Profit and Loss Questions for Scholarship Exam Preparation

Q1. Rahul bought a bicycle for Rs. 2500 and spent Rs. 400 on its repairs. He sold it for Rs. 3200. What is his profit?

A) 300

B) 700

C) 800

D) 1200

Profit = Selling Price (SP) - Cost Price (CP).
CP = Rs. 2500 + Rs. 400 = Rs. 2900
SP = Rs. 3200
Profit = SP - CP = Rs. 3200 - Rs. 2900 = Rs. 300
Correct Answer: (1) Rs. 300

Q2. Priya bought a laptop for Rs. 52000 and spent Rs. 2000 on upgrading its RAM. She sold it for Rs. 58000. What is her profit?

A) 2000

B) 4000

C) 5000

D) 6000

CP = Rs. 52,000 (laptop) + Rs. 2,000 (RAM upgrade) = Rs. 54,000
SP = Rs. 58,000
Profit = SP - CP = Rs. 58,000 - Rs. 54,000 = Rs. 4,000
Correct Answer: (2) Rs. 4000

Q3. A shopkeeper bought a refrigerator for Rs. 12000 and sold it for Rs. 13500 after spending Rs. 500 on delivery. What is his profit?

A) 1000

B) 1500

C) 2000

D) 2500

CP = Rs. 12,000 (refrigerator) + Rs. 500 (delivery) = Rs. 12,500
SP = Rs. 13,500
Profit = SP - CP = Rs. 13,500 - Rs. 12,500 = Rs. 1,000
Correct Answer: (1) Rs. 1000

Q4. An artist bought paints for Rs. 1200 and brushes for Rs. 300. After creating a painting, he sold it for Rs. 2000. What is his profit?

A) 200

B) 300

C) 500

D) 800

CP = Rs. 1200 (paints) + Rs. 300 (brushes) = Rs. 1500
SP = Rs. 2000
Profit = SP - CP = Rs. 2000 - Rs. 1500 = Rs. 500
Correct Answer: (3) Rs. 500

Q5. A farmer bought seeds for Rs. 3000 and spent Rs. 1000 on fertilizer. He sold the harvested crop for Rs. 5000. What is his profit? 

A) 500

B) 1000

C) 1500

D) 2000

CP = Rs. 3000 (seeds) + Rs. 1000 (fertilizer) = Rs. 4000
SP = Rs. 5000
Profit = SP - CP = Rs. 5000 - Rs. 4000 = Rs. 1000
Correct Answer: (2) Rs. 1000

Q6. A carpenter bought wood for Rs. 4500 and tools for Rs. 2000. He made furniture and sold it for Rs. 7500. What is his profit?

A) 1000

B) 2000

C) 4000

D) 1500

CP = Rs. 4500 (wood) + Rs. 2000 (tools) = Rs. 6500
SP = Rs. 7500
Profit = SP - CP = Rs. 7500 - Rs. 6500 = Rs. 1000
Correct Answer: (1) Rs. 1000

Q7.A vendor bought 10 mobile phones for Rs. 4000 each and sold each for Rs. 4500. What is his profit in total?

A) 5000

B) 4500

C) 3500

D) 2500

Cost Price (CP) of 10 phones = 10 × Rs. 4000 = Rs. 40,000
Selling Price (SP) of 10 phones = 10 × Rs. 4500 = Rs. 45,000
Profit = SP - CP = Rs. 45,000 - Rs. 40,000 = Rs. 5000
Correct Answer: (1) Rs. 5000

Q8.A bakery spent Rs. 8000 on ingredients and Rs. 2000 on labour. It sold the cakes for Rs. 13000. What is the profit?

A) 1000

B) 2000

C) 3000

D) 4000

Total Cost Price (CP) = Rs. 8000 (ingredients) + Rs. 2000 (labour) = Rs. 10,000
Selling Price (SP) = Rs. 13,000
Profit = SP - CP = Rs. 13,000 - Rs. 10,000 = Rs. 3,000
Correct Answer: (3) Rs. 3000

Q9.A businessman bought 50 laptops for Rs. 40000 each. He paid Rs. 5000 for transport and Rs. 10000 for installation. He sold each laptop for Rs. 45000. What is his total loss or profit?

