CBSE Class 7 Mathematics Profit and Loss MCQs

Question: The money which is paid by the purchaser to buy an article is called
a) cost price
b) selling price
c) profit
d) loss

Answer: cost price

Question: The price at which an article is sold to the customer is called the
a) selling price
b) cost price
c) profit
d) loss

Answer: selling price

Question: If the S.P (selling price) of the article is more than its cost price, then the article is said to be sold
a) at a profit
b) at a loss
c) Both

Answer: at a profit

Question: If the selling price of the article is less than its cost price, then the article is said to be sold
a) at a loss
b) at a profit
c) Both

Answer: at a loss

Question: Overhead charges are always added to the
a) cost price
b) selling price
c) profit
d) loss

Answer: cost price

Question: Gain or loss is expressed as a percentage of
a) the cost price
b) The selling price

Answer: the cost price

Question: If the profit is given to be 30% it means if the cost price is Rs.100, the selling price is
a) Rs.130
b) Rs.30
c) Rs.100

Answer: Rs.130

Question: One dealer buys an article for Rs.100 and sells it for Rs.101, his profit is
a) Rs.1
b) Rs.100
c) Rs.110
d) Rs.10

Answer: Rs.1

Question: If cost price is Rs.500 and actual profit is Rs.25 then profit% is
a) 5%
b) 15%
c) 50%

Answer: 5%

Question: Shyam sold a book for Rs.120 at a profit of Rs.40, the cost price will be
a) Rs.80
b) Rs.160
c) Rs.140

Answer: Rs.80

Question: If C.P= Rs.30, SP=Rs.42 then there is a
a) profit of Rs.12
b) Profit of Rs.30
c) loss of Rs.12

Answer: profit of Rs.12

Question: When S.P= Rs.200, loss= Rs.40 then C.P is
a) Rs.240
b) Rs.160
c) Rs.200

Answer: Rs.240

Question: If the cost price Rs.100 and selling price is Rs.120 then the profit percent is
a) 20%
b) 30%
c) 40%
d) 10%

Answer: 20%

Question: Shyam sold a book for Rs.120 at a profit of Rs.40. His profit percent is
a) 50%
b) 40%
c) 60%

Answer: 50%

Question: If selling price is Rs.40 and loss= Rs.10 then cost price is
a) Rs.50
b) Rs.30
c) Rs.10
d) Rs.40

Answer: Rs.50

Question: Ram purchased a Janata Flat for Rs.8,50,000. He spent Rs.30,000 on repairs and white washing and then sold. The total C.P is
a) Rs. 8,80,000
b) Rs. 8,20,000

Answer: Rs. 8,80,000

Question: By selling a laptop for Rs.23,000, a dealer earns a profit of 15% its cost price is
a) Rs.20,000
b) Rs.15,000
c) Rs.38,000

Answer: Rs.20,000

Question: A fruit seller bought 150 dozen bananas at Rs.20 per dozen. His overhead expenses were Rs.200.
a) Rs.3,200
b) Rs.2800
c) Rs.3000

Answer: Rs.3,200

Question: If a shopkeeper sells a wrist- watch for Rs.720 makes a profit of 20%, its cost price is
a) Rs.600
b) Rs.720
c) Rs.500
d) Rs.740

Answer: Rs.600

Question: Neetu buys a dress for Rs.2000 and sells it at 10% loss. Its selling price is
a) Rs.1800
b) Rs.2000
c) Rs.1500
d) Rs.1600

Answer: Rs.1800

Question: Samar purchased a bicycle for Rs.4200, and spent Rs.800 on its repairs. He had to sell it for Rs.4500. Then there is a
a) loss of 10%
b) Gain of 10%
c) Gain of 30%

Answer: loss of 10%

Question: Jai bought a pen for Rs.70 and sold it for Rs.63. Then there is a
a) Loss of Rs.7
b) Profit of Rs.7
c) Profit of Rs.70

Answer: Loss of Rs.7

Question: By selling a refrigerator for Rs.16875, a profit of Rs.1875 is made then the cost price of the refrigerator is
a) Rs.15000
b) Rs.16000
c) Rs.14000
d) Rs.14500

Answer: Rs.15000

Question: The cost price of the shirt which is sold for Rs.150 at a loss of Rs.100.
a) 250
b) 350
c) 450
d) 550

Answer: 250

Question. If the cost price of 25 pens is equal to the selling price of 20 pens, then the profit per cent is ?
a) 20%
b) 25%
c) 15%
d) 5%

