Math practice test on profit and loss will help us to test our knowledge to find profit% and loss%. Students can keep practicing the practice test on profit and loss before the exam to be more confident. Answers are given below to check the exact answer.
1. Calvin purchased some candles at 3 for $ 5 and sold them at 5 for $ 12. Thus, Calvin gained $ 143 in all. How many candles did Calvin purchase?
Hint: Let the number of eggs bought be x.
Then, CP = $ (5/3 × x) = $ 5x/3 and SP = $ (12/5 × x) = $ 12x/5.
2. A dealer sold a camera for $ 1080 gaining 1/8 of its cost price.
Find:
(i) the cost price of the camera, and
(ii) the gain per cent earned by the dealer.
Hint: Let CP = $ x.
Then, gain = $ x/8.
Therefore, SP = $ (x + x/8) = $ 9x/8.
3. Mary sells a pen for $ 54 and loses 1/10 of her outlay.
Find:
(i) the cost price of the pen, and
(ii) the loss percent.
4. A carpenter gets $ 470 more if instead of selling a Chair at a loss of 10%, it is sold at a gain of 10%. Find the cost price of the Chairs.
5. A dealer gets $ 56 less if instead of selling a chair at a gain of 15%, it is sold at a gain of 8%. Find the cost price of the chair.
Practice Test on Profit and Loss
6. A cycle was sold at a gain of 10%. Had it been sold for $ 65 more, the gain would have been 14%. Find the cost price of the cycle.
7. Sam buys 40 kg of wheat at $ 6.25 per kg and 30 kg of wheat at $ 7 per kg. At what rate per kg should he sell the mixture to gain 5% on the whole?
8. Jack bought two cricket bats for $ 560 and $ 240 respectively. He sells the first bat at a gain of 15% and the second one at a loss of 5%. Find his gain or loss per cent in the whole transaction.
9. Hilary bought two pairs of jeans for $ 725 each. She sold one of them at a gain of 8% and the other at a loss of 4%. Find her gain or loss per cent in the whole transaction.
10. A grocer purchased 200 kg of rice at $ 25 per kg. He sold 80 kg of it at a gain of 10% and 40 kg at a loss of 4%. At what rate per kg should he sell the remainder to gain 8% on his total investment?
Answers:
● Profit, Loss and Discount
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Word Problems on Profit and Loss
Examples on Calculating Profit or Loss
Practice Test on Profit and Loss
Practice Test on Profit Loss and Discount
● Profit, Loss and Discount  Worksheets
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Worksheets on Profit and Loss Percentage
Worksheet on Gain and Loss Percentage
7th Grade Math Problems
8th Grade Math Practice
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