Practice the questions given in the worksheet on calculating profit or loss.
We know if the selling price of an article is more than its cost price; it is sold at a profit or gain and if the selling price of an article is less than its cost price; it is sold at a loss.
1. A man buys a laptop for $540 and sells it for $615. Find his loss or profit.
2. Find the loss or profit when an almirah bought for $235.50 is sold for $187.25.
3. Five books are bought for $62 and sold for $13.60 each. Find the profit made.
4. An article bought for $56 is sold at a gain of $8.50. Find its selling price.
5. Find the selling price of an article which is bought for $540 and sold at a loss of $68.50.
6. Find the cost price of an article, if on selling it for $1235 a gain of $347 is made.
7. On selling a bed-set for $3540; the manufacturer makes a loss of $435. How much did it cost to the manufacturer?
8. Chocolates bought at 5 for $6 are sold at 2 for $3, find:
(i) the cost price of each chocolate
(ii) the selling price of each chocolate
(iii) the profit or loss made on selling one chocolate
(iv) how much is gained or lost by selling 50 similar chocolates
9. A man buys 300 articles at 4 for $6 and sold all of them at $2 each; find:
(i) the profit made by the man on selling one article
(ii) his total profit on selling all the 300 articles
10. Ron sells pens at 5 for $4. If he has bought 250 pens at one dollar each; find:
(i) the selling price of each pen
(ii) the loss suffered by him by selling one pen
(iii) the total loss made on selling all the pens
11. Pulses are bought at 4 kg for $28 and sold at 3 kg for $27; find:
(i) the cost price of 1 kg pulses
(ii) the selling price of 1 kg pulses
(iii) the gain or loss made by selling 1 kg pulses
(iv) the gain or loss made by selling 80 kg pulses
12. David buys three articles for $375, $580 and $428. He is able to sell these articles for $436, $635 and $350 respectively. Find the gain or loss to David on the whole.
13. Jack buys an old camera for $1250 and spends $350 on its repairs.
(i) find the total cost price of the camera to Jack.
(ii) find the profit or the loss made, if Jack is able to sell the repaired camera for $1540.
14. An old car is brought for $7800 and $1850 is spent on its repairing, denting, painting, etc.; find:
(i) the total cost-price of the car
(ii) if repaired car is sold for $10500; find the loss or the gain made.
Answers for the worksheet on calculating profit or loss are given below to check the exact answers of the above questions on profit and loss when the cost price and selling price is given.
1. profit = $75
2. loss = $48.25
8. (i) $1.20
11. (i) $7
(iii) gain = $2
12. gain = $38
13. (i) $1600
(ii) Loss = $60
14. (i) $9650
(ii) gain = $850
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