Basic Numeracy (Class X Level) – Profit and loss

Assam Public Service Commission (APSC)

Combined Competitive Examination (CCE)

Preliminary Examination – General Studies Paper II (Objective Type, 200 Marks)

Topic: Basic Numeracy (Class X Level)

Sub-Topic: Profit and Loss

These questions test your understanding of cost price (CP), selling price (SP), profit, loss, profit percentage, loss percentage, discount, and real-life applications. Choose the correct answer.

Profit and Loss – MCQs

MCQ 1

If the cost price (CP) of an article is ₹500 and the selling price (SP) is ₹550, the profit is:
A. ₹40
B. ₹45
C. ₹50
D. ₹60

Correct Answer: C
Explanation: Profit = SP − CP = 550 − 500 = ₹50.

MCQ 2

If CP = ₹800 and SP = ₹760, the loss is:
A. ₹20
B. ₹30
C. ₹40
D. ₹50

Correct Answer: C
Explanation: Loss = CP − SP = 800 − 760 = ₹40.

MCQ 3

Profit percent is calculated as:
A. (Profit/SP) × 100
B. (Profit/CP) × 100
C. (CP/Profit) × 100
D. (SP/Profit) × 100

Correct Answer: B
Explanation: Profit % = (Profit ÷ CP) × 100.

MCQ 4

Loss percent is given by:
A. (Loss/SP) × 100
B. (Loss/CP) × 100
C. (CP/Loss) × 100
D. (SP/Loss) × 100

Correct Answer: B
Explanation: Loss % = (Loss ÷ CP) × 100.

MCQ 5

An article is sold for ₹600 at a profit of ₹120. The cost price is:
A. ₹450
B. ₹480
C. ₹500
D. ₹520

Correct Answer: B
Explanation: CP = SP − Profit = 600 − 120 = ₹480.

MCQ 6

An article is sold for ₹900 at a loss of ₹100. The cost price is:
A. ₹800
B. ₹900
C. ₹1,000
D. ₹1,100

Correct Answer: C
Explanation: CP = SP + Loss = 900 + 100 = ₹1,000.

MCQ 7

If CP = ₹400 and profit = 25%, the SP is:
A. ₹450
B. ₹480
C. ₹500
D. ₹520

Correct Answer: C
Explanation: Profit = 25% of 400 = 100 → SP = 400 + 100 = ₹500.

MCQ 8

If CP = ₹600 and loss = 10%, SP is:
A. ₹540
B. ₹550
C. ₹560
D. ₹580

Correct Answer: A
Explanation: Loss = 10% of 600 = 60 → SP = 600 − 60 = ₹540.

MCQ 9

A shopkeeper gains ₹80 by selling an article for ₹480. The profit percent is:
A. 15%
B. 18%
C. 20%
D. 25%

Correct Answer: C
Explanation: CP = 480 − 80 = 400
Profit % = (80/400) × 100 = 20%.

MCQ 10

If an article is sold at 20% loss for ₹640, its cost price is:
A. ₹750
B. ₹780
C. ₹800
D. ₹820

Correct Answer: C
Explanation:
SP = 80% of CP → CP = 640 ÷ 0.8 = ₹800.

MCQ 11

An article is sold at 10% profit. If CP is ₹900, SP is:
A. ₹950
B. ₹980
C. ₹990
D. ₹1,000

Correct Answer: C
Explanation: Profit = 10% of 900 = 90 → SP = ₹990.

MCQ 12

A trader incurs a loss of 12.5% by selling an article for ₹700. The CP is:
A. ₹760
B. ₹780
C. ₹800
D. ₹820

Correct Answer: C
Explanation:
Loss 12.5% = 1/8 → SP = 7/8 of CP
CP = 700 × 8/7 = ₹800.

MCQ 13

If an article is sold at the same price at which it was bought, the result is:
A. Profit
B. Loss
C. Neither profit nor loss
D. Double profit

Correct Answer: C
Explanation: SP = CP → no gain, no loss.

MCQ 14

A shopkeeper marks an article at ₹1,000 and gives a discount of 10%. The SP is:
A. ₹850
B. ₹880
C. ₹900
D. ₹950

Correct Answer: C
Explanation: Discount = 10% of 1,000 = 100 → SP = ₹900.

MCQ 15

If CP = ₹1,200 and SP = ₹1,080, the loss percent is:
A. 8%
B. 9%
C. 10%
D. 12%

Correct Answer: C
Explanation: Loss = 120 → (120/1200) × 100 = 10%.

