CBSE Class 8 Mathematics Profit and Loss MCQs Set 22

Practice MCQs for Class 8 Mathematics Profit and Loss

Explore reliable objective questions for Profit and Loss tailored for Class 8 learners. Utilizing these Mathematics multiple-choice formats ensures thorough preparation and strengthens problem-solving speed for upcoming school assessments.

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Multiple Choice Questions

Question 1: A grocer sells potatoes at Rs. 15.50 per kg which he bought at Rs. 14.20 per kg. His profit per kg is
(a) Rs. 1.30
(b) Rs. 1.80
(c) Rs. 29.70
(d) Rs. 0.30
Show Answer & Explanation

Answer: (a) Rs. 1.30

Explanation:
1. Profit = SP - CP
2. = 15.50 - 14.20 = Rs. 1.30.

Teacher's Note:
1. Profit = SP - CP when SP is more than CP. Loss = CP - SP when CP is more than SP. Overheads such as repairs and transport are added to the cost price.

Question 2: A cloth merchant sells old stock at Rs. 85,550 and has a loss of Rs. 15,000. The value (cost) of the stock was
(a) Rs. 70,550
(b) Rs. 85,550
(c) Rs. 1,00,550
(d) Rs. 1,15,000
Show Answer & Explanation

Answer: (c) Rs. 1,00,550

Explanation:
1. CP = SP + Loss
2. = 85,550 + 15,000 = Rs. 1,00,550.

Teacher's Note:
1. Profit = SP - CP when SP is more than CP. Loss = CP - SP when CP is more than SP. Overheads such as repairs and transport are added to the cost price.

Question 3: A milkman earned a profit of Rs. 75 on selling some milk for Rs. 825. The cost of the milk was
(a) Rs. 750
(b) Rs. 900
(c) Rs. 825
(d) Rs. 700
Show Answer & Explanation

Answer: (a) Rs. 750

Explanation:
1. CP = SP - Profit
2. = 825 - 75 = Rs. 750.

Teacher's Note:
1. Profit = SP - CP when SP is more than CP. Loss = CP - SP when CP is more than SP. Overheads such as repairs and transport are added to the cost price.

Question 4: A man bought eggs at Rs. 2 per egg and sells them at Rs. 25 a dozen. His profit or loss on one dozen is
(a) Loss of Rs. 1
(b) Profit of Rs. 2
(c) Profit of Rs. 1
(d) Loss of Rs. 2
Show Answer & Explanation

Answer: (c) Profit of Rs. 1

Explanation:
1. CP of a dozen = 12 × 2 = Rs. 24
2. SP = Rs. 25
3. Profit = 25 - 24 = Rs. 1.

Teacher's Note:
1. Profit = SP - CP when SP is more than CP. Loss = CP - SP when CP is more than SP. Overheads such as repairs and transport are added to the cost price.

Question 5: A company makes a computer for Rs. 65,550, and packing costs Rs. 520 per computer. To earn a profit of Rs. 450 per computer, the selling price is
(a) Rs. 66,070
(b) Rs. 65,980
(c) Rs. 66,000
(d) Rs. 66,520
Show Answer & Explanation

Answer: (d) Rs. 66,520

Explanation:
1. Total CP = 65,550 + 520 = Rs. 66,070
2. SP = 66,070 + 450 = Rs. 66,520.

Teacher's Note:
1. Profit = SP - CP when SP is more than CP. Loss = CP - SP when CP is more than SP. Overheads such as repairs and transport are added to the cost price.

Question 6: A farmer bought 100 hens for Rs. 4000 and sold 20 of them at a gain of 5%. To gain 20% on the whole, he must sell the remaining hens at a gain of
(a) 23.75%
(b) 20%
(c) 25%
(d) 21.25%
Show Answer & Explanation

Answer: (a) 23.75%

Explanation:
1. Required total SP = 1.2 × 4000 = Rs. 4800
2. SP of 20 hens = 1.05 × 800 = Rs. 840
3. Remaining 80 hens cost Rs. 3200 and must fetch Rs. 3960
4. Gain = 760/3200 × 100 = 23.75%.

Teacher's Note:
1. Profit or loss percent is always worked out on the cost price. Use SP = CP × (100 + gain%)/100 and CP = SP × 100/(100 + gain%).

