Profit and loss are two essential concepts in the world of finance, business, and everyday transactions. Whether it is exam preparation for students or a simple need to sharpen one’s mathematical skills, the understanding of the profit and loss calculation process is vital. To enhance your practice and build up your confidence, here are 50 unique multiple-choice questions (MCQs) on profit and loss that would challenge and improve your skills.
1. A shopkeeper buys an item for $120 and sells it for $150. What is the profit percentage?
- A) 20%
- B) 25%
- C) 30%
- D) 15%
Answer: B) 25%
Explanation: Profit = Selling Price – Cost Price = $150 – $120 = $30. Profit Percentage = (30/120) × 100 = 25%.
2. A trader sells a product for $200, making a profit of 40%. What was the cost price of the product?
- A) $140
- B) $150
- C) $160
- D) $170
Answer: A) $140
Explanation: Profit = 40% of Cost Price. Let Cost Price = x. So, Selling Price = x + 40% of x = x + 0.4x = 1.4x. 1.4x = $200, so x = $200 / 1.4 = $140.
3. A person buys a bicycle for $250 and sells it for $300. What is the percentage profit?
- A) 20%
- B) 25%
- C) 30%
- D) 15%
Answer: B) 25%
Explanation: Profit = $300 – $250 = $50. Profit Percentage = (50/250) × 100 = 20%.
4. A man makes a profit of 15% on selling an article for $500. What is the cost price of the article?
- A) $450
- B) $400
- C) $460
- D) $520
Answer: B) $400
Explanation: Let Cost Price = x. Profit = 15% of x. Selling Price = x + 0.15x = 1.15x. So, 1.15x = $500. Thus, x = $500 / 1.15 = $400.
5. A merchant sells a watch for $300 at a 20% loss. What was the cost price of the watch?
- A) $320
- B) $375
- C) $360
- D) $400
Answer: C) $375
Explanation: Loss = 20% of Cost Price. Let Cost Price = x. Selling Price = x – 0.2x = 0.8x. So, 0.8x = $300, thus x = $300 / 0.8 = $375.
6. A man buys a book for $120 and sells it at a loss of 10%. What is the selling price of the book?
- A) $110
- B) $105
- C) $115
- D) $100
Answer: A) $108
Explanation: Loss = 10% of $120 = $12. Selling Price = $120 – $12 = $108.
7. A businessman buys an item for $500 and sells it for $450. What is the percentage loss?
- A) 8%
- B) 10%
- C) 12%
- D) 15%
Answer: B) 10%
Explanation: Loss = $500 – $450 = $50. Loss Percentage = (50/500) × 100 = 10%.
8. If the cost price of an item is $250, and the selling price is $200, what is the loss percentage?
- A) 15%
- B) 20%
- C) 25%
- D) 30%
Answer: B) 20%
Explanation: Loss = $250 – $200 = $50. Loss Percentage = (50/250) × 100 = 20%.
9. A merchant makes a profit of $60 by selling an article for $300. What is the profit percentage?
- A) 15%
- B) 20%
- C) 25%
- D) 30%
Answer: B) 20%
Explanation: Profit = $60. Cost Price = $300 – $60 = $240. Profit Percentage = (60/240) × 100 = 25%.
10. A man sells an article for $900 and gains a profit of 25%. What is the cost price of the article?
- A) $725
- B) $750
- C) $800
- D) $850
Answer: B) $750
Explanation: Let Cost Price = x. Selling Price = 1.25x = $900, so x = $900 / 1.25 = $750.
11. A seller makes a profit of 30% on an article bought for $150. What is the selling price?
- A) $190
- B) $195
- C) $200
- D) $205
Answer: C) $195
Explanation: Profit = 30% of $150 = $45. Selling Price = $150 + $45 = $195.
12. A trader sells goods at a 10% loss. If the cost price is $600, what is the selling price?
- A) $540
- B) $550
- C) $570
- D) $580
Answer: A) $540
Explanation: Loss = 10% of $600 = $60. Selling Price = $600 – $60 = $540.
13. A retailer sells an item for $720, which is 20% above the cost price. What is the cost price?
- A) $600
- B) $650
- C) $560
- D) $700
Answer: A) $600
Explanation: Selling Price = 120% of Cost Price. Let Cost Price = x. 1.2x = $720, so x = $720 / 1.2 = $600.
14. A trader sells an item for $400, making a 25% profit. What was the cost price?
- A) $350
- B) $320
- C) $300
- D) $250
Answer: B) $320
Explanation: Let Cost Price = x. Selling Price = 1.25x = $400. So, x = $400 / 1.25 = $320.
15. A person buys a shirt for $50 and sells it at a 20% profit. What is the selling price?
- A) $55
- B) $60
- C) $65
- D) $70
Answer: B) $60
Explanation: Profit = 20% of $50 = $10. Selling Price = $50 + $10 = $60.
16. A man buys a gadget for $250 and sells it for $200. What is the loss percentage?
- A) 20%
- B) 25%
- C) 30%
- D) 35%
Answer: B) 20%
Explanation: Loss = $250 – $200 = $50. Loss Percentage = (50/250) × 100 = 20%.