A) Rs. 235000 loss

B) 235000 Profit

C) Rs. 200000 loss

D) Rs. 200000 profit

Total Cost Price (CP) = 50 × Rs. 40,000 (laptops) + Rs. 5000 (transport) + Rs. 10,000 (installation)
CP = Rs. 2,000,000 + Rs. 5,000 + Rs. 10,000 = Rs. 2,015,000
Selling Price (SP) = 50 × Rs. 45,000 (laptops) = Rs. 2,250,000
Profit = SP - CP = Rs. 2,250,000 - Rs. 2,015,000 = Rs. 2,35,000
Correct Answer: The correct profit is Rs. 235,000

Q10.A retailer bought 200 units of a product for Rs. 6000 each. He spent Rs. 2000 on advertising and Rs. 5000 on rent. If he sold each unit for Rs. 5000, what is his total loss or profit?

A) 15000 loss

B) 207,000 profit

C) 207,000 loss

D) 15000 profit

Total Cost Price (CP) = 200 × Rs. 6000 (product) + Rs. 2000 (advertising) + Rs. 5000 (rent) = Rs. 1,207,000
Selling Price (SP) = 200 × Rs. 5000 (product) = Rs. 1,000,000
Profit/Loss = SP - CP = Rs. 1,000,000 - Rs. 1,207,000 = Rs. 207,000 loss
Correct Answer: loss is Rs. 207,000.

Q11.A merchant bought 80 bicycles for Rs. 1500 each. He spent Rs. 3000 on repairs and Rs. 4000 on marketing. He sold each bicycle for Rs. 1200. What is his total loss or profit?

A) 31,000 Profit

B) 31,000 loss

C) 30,000 loss

D) 30,000 profit

Total Cost Price (CP) = 80 × Rs. 1500 (bicycles) + Rs. 3000 (repairs) + Rs. 4000 (marketing)
CP = Rs. 120,000 + Rs. 3000 + Rs. 4000 = Rs. 127,000
Selling Price (SP) = 80 × Rs. 1200 (bicycles) = Rs. 96,000
Profit/Loss = SP - CP = Rs. 96,000 - Rs. 127,000 = Rs. 31,000 loss
Correct Answer: loss is Rs. 31,000.

Q12.A car dealer bought a car for Rs. 5,00,000. He spent Rs. 20,000 on repairs and Rs. 30,000 on insurance. He sold the car for Rs. 4,80,000. What is his loss?

A) 70,000 loss

B) 60,000 loss

C) 70,000 Profit

D) 60,000 Profit

Total Cost Price (CP) = Rs. 5,00,000 (car) + Rs. 20,000 (repairs) + Rs. 30,000 (insurance) = Rs. 5,50,000
selling Price (SP) = Rs. 4,80,000
Profit/Loss = SP - CP = Rs. 4,80,000 - Rs. 5,50,000 = Rs. 70,000 loss
Correct Answer: (1) Rs. 70,000 loss

Q13.A wholesaler bought 2000 kg of rice at Rs. 20 per kg and spent Rs. 3000 on transport. He sold it for Rs. 18 per kg. What is his total loss?

A) 6,000 loss

B) 7,000 Profit

C) 7,000 loss

D) 8,000 loss

Total Cost Price (CP) = 2000 kg × Rs. 20 (per kg) + Rs. 3000 (transport)
CP = Rs. 40,000 + Rs. 3000 = Rs. 43,000
Selling Price (SP) = 2000 kg × Rs. 18 (per kg) = Rs. 36,000
Profit/Loss = SP - CP = Rs. 36,000 - Rs. 43,000 = Rs. 7,000 loss
Correct Answer: (3) Rs. 7000

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