MCQ 16

A man sells two articles at ₹500 each. On one he gains 25% and on the other he loses 25%. The net result is:
A. Gain
B. Loss
C. No profit no loss
D. Cannot be determined

Correct Answer: B
Explanation: Equal SP with same % gain and loss results in net loss.

MCQ 17

If profit = 20%, then SP is how much percent of CP?
A. 100%
B. 110%
C. 120%
D. 130%

Correct Answer: C
Explanation: SP = CP + 20% of CP = 120% of CP.

MCQ 18

If loss = 15%, then SP is how much percent of CP?
A. 75%
B. 80%
C. 85%
D. 90%

Correct Answer: C
Explanation: SP = 100% − 15% = 85% of CP.

MCQ 19

A shopkeeper sells an article for ₹360 after allowing a discount of 10%. The marked price is:
A. ₹380
B. ₹390
C. ₹400
D. ₹420

Correct Answer: C
Explanation:
SP = 90% of MP → MP = 360 ÷ 0.9 = ₹400.

MCQ 20

An article costs ₹250 more than its selling price. If loss is 20%, CP is:
A. ₹1,000
B. ₹1,050
C. ₹1,200
D. ₹1,250

Correct Answer: A
Explanation:
Loss = 20% of CP = 250 → CP = 250 ÷ 0.2 = ₹1,000.

MCQ 21

A trader marks his goods 25% above CP and allows a discount of 10%. His net profit percent is:
A. 10%
B. 12.5%
C. 15%
D. 18.75%

Correct Answer: B
Explanation:
CP = 100 → MP = 125
SP = 90% of 125 = 112.5
Profit = 12.5 → 12.5%.

MCQ 22

If the selling price of 15 articles equals the cost price of 20 articles, the loss percent is:
A. 20%
B. 25%
C. 30%
D. 35%

Correct Answer: B
Explanation:
Loss = (20 − 15)/20 = 5/20 = 25%.

MCQ 23

A trader gains 10% by selling an article for ₹330. The CP is:
A. ₹280
B. ₹300
C. ₹310
D. ₹320

Correct Answer: B
Explanation: CP = 330 ÷ 1.1 = ₹300.

MCQ 24

A loss of 20% means the SP is:
A. 20% of CP
B. 80% of CP
C. 120% of CP
D. 100% of CP

Correct Answer: B
Explanation: Loss 20% → SP = 80% of CP.

MCQ 25

If profit is ₹240 and CP is ₹1,200, profit percent is:
A. 15%
B. 18%
C. 20%
D. 25%

Correct Answer: C
Explanation: (240/1200) × 100 = 20%.

MCQ 26

An article is sold at 25% profit. If SP is ₹1,250, CP is:
A. ₹900
B. ₹1,000
C. ₹1,050
D. ₹1,100

Correct Answer: B
Explanation: CP = 1250 ÷ 1.25 = ₹1,000.

MCQ 27

Which situation gives maximum profit?
A. CP = ₹100, SP = ₹120
B. CP = ₹200, SP = ₹240
C. CP = ₹150, SP = ₹180
D. All give same profit %

Correct Answer: D
Explanation: All give 20% profit.

MCQ 28

If the profit on selling an article is equal to its cost price, the profit percent is:
A. 50%
B. 75%
C. 100%
D. 200%

Correct Answer: C
Explanation: Profit = CP → (CP/CP) × 100 = 100%.

MCQ 29

If SP = CP × 1.5, the profit percent is:
A. 25%
B. 40%
C. 50%
D. 60%

Correct Answer: C
Explanation: SP − CP = 0.5 CP → Profit % = 50%.

MCQ 30

Profit and loss questions mainly test:
A. Memorization
B. Language ability
C. Logical numerical application
D. General awareness

Correct Answer: C
Explanation: These problems assess conceptual numeracy and real-life calculation skills.

✅ APSC Exam Relevance

These MCQs comprehensively cover profit, loss, profit/loss percentage, discount, marked price, and real-life applications, fully aligned with APSC CCE GS Paper II – Basic Numeracy (Class X level).

• Profit and loss questions for competitive exams

• Basic numeracy profit loss MCQs GS Paper II

• Profit loss percentage problems APSC CCE

• Discount and marked price MCQs

• Class X level profit and loss practice