10 Questions
Question 1: A shopkeeper sells an item at a 25% discount, but still makes a profit of 20%. What was the original cost price of the item?
$125
Question 2: A company purchased a machine for $50,000 and spent an additional $5,000 on transportation and installation. If the company sold the machine for $65,000, what was the percentage profit or loss?
15% profit
Question 3: A retailer purchased 100 items for $500 and sold 80 items at a 25% profit. At what price should the remaining 20 items be sold to break even?
$60
Question 4: A trader marks up his cost price by 40% and then offers a discount of 20% on the marked price. What is his actual percentage profit or loss?
16% loss
Question 5: A company incurred expenses of $10,000 on manufacturing a product. If the company sold the product for $12,000, what was the percentage profit or loss?
10% profit
Question 6: A retailer bought a product for $80 and sold it at a 20% discount. If the retailer wants to make a profit of 25%, at what price should the product be sold?
$100
Question 7: A company purchased a machine for $10,000 and spent an additional $2,000 on repairs. If the company sold the machine for $12,500, what was the percentage profit or loss?
5% profit
Question 8: A shopkeeper bought a product for $50 and sold it at a 10% loss. If the shopkeeper wants to make a profit of 20%, at what price should the product be sold?
$60
Question 9: A company incurred expenses of $8,000 on manufacturing a product. If the company sold the product for $10,000, what was the percentage profit or loss?
20% profit
Question 10: A trader bought a product for $120 and sold it at a 15% profit. If the trader wants to make a profit of 25%, at what price should the product be sold?
$160
Study Notes
Profit and Loss Scenarios
- A shopkeeper sells an item at a 25% discount and makes a 20% profit, indicating that the selling price is 80% of the marked price, which is 120% of the cost price.
- A company buys a machine for $50,000, spends $5,000 on transportation and installation, and sells it for $65,000, earning a profit of $10,000, which is 16.67% of the total cost.
- A retailer buys 100 items for $500 and sells 80 items at a 25% profit, earning $100; to break even, the remaining 20 items must be sold for $250.
- A trader marks up the cost price by 40% and then offers a 20% discount, resulting in a profit of 12% of the cost price.
- A company incurs expenses of $10,000 and sells the product for $12,000, earning a profit of $2,000, which is 20% of the expenses.
- A retailer buys a product for $80, sells it at a 20% discount, and wants to make a 25% profit, requiring a selling price of $96.
- A company buys a machine for $10,000, spends $2,000 on repairs, and sells it for $12,500, earning a profit of $500, which is 4.17% of the total cost.
- A shopkeeper buys a product for $50, sells it at a 10% loss, and wants to make a 20% profit, requiring a selling price of $65.
- A company incurs expenses of $8,000 and sells the product for $10,000, earning a profit of $2,000, which is 25% of the expenses.
- A trader buys a product for $120, sells it at a 15% profit, and wants to make a 25% profit, requiring a selling price of $150.
Test your knowledge on profit and loss with this challenging multiple-choice quiz! From calculating discounts to determining cost prices, these questions will put your skills to the test. See if you can solve them all and prove your expertise in this financial topic.
Make Your Own Quizzes and Flashcards
Convert your notes into interactive study material.
Get started for free
