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Profit and Loss Problems for SBI Clerk Pre 2023, LIC Assistant 2023, CET at Smartkeeda

DIrections: Study the following information carefully and answer the questions given below:
1
A sold an article with 10% loss on the cost price. He bought the article at a discount of 20% on the labelled price. What would have been the percentage loss had he bought it at the labelled price?
» Explain it
D
Let the CP to 'A' = 100

After allowing a discount of 10% the SP will be  = 90

As per the question,

'A' bought the article at 20% discount on Labelled Price. Therefore, the eq. will become like
 
⇒  80  of Labelled price = 100   ⇒   ∴   Labeled Price = 125
100

Now, loss in value if the item was bought at LP = LP – SP = 125 – 90 = 35/-

Loss % =  35  × 100 = 28%.
125

Hence, option D is correct.

2
The owner of a cell phone shop charges his customer 28% more than the cost price. If a customer paid Rs 8,960 for the cell phone, then what was the cost price of the cell phone?
» Explain it
E
Let the cost price of the cell phone be x, then,

128% of x = 8960

x ×  128  = 8960
100

or,  x =  8960 × 100  = ₹ 7000
128

Hence, option E is correct.

3
A sells an article which cost him Rs. 400 to B at a profit of 20%. B then sells it to C, making a profit of 10% on the price he paid to A. How much does C pay to B?
» Explain it
C
CP for B = 120% of 400

=    120   × 400 = ₹ 480
100

CP for C = 110% of 480

=    110  × 480 = ₹ 528
100

Hence, option C is correct.

4
By selling an article for Rs. 480 a person lost 20%. For what should he sell it to make a profit of 20%?
» Explain it
C
Method I:

New SP =  100 + Gain%  × Old SP
100 – Loss%

G% = L% = 20%, Old SP = 480

=   100 + 20  × 480 =  120  × 480
100 – 20 80

New SP = 120 × 6 = 720.
______________________________________

Method II: 

Let the cost price of the article be x

According to the question, we get

80% of x = 480

x =  480  × 100 = 600
80

Reqd profit % = 120% of 600 = 720.

Hence, option C is correct.

5
Deepa bought a calculator at 30% discount on the listed price. Had she not got the discount, she would have paid Rs. 82.50 extra. At what price did she buy the calculator?
» Explain it
A
Let the original price be x, then

30% of x = 82.50

x =  82.50  × 100 = Rs. 275
30

Deepa bought calculator in 275 – 82.50 = Rs. 192.50

Hence, option A is correct.

Profit and Loss Questions for SBI Clerk Pre, IBPS Clerk Pre

Profit and loss is a commonly tested topic in bank exams, including those conducted by the State Bank of India (SBI), Institute of Banking Personnel Selection (IBPS), and Reserve Bank of India (RBI). Questions related to profit and loss can be found in various sections of these exams, including quantitative aptitude, data interpretation, and reasoning.

Profit and loss is one of the fundamental concepts in banking and financial management. Understanding the principles of profit and loss is essential for candidates appearing for bank exams, as these exams often include questions related to this topic. In this article, we will discuss the basics of profit and loss and how to solve questions related to this topic in bank exams.

The questions related to profit and loss in these exams can vary in difficulty level and format. Some of the common types of questions include calculating the cost price, selling price, or profit percentage given the other two values, finding the loss percentage, calculating the discount or markup percentage, and solving word problems related to profit and loss.

To prepare for questions related to profit and loss in these bank exams, candidates should have a solid understanding of the basic concepts and formulas related to this topic. They should practice solving a variety of problems and familiarize themselves with the different types of questions that may be asked. It is also essential to develop speed and accuracy in solving these problems, as time is a critical factor in bank exams.

Types of Questions asked from Profit & Loss

Bank exams such as IBPS, RBI, RRB, SBI, etc., often include questions on profit and loss, as it is an important concept in banking and financial transactions. Here are some of the common types of profit and loss questions that are asked in these exams:

1.       Calculation of Profit or Loss Percent: These questions ask you to calculate the profit or loss percentage on a transaction based on the cost price and selling price. For example, if a trader buys an item for Rs. 500 and sells it for Rs. 600, what is the profit percentage?

2.       Calculation of Cost Price or Selling Price: These questions ask you to calculate either the cost price or selling price of an item based on the profit or loss percentage and the other value. For example, if an item is sold for Rs. 720 with a profit of 20%, what is the cost price?

