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

9.62010.412

2. Manav and Tarun each bought a set of T.V. for Rs.2400 and Rs.2800 respectively. They sold these gaining Rs.300 and Rs.370. Who earns more?

ManavbothTarunneither

3. What profit % is made by selling an article at a certain price, if by selling it at half of that price there would be a loss at the rate of 12 ½ %?

50% 75%60%133%

4. A book sold for Rs.375/- at a gain of as much percentage as that of its cost price. Then cost price is Rs._____

14150160175

5. A contractor estimates that a job will earn him Rs. 8,400. His estimate covers material, labour and 5% profit. The cost of material and labour is in the ratio of 3:7. When the contractor begins his job, he discovers that the cost of material has increased by 10% and the labour by 15%. Calculate his loss per cent.

5.79%8.13%7.49%6.53%

6. Oranges were bought at 5 per Rs.2 and equal no. at 6 per Rs.3. These were mixed and then sold at Rs 3/-. Loss/gain is Rs_____

13 gain 13 loss17 loss17 gain

7. A reduction of 40% in the price of eggs would enable a man to obtain 56 more for Rs. 10. What is the reduced price?

Rs. 12/-Rs. 16/-Rs. 14/- Rs. 10/-

8. A man sells sugar to a tradesman at a profit of 20% but the tradesman becoming bankrupt and pays back only 72 paisa in the rupee. How much % does the man gain or lose in this sale?

gain 12 %loss 16 %loss 13%gain 14 %

9. CP Rs.15000/-; gain 18%; SP = ?

16800160001770017200

10. Oranges were purchased @ Rs.7 per dozen and an equal number @ Rs. 4 for 5 oranges. These were mixed and sold @ Rs.80/- per 100. Gain % will be

17.215.661316

11. A merchant sold tea at a profit of 37 ½ % for Rs. 215.45. He sold coffee at a profit of 20% and received Rs. 36.54 ; sugar he sold for Rs. 436.28 at a loss of 15%. For what price should he have sold sugar to gain 15% overall in his business transactions ?

590612597583

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

662530none

13. Are three successive discount of 40%, 55% and 70% possible?

data incompletemay or may notnoyes

14. Are three discount of 35%, 55%, 80% possible (?)

yes‘a’ or ‘b’nodata required

15. 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?

0.400.40.450.36

16. Grapes were bought at 11 for Rs.9 and sold for 9 per Rs.11 gain % is _____

204925

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

1510%

18. Cost Price of 28 articles is equal to Selling Price of 24 articles. Overall gain percentage is

25 20

19. A person sold a bag at a gain of 6%. By selling it for Rs.18 more, the gain would have been 7½%. The CP is Rs_____

1200 10200150120

20. Goods are sold so that even if 4 Percent is given as discount on the sale price, still a profit of 20 Percent is made. How much percent is the sale price higher than the cost price?

40%33%20%25%

21. CP = 15450; loss = 18%; SP = Rs_____

13682126691459012681

22. In the above question her goods are cheaper than his goods by_____?

25162018

23. 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._____

11320168001261811470

24. If 8% profit on Rs. 380 shall fetch Rs_____ for it.

30349.60412.20412.2

25. CP = Rs.12500; SP = Rs. 15000/-; gain % = ?

2025