Answer : B

Question. Arvind purchased a wrist watch with 30% discount on the labelled price. He sold it with 40% profit on the price he bought. What was his percent loss on the labelled price ?
a) 2%
b) 6%
c) 4%
d) 8%

Answer : A

Question. A tradesman sold an article at a loss of 20%. If the selling price had been increased by 100, there would have been a gain of 5%. The cost price of the article was ?
a) 200
b) 25
c) 400
d) 250

Answer : C

Question. A merchant purchases a wrist watch for 450 and fixes its list price in such a way that after allowing a discount of 10%, he earns a profit of 20%. Then the list price of the watch is ?
a) 650
b) 700
c) 550
d) 600

Answer : D

Question. 12 copies of a book were sold for 1800/- thereby gaining cost price of 3 copies. The cost price of a copy is ?
a) 120/-
b) 150/-
c) 1200/-
d) 1500/-

Answer : A

Question. By selling an article for 102, there is a loss of 15%, when the article is sold for 134.40, the net result in the transaction is ?
a) 12% gain
b) 12% loss
c) 10% loss
d) 15% gain

Answer : A

Question. Salary of a person is increased by 20%, then it is decreased by 20%. Change in his salary is ?
a) 4% decreased
b) 4% increased
c) 8% decreased
d) neither decrease nor increase

Answer : A

Question. A man sold an article at a loss of 20%. If he has sold that article for 12 more he would have gained 10%. Find the cost price of that article ?
a) 60
b) 40
c) 30
d) 22

Answer : B

Question. Two items A and B are sold at a profit of 10% and 15% respectively. If the amount of profit received is the same, then the cost price of A and B may be ?
a) 1000, 1500
b) 5000, 2000
c) 3000, 2000
d) 3000, 5000

Answer : C

Question. A shopkeeper bought 200 articles, each costing the same. He sold 30% of the articles at 20% profit and remaining at 10% profit. If the total profit made by him is 2600, find the cost price of one article ?
a) 200
b) 1300
c) 2600
d) 100

Answer : D

Question. An item costing 840 was sold by a shopkeeper at a gain of10% and it was again sold by the new buyer at a loss of 5%. Final selling price of the item is ?
a) 877.80
b) 798
c) 924
d) 37.80

Answer : A

Question. To gain 10% on selling sample milk at the cost price of pure milk, the quantity of water to be mixed with 50 kg. of pure milk is ?
a) 2.5 Kg
b) 5 Kg
c) 7.5 Kg
d) 10 Kg

Answer : B

Question. A sells an article to B at a gain of 10%, B sells it to C at a gain of 5%. If C pays 462 for it, what did it cost to A ?
a) 500
b) 450
c) 600
d) 400

Answer : D

Question. A sold an article to B at 20% profit and B sold to C at 15% loss. If A sold it to C at the selling price of B, then A would make ?
a) 5% profit
b) 2% profit
c) 2% loss
d) 5% loss

Answer : B

Question. By selling a bag at Rs. 230, profit of 15% is made. The selling price of the bag, when it is sold at 20% profit would be ?
a) Rs. 250
b) Rs. 205
c) Rs. 240
d) Rs. 200

Answer : C

Question. The ratio of cost price and selling price of an article is 25 : 26. The per cent of profit will be ?
a) 26%
b) 25%
c) 1%
d) 4%

Answer : D

Question. An article was sold at 16% gain. Had it been sold for 200 more, the gain would have been 20%. Then the cost price of the article is ?
a) 5000
b) 4800
c) 4500
d) 5200

Answer : A

Question. A person sells an article for 75 and gains as much per cent as the cost price of the article in rupees. The cost price of the article is ?
a) 37.50
b) 40
c) 50
d) 150

Answer : C

Question. A shopkeeper earns a profit of 12% on selling a book at 10% discount on the printed price. The ratio of the cost price and the printed price of the book is ?
a) 99 : 125
b) 25 : 37
c) 50 : 61
d) 45 : 56

Answer : D

Question. On selling an article for 105 a trader loses 9%. To gain 30% he should sell the article at ?
a) 126
b) 144
c) 150
d) 139

Answer : C

Question. Ten articles were bought for Rs. 8, and sold at 8 for Rs. 10. The gain percent is ?
a) 54.75%
b) 57.25%
c) 56.25%
d) 55%

Answer : C

Question. A person sells 400 mangoes at the cost price of 320 mangoes. His percentage of loss is ?
a) 10%
b) 15%
c) 20%
d) 25%

Answer : C

Question. A shopkeeper bought 80kg of sugar at the rate of 13.50 per kg. He mixed it with 120kg of sugar costing 16 per kg. In order to make a profit of 20%, he must sell the mixture at ?
a) 18 per kg
b) 17 per kg
c) 16.40 per kg
d) 15 per kg

