Profit and loss are used to determine the price of a commodity and to understand how profitable a business is. 

In business, profit is the difference between a business's income and expenses. A profit and loss statement (P&L) is a summary of a business's income and expenses over a specific period. It's also called an income statement. 
Profit is the amount gained by selling a product for more than its cost price. Loss is the amount incurred by selling a product for less than its cost price. 
The profit formula is SP - CP and the loss formula is CP - SP.

Arithmetic Practice Test: Profit And Loss

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25 Questions

1. A manufacturer marks his goods in advance of 80 percent on cost price, but allows 15 articles to a dozen and also 10 percent discount for cash payment. What rate of profit does he obtain from a customer who pays cash?

30% 62%26%28%

2. Two houses were sold at 20% gain and loss on each for Rs. 4300. Over all gain / less % is _____.

3.24.24.03.6

3. A buys mangoes at Rs.2.50 a hundred. What price must he mark them a dozen to gain 25%, allowing 10% for decay and 15% overhead expenses?

0.40.400.450.36

4. 400 books were purchased @ 15/- per book. 120 books were sold at a discount of 10%. 200 books were sold at 10% gain. Remaining books were sold at par. In this transaction an overall gain will be of Rs. _____

160120140150

5. Discount of 20% increases the sale by 30%. Overall increase in business is _____ %.

5.243.55

6. Refer above question, if yes, After all these discounts, the shop keeper charges _____% of CP

401406 not possible

7. A sold a book to B at a gain of 10%. B sold it to C at 12% gain. C sold the same to D at a loss of 22%. If D had paid Rs.720.72 for the book, cost price of A is Rs_____

740.40700750760

8. A car was purchased for Rs.25000/- if Rs.3000/- was spent on its repair and it was sold for Rs. 32200/- gain % _____.

1510%

9. A merchant gives a cash discount of 10% on the marked price of an article, and still gains 10%. Find the cost price of an article which he marks at Rs. 6.16

4.065.048.036.12

10. Mangoes were purchased for Rs.3 per 2 mangoes and were sold for Rs. 2/- for 3 mangoes. What was the loss percentage?

3066none25

11. Pens were purchased Rs. 8/doz and sold @ 3/Rs.2 gain/less % is

15no profit no loss10%

12. Goods were sold at gain of 30% on SP. It is equivalent to a gain of _____% on CP.

30433633

13. A man expected to suffer a loss of 50% on sale price of his item. Due to his efforts he managed to sell the same item and gained 50% on this expected sale price. He is now_____

gainingdata incompletein lossat par

14. 300 mangoes were purchased @ Rs.15/- doz. If 50 mangoes got rotten and 50 more were sold @ Re 1/- per piece. The remaining mangoes to be sold at what rate per dozen to gain 20% in all.

21241520

15. One merchant calculates his profit on the cost price; Another merchant calculates it on the selling price. Find the difference in actual profits if both claim to make 17 % profit on goods sold at Rs. 3760.

9892102104

16. SP of 45 articles is equal to CP of 35 articles. Loss % is _____%

22287278

17. By selling 5 dozen mangoes for Rs. 15.60, only 3/10th of the cost price was gained. At what retail price per 100 mango should have been purchased in order to have gained 60%?

Rs. 20Rs. 32Rs. 24Rs. 40

18. SP Rs.29000; gain 25%; CP = Rs._____

25200348002320026400

19. A buys a bike for Rs. 13,866/- from B who had bought it from C. If each transaction was made at 10% gain C had paid Rs._____

12618168001132011470

20. A trader marked his goods 20% above cost but gave cash discount of 8% later. He still gains by what percentage.

9.61210.420

21. Two successive discount of 35% and 60% are equivalent to a discount of _____%.

95262574

22. SP = Rs.26000/-; gain 18% CP = ?

24250235002500024000

23. Goods purchased of Rs.2400 and sold at a profit of % shall provide Rs _____ as profit

320200240300

24. A man buys some bananas. He sells 40% of these at 60% loss and remaining bananas at 45% gain. He has overall

gainedlostat par cannot say

25. CP of 40 articles is equal to (SP of 50 + CP of 10) articles. Gain/loss % is

No gain/loss2520