Practice Test on Profit and Loss



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?

11. If the selling price of an air conditioner is equal to 11/3 of its cost price, find the gain per cent.

Hint: Let CP be $ x.
Then, SP = Rs 4x/5

12. If the selling price of a flower vase is 4/5 of its cost price, find the loss percent.

Hint: Let CP be $ x.
Then, SP = $ 4x/5



Practice Test on Profit and Loss

13. By selling an umbrella for $ 115.20, Ken loses 10%. At what price must he sell it to gain 5%?

14. By selling a table for $ 322, a carpenter gains 15%. At what price should he sell it to gain 25%?

15. A television is sold for $ 3120 at a loss of 4%. Find the gain or loss percent if the television is sold for $ 3445.

16. Lucy sold two skirts for $ 2185 each. On one she lost 5%, while on the other she gained 15%. Find her gain or loss per cent in the whole transaction.

17. A person sold two refrigerators for $ 990 each. In one refrigerator he gains 10% and on the other refrigerator he loses 10%. Calculate his gain or loss per cent in the whole transaction.

18. A grocer bought tea which cost $ 4500. He sold one-third of tea at a gain of 10%. At what gain per cent must the remaining tea be sold to have a gain of 12% on the whole?

19. Aaron buys a plot of land for $ 96000. He sells 2/5 of it at a loss of 6%. At what gain percent should he sell the remaining part of the plot to gain 10% on the whole?

20. Victor sold a watch to Alex at a gain of 12% and Alex had to sell it to Shelly at a loss of 5%. If Shelly paid $ 1330 for it, how much did Victor pay for the watch?


Answers for practice test on profit and loss will help us to check the exact answers after solving the questions.

Practice Test on Profit and Loss

Answers:

1. 195

2. (i) $ 960
(ii) 121/2%

3. (i) $ 60
(ii) 10%

4. $ 2350

5. $ 800

6. $ 1625

7. $ 6.90 per kg

8. Gain = 9%

9. Gain = 2%

10. $ 28 per kg

11. 331/3%

12. 20%

13. $ 134.40

14. $ 350

15. Gain = 12%

16. Gain = 6%

17. Loss = 1%

18. 13%

19. 202/3%

20. $ 1250

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