This quiz works best with JavaScript enabled. Home > Unit V Mathematical Reasoning And Aptitude > Profit And Loss – Quiz 22 🏠 Homepage 📘 Download PDF Books 📕 Premium PDF Books Profit And Loss Quiz 22 (10 MCQs) Quiz Instructions Select an option to see the correct answer instantly. 1. Another name for buying price is: A) Selling Price. B) Cost Price. C) Profit. D) None of above. Show Answer Correct Answer: B) Cost Price. 2. Evan earned PKR 300 by doing yard work. His profit was PKR 250. How much were his expenses? A) PKR 550. B) PKR 300. C) PKR 250. D) PKR 50. Show Answer Correct Answer: D) PKR 50. 3. An article is bought for Rs. 675 and sold for Rs. 900. Find the gain percent A) 30 2/3%. B) 31 1/3%. C) 33 1/3%. D) 33 1/6%. Show Answer Correct Answer: C) 33 1/3%. 4. Mr Mehta purchased a video for Rs 20000 and a television for Rs 30000. On the video he lost 5% and on the television he gained 8%. Find his total gain or loss per cent. A) G% =2%. B) G% = 2.8%. C) L% = 2.8%. D) L% = 2%. Show Answer Correct Answer: B) G% = 2.8%. 5. Some articles were bought at 6 articles for Rs. 5 and sold at 5 articles for Rs. 6. Gain percent is: A) 30%. B) 33(1/3)%. C) 35%. D) 44%. Show Answer Correct Answer: D) 44%. 6. Selling Canton gear was a ..... way for the hockey team to afford practice ice. A) Profitable. B) Asset. C) Imperative. D) Superb. Show Answer Correct Answer: A) Profitable. 7. Explain a real-life scenario where understanding profit and loss is important. A) Understanding profit and loss is only important for large corporations. B) Profit and loss are irrelevant for non-profit organizations. C) A personal budget does not require knowledge of profit and loss. D) Understanding profit and loss is crucial for a small business owner to make informed financial decisions. Show Answer Correct Answer: D) Understanding profit and loss is crucial for a small business owner to make informed financial decisions. 8. The profit or loss percentage is always calculated on the ..... (Hint: Which value is taken as the denominator?) A) Cost price. B) Selling price. C) Discount. D) Both cost price and selling price. Show Answer Correct Answer: A) Cost price. 9. A calculator is bought for Rs.350 and sold at a gain of 15%. What will be the selling price of calculator (in Rs.) A) Rs 150. B) Rs 422.5. C) Rs 402.5. D) Rs 500. Show Answer Correct Answer: C) Rs 402.5. 10. The Cost Price of an item is $ 20.00, the Selling Price of the item is now $ 25.00. What did the owner get? A) Profit. B) Loss. Show Answer Correct Answer: A) Profit. ← PreviousNext →Related QuizzesProfit And Loss Quiz 1Profit And Loss Quiz 2Profit And Loss Quiz 3Profit And Loss Quiz 4Profit And Loss Quiz 5Profit And Loss Quiz 6Profit And Loss Quiz 7Profit And Loss Quiz 8Profit And Loss Quiz 9Profit And Loss Quiz 10 🏠 Back to Homepage 📘 Download PDF Books 📕 Premium PDF Books