17. If the cost price of a TV is $500 and the profit earned is 30%, what is the selling price?
- A) $600
- B) $650
- C) $550
- D) $580
Answer: A) $650
Explanation: Profit = 30% of $500 = $150. Selling Price = $500 + $150 = $650.
18. A seller bought an item for $400 and sold it for $480. What is the profit percentage?
- A) 10%
- B) 12%
- C) 15%
- D) 20%
Answer: B) 12%
Explanation: Profit = $480 – $400 = $80. Profit Percentage = (80/400) × 100 = 20%.
19. A product is bought for $250 and sold for $200. What is the loss percentage?
- A) 15%
- B) 20%
- C) 25%
- D) 30%
Answer: B) 20%
Explanation: Loss = $250 – $200 = $50. Loss Percentage = (50/250) × 100 = 20%.
20. A person sold a chair at a profit of 10%. If the cost price of the chair was $250, what was the selling price?
- A) $275
- B) $280
- C) $285
- D) $290
Answer: A) $275
Explanation: Profit = 10% of $250 = $25. Selling Price = $250 + $25 = $275.
21. A person bought a jacket for $180 and sold it for $225. What is the profit percentage?
- A) 15%
- B) 20%
- C) 25%
- D) 30%
Answer: B) 25%
Explanation: Profit = $225 – $180 = $45. Profit Percentage = (45/180) × 100 = 25%.
22. A book is bought for $120 and sold for $150. What is the percentage profit?
- A) 25%
- B) 30%
- C) 20%
- D) 15%
Answer: A) 25%
Explanation: Profit = $150 – $120 = $30. Profit Percentage = (30/120) × 100 = 25%.
23. A man sells a chair for $400 at a 25% profit. What is the cost price?
- A) $300
- B) $325
- C) $350
- D) $375
Answer: A) $300
Explanation: Let Cost Price = x. Selling Price = 1.25x = $400. Thus, x = $400 / 1.25 = $300.
24. A trader buys a television for $500 and sells it for $460. What is the loss percentage?
- A) 7%
- B) 8%
- C) 10%
- D) 12%
Answer: B) 8%
Explanation: Loss = $500 – $460 = $40. Loss Percentage = (40/500) × 100 = 8%.
25. A seller bought a watch for $350 and sold it for $420. What is the profit percentage?
- A) 18%
- B) 20%
- C) 25%
- D) 30%
Answer: A) 20%
Explanation: Profit = $420 – $350 = $70. Profit Percentage = (70/350) × 100 = 20%.
26. A man sells a piece of cloth for $700 at a 25% profit. What was the cost price?
- A) $550
- B) $600
- C) $500
- D) $650
Answer: B) $560
Explanation: Let Cost Price = x. Selling Price = 1.25x = $700. Thus, x = $700 / 1.25 = $560.
27. A product costing $120 is sold for $150. What is the percentage profit?
- A) 18%
- B) 20%
- C) 25%
- D) 30%
Answer: B) 25%
Explanation: Profit = $150 – $120 = $30. Profit Percentage = (30/120) × 100 = 25%.
28. A book is bought for $60 and sold for $72. What is the percentage profit?
- A) 20%
- B) 15%
- C) 18%
- D) 25%
Answer: A) 20%
Explanation: Profit = $72 – $60 = $12. Profit Percentage = (12/60) × 100 = 20%.
29. A product is bought for $250 and sold for $275. What is the profit percentage?
- A) 10%
- B) 12%
- C) 15%
- D) 20%
Answer: B) 10%
Explanation: Profit = $275 – $250 = $25. Profit Percentage = (25/250) × 100 = 10%.
30. A man buys an article for $500 and sells it for $450. What is the loss percentage?
- A) 5%
- B) 10%
- C) 15%
- D) 20%
Answer: A) 10%
Explanation: Loss = $500 – $450 = $50. Loss Percentage = (50/500) × 100 = 10%.
31. A person sells an item for $450, making a profit of 20%. What was the cost price?
- A) $375
- B) $370
- C) $360
- D) $380
Answer: A) $375
Explanation: Let Cost Price = x. Selling Price = 1.2x = $450. Thus, x = $450 / 1.2 = $375.
32. A seller buys a television for $600 and sells it for $720. What is the profit percentage?
- A) 18%
- B) 20%
- C) 25%
- D) 30%
Answer: B) 20%
Explanation: Profit = $720 – $600 = $120. Profit Percentage = (120/600) × 100 = 20%.
33. A man sells a bag for $250 and makes a loss of 10%. What is the cost price?
- A) $275
- B) $280
- C) $300
- D) $320
Answer: C) $277.78
Explanation: Let Cost Price = x. Selling Price = 0.9x = $250. Thus, x = $250 / 0.9 = $277.78.
34. A watch is bought for $150 and sold for $180. What is the profit percentage?
- A) 20%
- B) 15%
- C) 25%
- D) 30%
Answer: A) 20%
Explanation: Profit = $180 – $150 = $30. Profit Percentage = (30/150) × 100 = 20%.
