Profit And Loss Quiz 33 (10 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. The formula to find Profit is:

Correct Answer: A) SP-CP.

2. The essence of a profit and loss account is to know the

Correct Answer: D) Net profit.

3. Ali bought his bike for $ 180. If he sells it at a profit of 20%, what is his selling price?

Correct Answer: C) $ 216.

4. Why would a shareholder be interested in a profit and loss account?

Correct Answer: A) Because they get paid a dividend out of the profits the company makes.

5. The cost price of an article is '5,000. What should the selling price of the article be so that a profit of 25% is earned?

Correct Answer: B) '6,250.

6. An item purchased for $ 200 and sold at a profit of $ 20 has a selling price of .....

Correct Answer: B) $ 220.

7. If you sell a toy for $ 15 and bought it for $ 10, what is your profit?

Correct Answer: B) $ 5.

8. Nehemiah bought a cell phone for $ 60 and sold it at a loss of 15%. How much did he sell the cell phone for?

Correct Answer: B) $ 51.

9. The profit and loss account is also known as the income statement.

Correct Answer: A) TRUE.

10. A hawker sells 100 candies for 5 Rupees. If he manages to makes a profit of 20%, how many candies did he buy for a rupee?

Correct Answer: B) 24.