Profit And Loss Quiz 65 (10 MCQs)

Quiz Instructions

Select an option to see the correct answer instantly.

1. A set fee or a percentage of a sale paid to an employee instead of or in addition to salary or wages.

Correct Answer: B) Commission.

2. How do you calculate percentage loss?

Correct Answer: A) Loss / cost price * 100%.

3. If the cost price of a toy car is Rs.3000 then find the selling price if it is sold at a loss of Rs.699.

Correct Answer: B) 2301.

4. You spent $ 45 on a party but only made $ 30. What is your loss?

Correct Answer: C) $ 15.

5. A book was sold for $ 30 at a 25% loss. What was the cost price?

Correct Answer: C) $ 40.

6. Which of the following is always true?Statement I: Selling Price > Cost PriceStatement II: Cost Price > Profit

Correct Answer: D) None of these.

7. Mr Virmani purchased a house for Rs 365000 and spent Rs 135000 on its repairs. If he sold it for Rs 550000, find his gain percent.

Correct Answer: C) 10%.

8. Charitable institutions prepare profit and loss account at the end of every financial year

Correct Answer: B) False.

9. If the cost price of an item is $ 20 and the selling price is $ 22, was a profit or a loss made?

Correct Answer: A) Profit.

10. If the cost price is 25% of selling price. Then what is the profit percent.

Correct Answer: C) 300%.