Answer : A

Question. A cloth merchant sold half of his cloth at 20% profit, half of the remaining cloth at 20% loss and the rest was sold at his cost price. In the total transaction, his gain or loss will be ?
a) 5% profit
b) Neither loss nor gain
c) 5% loss
d) 10% profit

Answer : A

Question. By selling a bicycle for 2,850, a shopkeeper gains 14%. If the profit is reduced to 8%, then the selling price will be ?
a) 2,600
b) 2,700
c) 2,800
d) 3,000

Answer : B

Question. A T.V was sold at a profit of 5%. If it had been sold at a profit of 10%, the profit would have been Rs. 1000 more. What is its cost price ?
a) Rs. 20000
b) Rs. 5000
c) Rs. 10000
d) Rs. 15000

Answer : A

Question. On selling 17 balls at 720, there is a loss equal to the cost price of 5 balls. The cost price of a ball is ?
a) 45
b) 50
c) 60
d) 55

Answer : C

Question. The ratio, in which tea costing 192 per kg is to be mixed with tea costing 150 per kg so that the mixed tea, when sold for 194.40 per kg, gives a profit of 20%, is ?
a) 2 : 5
b) 3 : 5
c) 5 : 3
d) 5 : 2

Answer : A

Question. The percentage of profit, when an article is sold for 78, is twice than when it is sold for 69. The cost price of the article is ?
a) 49
b) 51
c) 57
d) 60

Answer : D

Question. Two bicycles were sold for 3990 each, gaining 5% on one and losing 5% on other. The gain or loss per cent on the whole transaction is ?
a) neither gain nor loss
b) 2.5% gain
c) 2.5% loss
d) 0.25% loss

Answer : D

Question. By selling a tape-recorder for 950, I lose 5%. What per cent shall I gain by selling it for 1040 ?
a) 5
b) 4
c) 4.5
d) 9

Answer : B

Question. A shopkeeper sold an article at a loss of 20%. But if he could sell it at Rs. 200 more, he could earn a profit of 5%. The cost price of the article is ?
a) Rs. 800
b) Rs. 1,000
c) Rs. 1,200
d) Rs. 600

Answer : A

Question. A person bought some articles at the rate of 5 per rupee and the same number at the rate of 4 per rupee. He mixed both the types and sold at the rate of 9 for 2 rupees. In this business he suffered a loss of 3. The total number of articles bought by him was ?
a) 1090
b) 1080
c) 540
d) 545

Answer : B

Question. An increase of 20% in the price of mangoes enables a person to purchase 4 mangoes less for 40. The price of 15 mangoes before increase was ?
a) 10
b) 15
c) 20
d) 25

Answer : D

Question. Mohan bought 25 books for 2,000 and sold them at a profit equal to the selling price of 5 books. The selling price of 1 book is ?
a) 100
b) 120
c) 150
d) 200

Answer : A

Question. Last year Mr. A bought two paintings. This year he sold them for Rs. 20,000 each. On one, he made a 25% profit and on the other he had a 25% loss. Then his net profit or loss is ?
a) He lost more than Rs. 2000
b) He lost less than Rs. 2000
c) He earned more than Rs. 2000
d) He earned less than Rs. 2000

Answer : A

Question. By selling 80 ball pens for 140 a retailer loses 30%. How many ball pens should he sell for 104 so as to make a profit of 30% ?
a) 32
b) 52
c) 48
d) 42

Answer : A

Question. By selling a plot of land for 45,000 a person loses 10%. At what price should he sell it to gain 15% ?
a) 50,000
b) 55,000
c) 57,500
d) 60,000

Answer : C

Question. A man bought 20 dozen eggs for 720. What should be the selling price of each egg if he wants to make a profit of 20% ?
a) 3.25
b) 3.30
c) 3.50
d) 3.60

Answer : D

Question. By selling a table for 350 instead of 400, loss per cent increases by 5%. The cost price of table is ?
a) 1,050
b) 417.50
c) 435
d) 1,000

Answer : D

Question. A starts business with 3500/- and after 5 months, B joins with A as his partner. After a year, the profit is divided in the ratio 2 : 3. What is B’s contribution in the capital ?
a) 8000/-
b) 8500/-
c) 9000/-
d) 7500/-

Answer : C

Question. An article was sold at a profit of 12%. If the cost price would be 10% less and selling price would be 5.75 more, there would be profit of 30%. Then at what price it should be sold to make a profit of 20% ?
a) 115
b) 120
c) 138
d) 215

Answer : C