alleryAn item is bought for ₹400 and sold for ₹480. Find the gain percent.
- $15\%$
- $20\%$
- $25\%$
- $30\%$
Show answer and solution
Correct answer: B. $20\%$
Gain $= 480 - 400 = 80$.
Gain $\% = \dfrac{80}{400} \times 100 = 20\%$.
GMAT Profit and Loss — practice questions
Explore 16 free Profit and Loss questions in GMAT Quantitative Reasoning. Open each question or exercise to read its content, reference answers and available explanation.
Practise Profit and Loss with Quill →Profit and Loss questions and exercises with answers
Showing questions 1–16 of 16.
An item is bought for ₹400 and sold for ₹480. Find the gain percent.Read the answer and worked solution →A shopkeeper sells an item at a profit of $25\%$. If the cost price is ₹$240$, find the selling price.Read the answer and worked solution →A trader sold an article for ₹$828$ at a loss of $8\%$. At what price should he sell it to gain $12\%$?Read the answer and worked solution →By selling $33$ metres of cloth a man gains the cost price of $11$ metres of cloth. Find his gain percent.Read the answer and worked solution →A dishonest dealer claims to sell his goods at cost price but uses a weight of $950$ g in place of $1$ kg. What is his gain percent?Read the answer and worked solution →A vendor bought a cycle for ₹2,500 and sold it for ₹3,000. What is his profit percentage?Read the answer and worked solution →A bookstore wants a 30% profit on a book that cost ₹500. At what price should the book be sold?Read the answer and worked solution →A vendor sells an item at ₹880 making a 10% loss. What was the cost price?Read the answer and worked solution →A shopkeeper marks goods 40% above cost and then offers a 10% discount. His profit percentage is:Read the answer and worked solution →If the cost price of 12 articles equals the selling price of 10 articles, the profit percentage is:Read the answer and worked solution →A mall offers '25% off + extra 20% off'. What is the single discount equivalent?Read the answer and worked solution →A vendor sells two pens at the same price. On one he makes 20% profit, on the other he makes 20% loss. His net result is:Read the answer and worked solution →A book costs ₹400 and is marked at ₹500. What is the maximum discount the seller can offer while still breaking even (no loss)?Read the answer and worked solution →A vendor mixes 20 kg of dal at ₹60/kg with 30 kg at ₹80/kg. He sells the mixture at ₹85/kg. His profit percentage is:Read the answer and worked solution →GMAT · Quantitativeaptitude · Quant — Profit/Loss PairRead the answer and worked solution →A retailer marks up a product 40% above cost, then offers a 25% off sale. The net change in selling price relative to cost is:Read the answer and worked solution →
Worked practice questions
A shopkeeper sells an item at a profit of $25\%$. If the cost price is ₹$240$, find the selling price.
- ₹$260$
- ₹$275$
- ₹$290$
- ₹$300$
Show answer and solution
Correct answer: D. ₹$300$
SP $= \dfrac{(100 + \text{Gain}\%)}{100} \times \text{CP} = \dfrac{125}{100} \times 240 = ₹300$.
A trader sold an article for ₹$828$ at a loss of $8\%$. At what price should he sell it to gain $12\%$?
- ₹$1008$
- ₹$990$
- ₹$1020$
- ₹$950$
Show answer and solution
Correct answer: A. ₹$1008$
First recover CP from the loss-side: $\text{CP} = \dfrac{100 \times \text{SP}}{100 - \text{Loss}\%} = \dfrac{100 \times 828}{92} = ₹900$.
Then apply gain side: SP $= \dfrac{(100 + 12)}{100} \times 900 = ₹1008$.
How to practise
- Choose a Profit and Loss question and try to work out your answer.
- Open the question to check the correct answer and read its worked solution.
- Continue in the app for bite-sized lessons, explanations and review with Quill. You can start without creating an account.
Put it into practice
Continue with Profit and Loss practice for GMAT. Read explanations as you go. No signup form needed to start.
Practise Profit and Loss →