IMPORTANT FACTS
Cost Price:
The price, at which an article is purchased, is called its cost price, abbreviated as C.P.
Selling Price:
The price, at which an article is sold, is called its selling prices, abbreviated as S.P.
Profit or Gain:
If S.P. is greater than C.P., the seller is said to have a profit or gain.
Loss:
If S.P. is less than C.P., the seller is said to have incurred a loss.
IMPORTANT FORMULAE
 Gain = (S.P.)  (C.P.)
 Loss = (C.P.)  (S.P.)
 Loss or gain is always reckoned on C.P.
 Gain Percentage: (Gain %)
Gain % = Gain x 100 C.P.  Loss Percentage: (Loss %)
Loss % = Loss x 100 C.P.  Selling Price: (S.P.)
SP = (100 + Gain %) x C.P 100  Selling Price: (S.P.)
SP = (100  Loss %) x C.P. 100  Cost Price: (C.P.)
C.P. = 100 x S.P. (100 + Gain %)  Cost Price: (C.P.)
C.P. = 100 x S.P. (100  Loss %)  If an article is sold at a gain of say 35%, then S.P. = 135% of C.P.
 If an article is sold at a loss of say, 35% then S.P. = 65% of C.P.
 When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss given by:
Loss % = (Common Loss and Gain % )2 = (x) 2 . 100 100  If a trader professes to sell his goods at cost price, but uses false weights, then
Gain % = Error x 100 %. (True Value)  (Error)
1. 
Alfred buys an old scooter for Rs. 4700 and spends Rs. 800 on its repairs. If he sells the scooter for Rs. 5800, his gain percent is:
 
Answer: Option B
Explanation:
Cost Price (C.P.) = Rs. (4700 + 800) = Rs. 5500.
Selling Price (S.P.) = Rs. 5800.
Gain = (S.P.)  (C.P.) = Rs.(5800  5500) = Rs. 300.

2. 
The cost price of 20 articles is the same as the selling price of x articles. If the profit is 25%, then the value of xis:
 
Answer: Option B
Explanation:
Let C.P. of each article be Re. 1 C.P. of x articles = Rs. x.
S.P. of x articles = Rs. 20.
Profit = Rs. (20  x).
2000  100x = 25x
125x = 2000
x = 16.

3. 
If selling price is doubled, the profit triples. Find the profit percent.
 
Answer: Option B
Explanation:
Let C.P. be Rs. x and S.P. be Rs. y.
Then, 3(y  x) = (2y  x) y = 2x.
Profit = Rs. (y  x) = Rs. (2x  x) = Rs. x.

4. 
In a certain store, the profit is 320% of the cost. If the cost increases by 25% but the selling price remains constant, approximately what percentage of the selling price is the profit?
 
Answer: Option B
Explanation:
Let C.P.= Rs. 100. Then, Profit = Rs. 320, S.P. = Rs. 420.
New C.P. = 125% of Rs. 100 = Rs. 125
New S.P. = Rs. 420.
Profit = Rs. (420  125) = Rs. 295.

5. 
A vendor bought toffees at 6 for a rupee. How many for a rupee must he sell to gain 20%?
 
Answer: Option C
Explanation:
C.P. of 6 toffees = Re. 1

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