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MICAT Profit and Loss — practice questions — page 2

Explore 50 free Profit and Loss questions in MICAT Quantitative Aptitude. Open each question or exercise to read its content, reference answers and available explanation.

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Profit and Loss questions and exercises with answers

Showing questions 31–50 of 50.

Three of these are wrong. Find the one that holds.Read the answer and worked solution →Order the steps: from marked price to what the customer paysRead the answer and worked solution →Complete the compound interest ideaRead the answer and worked solution →Flip and pair: term with meaningRead the answer and worked solution →Spot the one that does not belongRead the answer and worked solution →Reading the definitions backRead the answer and worked solution →True or false: reading a billRead the answer and worked solution →Who pays, and who collects?Read the answer and worked solution →Assertion and reason: pricesRead the answer and worked solution →Tap every statement true of sales taxRead the answer and worked solution →Complete the cost price ruleRead the answer and worked solution →A discount is a reduction given on which price of an article?Read the answer and worked solution →An item marked at 840 is sold for 714. The discount per cent is:Read the answer and worked solution →A frock is listed at 220 and a discount of 20% is announced. Its sale price is:Read the answer and worked solution →A table marked at 15,000 is available for 14,400. The discount per cent is:Read the answer and worked solution →An almirah is sold for 5,225 after a discount of 5%. Its marked price was:Read the answer and worked solution →An article bought for 400 is sold for 500. The profit per cent is:Read the answer and worked solution →A shopkeeper marks goods 25% above cost and then allows a 20% discount. His overall result is:Read the answer and worked solution →An item is sold for 15,000 at a loss of 20%. Its cost price was:Read the answer and worked solution →A shop offers a 20% discount. The sale price of a bag marked at 250 is:Read the answer and worked solution →

Worked practice questions

Three of these are wrong. Find the one that holds.

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Questions
  1. Question
    Three of these statements about discount are false.
    Choices
    1. Item
      Marked price minus sale price
      Correct
      Yes
    2. Explanation
      Discount is worked out on the MARKED price.
      Item
      It is a percentage of the cost price
    3. Explanation
      It reduces the price, not raises it.
      Item
      It is added to the bill
    4. Explanation
      These are unrelated quantities.
      Item
      It equals the sales tax
  2. Question
    Three of these statements about compound interest are false.
    Choices
    1. Item
      Worked out on the previous year's amount
      Correct
      Yes
    2. Explanation
      It exceeds it once the base has grown.
      Item
      It always equals simple interest
    3. Explanation
      That describes SIMPLE interest.
      Item
      It uses the original principal every year
    4. Explanation
      Banks and post offices use it on deposits.
      Item
      It is charged only by shops
Each trap moves a rule onto the wrong price, which is exactly how these questions are set. Source: syllabus Maths, Ch 7 Comparing Quantities.

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Order the steps: from marked price to what the customer pays

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Steps
  1. Start from the marked price on the label
  2. Work out the discount as a percentage of that marked price
  3. Subtract it to get the sale price
  4. Apply the tax rate to that sale price
  5. Add the tax to reach the final bill amount
Discount first, tax second, because each is taken on a different base. Source: syllabus Maths, Ch 7 Comparing Quantities.

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Complete the compound interest idea

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Missing parts
  1. Answer
    previous
    Choices
    1. previous
    2. first
    3. final
  2. Answer
    plus
    Choices
    1. plus
    2. minus
    3. times
Complete the statement
Compound interest is the interest calculated on the {0} year's amount, where amount equals principal {1} interest.
One line separates it from simple interest. Source: syllabus Maths, Ch 7 Comparing Quantities.

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