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Arithmetic: Profit and Loss Test -1

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Question 1
Tarun got 30% concession on the labelled article and sold it at Rs.8750 with a 25% profit over the price he bought it for. What was the labelled price, p?
A
Rs. 16000
B
 Rs.  12000
C
Rs. 10000
D
Rs. 14000
Question 1 Explanation: 
Price at which Tarum brought the article= 70% of MP = 70% of p = X
SP of Tarun = Rs. 8750
Profit = 25%
Price at which he bought the article = X
Now it is given that 1.25 X = Rs. 8750
Therefore, X = Rs. 7000
Also, 70% of p = X = 7000
Thus, p = Rs. 10000
Question 2
The retail price of a water geyser is Rs. 1265. The manufacturer gains 10%, the wholesale dealer  15% and the retailer gains 25%, then the cost of the product is
A
Rs. 800
B
Rs. 900
C
Rs. 700
D
Rs. 600
Question 2 Explanation: 
Let the cost of the product be Rs. p.
Then, = p x 110/100 x 115p/100 x 125p/100= 1265
= p= 1265 x 100/110 x 100/115 x 100/125=Rs. 800
Question 3
A machine is sold at a profit of 10%. Had it been sold for Rs. 40 less, there would have been a loss 10%. What is the cost price?
A
Rs. 175
B
Rs. 200
C
Rs. 225
D
None of these
Question 3 Explanation: 
Let the cost price of the machine be Rs. p. Then,
According to the question
{(p x 110/100) – 40 } = 90p/100
11p/10 – 90P/100 = 40
(110 p – 90p)/100 = 40
20p/100 = 40
2p = 400
p = 200
Question 4
What is the per cent profit if 34% of the cost price is 26% of the selling price?
A
30.77%
B
74%.
C
25.16%
D
88.40%
Question 4 Explanation: 
Let cost price be c.
Let the profit be p.
Thus the selling price = c + p
We are given now:
34c/100 = (c+p) x 26/100
34c = 26c + 26p
p = 4/13 c
Thus, p is 30.77% of c
Question 5
The tax on a commodity is reduced by 10%, so consumption increases by 10%. The effect on revenue derived from it is K% change. Find the value of K.
A
1
B
2
C
-1
D
-2
Question 5 Explanation: 
When there is decrease and increase in percentage then the total percentage change = –p + q – pq/100
= -10 +10 – 100/100 = -1%
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