35. A vendor buys an item for $350 and sells it for $400. What is the profit percentage?
- A) 10%
- B) 12%
- C) 15%
- D) 20%
Answer: A) 14.29%
Explanation: Profit = $400 – $350 = $50. Profit Percentage = (50/350) × 100 = 14.29%.
36. A trader sells a gadget for $500, making a 25% profit. What was the cost price?
- A) $375
- B) $400
- C) $450
- D) $425
Answer: A) $400
Explanation: Let Cost Price = x. Selling Price = 1.25x = $500. Thus, x = $500 / 1.25 = $400.
37. An item costing $240 is sold for $300. What is the profit percentage?
- A) 20%
- B) 25%
- C) 30%
- D) 35%
Answer: B) 25%
Explanation: Profit = $300 – $240 = $60. Profit Percentage = (60/240) × 100 = 25%.
38. A product is bought for $480 and sold at a 10% profit. What is the selling price?
- A) $500
- B) $520
- C) $550
- D) $510
Answer: B) $528
Explanation: Profit = 10% of $480 = $48. Selling Price = $480 + $48 = $528.
39. A vendor buys an item for $200 and sells it for $250. What is the profit percentage?
- A) 15%
- B) 25%
- C) 30%
- D) 35%
Answer: B) 25%
Explanation: Profit = $250 – $200 = $50. Profit Percentage = (50/200) × 100 = 25%.
40. A seller sells a pair of shoes for $600, making a 20% profit. What is the cost price of the shoes?
- A) $500
- B) $510
- C) $520
- D) $550
Answer: A) $500
Explanation: Let Cost Price = x. Selling Price = 1.2x = $600. Thus, x = $600 / 1.2 = $500.
41. A man sells a bag for $450 and makes a profit of $50. What is the cost price?
- A) $400
- B) $380
- C) $420
- D) $440
Answer: A) $400
Explanation: Cost Price = Selling Price – Profit = $450 – $50 = $400.
42. A product is bought for $600 and sold for $720. What is the profit percentage?
- A) 15%
- B) 18%
- C) 20%
- D) 25%
Answer: C) 20%
Explanation: Profit = $720 – $600 = $120. Profit Percentage = (120/600) × 100 = 20%.
43. A trader sells a jacket for $400, making a loss of 10%. What was the cost price?
- A) $420
- B) $450
- C) $440
- D) $350
Answer: A) $444.44
Explanation: Let Cost Price = x. Selling Price = 0.9x = $400. Thus, x = $400 / 0.9 = $444.44.
44. An article is sold for $500, making a profit of $100. What is the cost price?
- A) $400
- B) $350
- C) $450
- D) $420
Answer: A) $400
Explanation: Cost Price = Selling Price – Profit = $500 – $100 = $400.
45. A person bought an item for $350 and sold it at a 20% profit. What is the selling price?
- A) $380
- B) $420
- C) $400
- D) $425
Answer: B) $420
Explanation: Profit = 20% of $350 = $70. Selling Price = $350 + $70 = $420.
46. A vendor buys an item for $280 and sells it at $350. What is the profit percentage?
- A) 15%
- B) 20%
- C) 25%
- D) 30%
Answer: B) 25%
Explanation: Profit = $350 – $280 = $70. Profit Percentage = (70/280) × 100 = 25%.
47. A trader buys a book for $180 and sells it for $225. What is the profit percentage?
- A) 25%
- B) 30%
- C) 35%
- D) 40%
Answer: A) 25%
Explanation: Profit = $225 – $180 = $45. Profit Percentage = (45/180) × 100 = 25%.
48. A person sells a refrigerator for $850, making a profit of 10%. What is the cost price?
- A) $780
- B) $790
- C) $800
- D) $820
Answer: C) $800
Explanation: Let Cost Price = x. Selling Price = 1.1x = $850. Thus, x = $850 / 1.1 = $800.
49. A merchant sells an article for $600 at a 30% loss. What was the cost price?
- A) $720
- B) $650
- C) $700
- D) $580
Answer: A) $720
Explanation: Loss = 30% of Cost Price. Let Cost Price = x. Selling Price = 0.7x = $600. Thus, x = $600 / 0.7 = $720.
50. A trader sells a table for $900, gaining a profit of 40%. What was the cost price?
- A) $650
- B) $625
- C) $700
- D) $650
Answer: B) $625
Explanation: Let Cost Price = x. Selling Price = 1.4x = $900. Thus, x = $900 / 1.4 = $625.
This concludes the set of 50 unique profit and loss MCQs designed to enhance your understanding of this crucial concept. By practicing these questions, you will gain confidence in calculating profits, losses, and percentages in real-world scenarios.
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Sidhant Singh is a highly accomplished professional educator with a diverse academic background. He holds a Master’s degree in History, an MSc in Electrical Engineering and a PhD, demonstrating his extensive knowledge and expertise in both the humanities and the sciences. His unique combination of skills enables him to offer a well-rounded perspective in his teaching and research, making him a valuable resource for students across various fields.