a) Rs 1300 Page | 3 b) Rs 1450 c) Rs 1400 d) Rs 1350 11. A person sold two almirahs for Rs 4000 each. While he gains 10% on the first piece, he loses 5% on the second. What is the overall gain percentage? a) b) c) d) 3% approx 2% approx 4% approx 3.5% approx

12. A land owner sold a property at a loss of 10% . Had he waited for the boom period and sold at a profit of 15%, he would have gained Rs 5 lacs more. What is the price of the land? a) 18 lacs b) 29 lacs c) 20 lacs d) 22 lacs 13. A merchant gains Rs 500 more by selling an article at a profit of 12.5%. than by selling it at a loss of 12.5%. If so, what would be the cost price of the article? a) Rs 3000 b) Rs 2500 c) Rs 2000 d) Rs 4000 14. A retail merchant buys 80 calculators at the marked price of 72 calculators from a wholesale merchant. If a discount of 1% is given by him while selling them individually, find out his profit percentage. a) 12% b) 14% c) 10% d) 11%

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

15. The price of an article is decreased by 20%. However, the salesman decides to restore it to the original price. To achieve this, he must increase the new price by what percentage? a) 20% Page | 4 b) 25% c) 30% d) 15%

16. The marked price of a fountain pen and ballpoint pen are in the ratio 1:2. The pen shop gives 20% discount on the fountain pen. If the total discount on the set of fountain pen and ballpoint pen is 15% , find out the discount offered for the ball point pen. a) 23.5% b) 22.5% c) 21.5% d) 21.75%

17. The cost of two dozen imam pasandh mangoes is Rs 320. After selling 18 mangoes at the rate of Rs 120 per dozen, the merchant reduced the rate as Rs 40 per dozen since the mangoes were getting over riped. Find the percentage of loss. a) 40.5 b) 38.5 c) 37.5 d) 39.5

18. A man purchases two gas stoves for Rs 5000. He sells one at 30% profit but loses 20% on the other. Overall there is no profit no loss. Find the cost price of each gas stove. a) Rs 3000 & Rs 4000 b) Rs 2000 & Rs 3000 c) Rs 2500 & Rs 3500 d) Rs 4000 & Rs 5000

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

19. A grocer sells goodies for Rs 1800 which gives him a profit of 12.5%. If he desires to increase the profit to 15%, for how much more he has to sell the same goodies. a) Rs 30 b) Rs 35 Page | 5 c) Rs 40 d) Rs 50

20. The difference between the cost price and sale price of a commodity is Rs 720. If the gain percentage is 20, what would be the sale price of the commodity? a) Rs 4500 b) Rs 4830 c) Rs 4320 d) Rs 4430

ANSWERS ON NEXT PAGE

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

Q.No

Answer

Explanation/Hints

Difficulty level SIMPLE

SP = CP X (100+ % profit)/100 = 500 X 125/100 = Rs 625, option a

Page | 6
SIMPLE

Cost price = Sale price + Loss = 1980 + 198 = 2178, option c

CP = 100/(100-loss %) X SP = 100/90 X 1980 = 2200 option b

SIMPLE

Short cut: CP = SP + 10% of CP gives, CP = 1980 + CP/10 solving, CP = 2200

Let CP be Rs 100, then SP = Rs 110. If SP is Rs 440, then CP = 440 X100/110 = Rs 400. To get double the profit, 400 X 120/100 = Rs 480, which should be the selling price. Option b

MODERATE

Short cut: New SP = old SP X 100 + desired profit% 100 + initial profit% = 440 X 120/110 = 480
5 c

Let the CP be 8, then SP = 5, hence loss = 3. If CP is 8, loss is 3. If CP is 100, loss = 100 X 3/8 = 37.5% option c

MODERATE

Let CP be 100. Hence, SP = 120. New SP = 60, which is 60% of cost price. Hence loss % = 40. option c

MODERATE

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

Applying the formula: Gain = Error True value error = 150/(100 150) X 100 = 17.65% option d X 100

STANDARD

Page | 7

Let the original price of each article = 100 New price = 120

MODERATE

Original price of 100 articles = 100 X 100 = 10000 Selling price at new rate = 95 X 120 = 11400

Gain = 1400. Hence gain % = 1400/10000 X 100 = 14% option c

Let x be percentage, Applying the formula : Loss % = x2/100 = 20 X 20/100 = 4%. Option c Note: When two items are sold at same price, if the gain % on one item equals the loss % of the second, there will always be a loss.

MODERATE

10

Increase in SP = 7% of cost price = 98, hence 100% of cost price = Rs 1400. option c. Applying the formula, 100(x+y) + 2xy 200 + x+y where x = 10 and y = -5

SIMPLE

11

STANDARD

we get, 400/205 = 1.95% option b

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

12

Difference in 2 selling prices = 15% - (-10%) = 25% The value of 25% = 5 lacs, hence cost = 100% = 20 lacs option c

MODERATE

Page | 8
MODERATE

13

Let the cost price be x. X + 25% X (X 25% X) = 500, solving X = 2000 2 2

14

Let the marked price of calculator = x Cost of 80 calculators = marked price of 72 calculators = 72x. SP of 1 calculator = x x/100 = x(1- .01) = 0.99x SP of 80 calculators = 79.2 x. Profit % = 79.2x 72x 72x = 10% option c X 100

STANDARD

15

Let the original price be 100 New price = 80 If the new price is 80 then the percentage is 20 If the new price is to be raised to 100, then the percentage = 25% option b

SIMPLE

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

16

Let the marked price of fountain pen be X and that of ballpoint pen is 2X. Let the discount on the ballpoint pen be Y%. We get the following equation: X x 20/100 + 2X x Y/100 = 3X x 15/100, Solving, we get Y = 21.5 option c

MODERATE

Page | 9

17

CP of 2 dozen mangoes = 320 SP of 18 mangoes @ 120/dozen = 180 SP of remaining 6 mangoes @ 40/dozen = 20 Therefore, SP of 24 mangoes = 200 Loss = 120. Loss % = 120 x 100 = 300 = 37.5 option c 320 8

STANDARD

18

Since there is no gain no loss, Amount of gain in one stove = Amount of loss in another. Therefore, 30% CP1 = 20% CP2 implies, CP1/CP2 = 20/30 = 2/3. Implies, CP1 = Rs 2000 and CP2 = Rs 3000. option b

MODERATE

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.

Mathematical Ability Test

[Topic: Profit & Loss] MAA3

19

SP = CP =

1800 gain = 100 100 + gain%

25/2% X SP

STANDARD

Page | 10

= Rs 1600 SP = 100 + gain% 100 = 100 + 15 100 Hence Rs 40 more, option c X 1600 = 1840 X CP

20

Let the CP be x SP = 120% = 120 x = 6x/5 100 Given: 6x/5 x = 720, solving x = 3600 Hence SP = (6 X 3600)/5 = Rs 4320 option c

MODERATE

SRIRAM LAW ACADEMY, Indias Premier Institute for Law Entrance Exam Training. Visit us at www.sriramlawacademy.com for all updates and notifications.