3.       Calculation of Marked Price or Discount: These questions ask you to calculate either the marked price or the discount percentage based on the selling price and the other value. For example, if an item is sold for Rs. 640 with a discount of 20%, what is the marked price?

4.       Calculation of Discounted Selling Price: These questions ask you to calculate the selling price of an item after a discount is applied. For example, if an item is sold at a discount of 25% and the discounted price is Rs. 450, what was the original selling price?

5.       Calculation of Break-Even Point: These questions ask you to calculate the minimum number of items that must be sold to cover the cost of production. For example, if the cost of production for 100 items is Rs. 10,000 and each item is sold for Rs. 120, how many items must be sold to break even?

6.       Calculation of Partnership Profit and Loss: These questions ask you to calculate the profit or loss for partners in a business based on their capital investment and share in the profit or loss. For example, if Partner A invests Rs. 10,000 and Partner B invests Rs. 15,000 in a business, and the profit is Rs. 5,000, what is the share of profit for each partner?

It is important to practice different types of profit and loss questions to be well-prepared for bank exams. You can also refer to previous years' question papers to get an idea of the types of questions that are commonly asked. With practice and a good understanding of the concepts, you can perform well in the profit and loss section of bank exams.
 
What is Profit & Loss?

Profit and Loss is a measure of the financial performance of a business or investment. Profit refers to the excess of revenue over expenses, while loss refers to the excess of expenses over revenue. In simple terms, profit is what a business earns after deducting its costs, while loss is what a business incurs when its expenses exceed its revenue.

Calculating profit and loss involves understanding some key concepts, such as cost price, selling price, profit percentage, and loss percentage. Cost price refers to the price at which an item is purchased, while selling price refers to the price at which the item is sold. Profit percentage is the percentage of profit earned on the cost price, while loss percentage is the percentage of loss incurred on the cost price.

To solve questions related to profit and loss in bank exams, it is important to have a clear understanding of these concepts and their interrelationships. Some of the common types of questions related to profit and loss in bank exams include finding the cost price, selling price, or profit percentage, given the other two values.

In addition to these basic concepts, there are several other advanced concepts related to profit and loss that may be tested in bank exams, such as discount, markup, and loss on multiple articles.

To prepare for questions related to profit and loss in bank exams, candidates should practice solving a variety of problems and familiarize themselves with the different types of questions that may be asked. It is also important to have a clear understanding of the underlying concepts and formulas and to practice applying them in different scenarios.
 
Conclusion

In conclusion, profit and loss is a critical concept in banking and financial management, and understanding the principles of profit and loss is essential for candidates appearing for bank exams. By developing a clear understanding of the underlying concepts and practicing a variety of problems, candidates can enhance their proficiency in solving questions related to profit and loss and improve their chances of success in bank exams.
In addition to practicing problems, candidates can also download pdfs from Smartkeeda App or Smartkeeda Website to improve their understanding of the concepts and formulas related to profit and loss. You can also attempt online mock tests to get a better idea of the types of questions that may be asked in the exam and to gauge the level of your preparation.

Overall, proficiency in the topic of profit and loss is crucial for success in bank exams such as SBI, IBPS, and RBI. By dedicating sufficient time and effort to preparing for this topic, candidates can enhance their chances of performing well in these exams and achieving their career goals in the banking sector.

Profit n Loss is most important topics among all the Bank and Insurance exams like SBI PO, IBPS PO, IBPS RRB Scale 1, IBPS RRB Office Assistant, LIC AAO, NIACL, SBI Clerk, IBPS Clerk Etc.

Profit and loss are the terms related to transactions in trade and business. Whenever a purchased article is sold, then either profit is earned or loss is incurred. This chapter teaches us how to calculate such profit and loss.


Cost Price (CP) This is the price at which an article is purchased.

Selling Price (SP) This is the price at which an article is sold.

Overhead Charges Such charges are the extra expenditures on purchased goods apart from the actual cost price. Such charges include freight charges, rent, salary of employees, repairing cost on purchased articles etc. Point to be noted that overhead charges are not taken into consideration, if not given in the question.

Profit (SP > CP) When an article is sold at more price than its cost price, then profit is earned. In other words, SP is always greater than CP in case of profit.

Loss (SP < CP) When an article is sold at less price than its cost price, then loss is incurred. In other words, SP is always less than CP in case of loss.

In this “Profit n Loss Questions for SBI PO”, we will discuss all types of Profit n Loss questions with short tricks and formulas. So we can give better performance if we find Profit n Loss questions in SBI Clerk Pre 2023.


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