Question 7: Ramesh bought a house for Rs. 4,52,000 and spent Rs. 28,000 on repairs. He sold it for Rs. 4,68,000. His loss percent is
(a) 5%
(b) \( \frac{7}{2}\% \)
(c) 2%
(d) \( \frac{5}{2}\% \)
Show Answer & Explanation

Answer: (d) \( \frac{5}{2}\% \)

Explanation:
1. Total CP = 4,52,000 + 28,000 = Rs. 4,80,000
2. Loss = 4,80,000 - 4,68,000 = Rs. 12,000
3. Loss% = 12000/480000 × 100 = 2.5%.

Teacher's Note:
1. Profit or loss percent is always worked out on the cost price. Use SP = CP × (100 + gain%)/100 and CP = SP × 100/(100 + gain%).

Question 8: By selling a chair for Rs. 160, a carpenter loses 20%. By selling it for Rs. 170 he would
(a) Lose 15%
(b) Gain 15%
(c) Lose 20%
(d) Gain 6.25%
Show Answer & Explanation

Answer: (a) Lose 15%

Explanation:
1. CP = 160 × 100/80 = Rs. 200
2. At Rs. 170 the loss = 30
3. Loss% = 30/200 × 100 = 15%.

Teacher's Note:
1. Profit or loss percent is always worked out on the cost price. Use SP = CP × (100 + gain%)/100 and CP = SP × 100/(100 + gain%).

Question 9: Mr. Siddharth sold two bicycles at Rs. 924 each, gaining 20% on one and losing 20% on the other. In the whole transaction he
(a) Gains 4%
(b) Loses 4%
(c) Neither gains nor loses
(d) Loses 20%
Show Answer & Explanation

Answer: (b) Loses 4%

Explanation:
1. CP of first = 924 × 100/120 = Rs. 770
2. CP of second = 924 × 100/80 = Rs. 1155
3. Total CP = 1925 and total SP = 1848, so loss = Rs. 77
4. Loss% = 77/1925 × 100 = 4%.

Teacher's Note:
1. Profit or loss percent is always worked out on the cost price. Use SP = CP × (100 + gain%)/100 and CP = SP × 100/(100 + gain%).

Question 10: A tricycle is sold at a gain of 15%. Had it been sold for Rs. 27 more, the gain would have been 20%. The cost price is
(a) Rs. 450
(b) Rs. 600
(c) Rs. 135
(d) Rs. 540
Show Answer & Explanation

Answer: (d) Rs. 540

Explanation:
1. Extra gain = 20% - 15% = 5% of CP
2. 5% of CP = 27
3. CP = 27 × 100/5 = Rs. 540.

Teacher's Note:
1. Profit or loss percent is always worked out on the cost price. Use SP = CP × (100 + gain%)/100 and CP = SP × 100/(100 + gain%).

Question 11: Mr. Shah sold a sofa at a gain of 15%. Had he sold it for Rs. 340 less, he would have lost 2%. The price at which he purchased it was
(a) Rs. 2000
(b) Rs. 1700
(c) Rs. 2300
(d) Rs. 3400
Show Answer & Explanation

Answer: (a) Rs. 2000

Explanation:
1. Gain 15% to loss 2% means a difference of 17% of CP
2. 17% of CP = 340
3. CP = 340 × 100/17 = Rs. 2000.

Teacher's Note:
1. Profit or loss percent is always worked out on the cost price. Use SP = CP × (100 + gain%)/100 and CP = SP × 100/(100 + gain%).

Question 12: Paro bought two ceiling fans at Rs. 1000 each and sold one at a loss of 10%. To gain 20% on the whole transaction she must sell the other at
(a) Rs. 1300
(b) Rs. 1500
(c) Rs. 1200
(d) Rs. 1100
Show Answer & Explanation

Answer: (b) Rs. 1500

Explanation:
1. Total SP needed = 1.2 × 2000 = Rs. 2400
2. First fan SP = 0.9 × 1000 = Rs. 900
3. Second fan SP = 2400 - 900 = Rs. 1500.

Teacher's Note:
1. Profit or loss percent is always worked out on the cost price. Use SP = CP × (100 + gain%)/100 and CP = SP × 100/(100 + gain%).

Question 13: A trader bought 10 quintals of wheat for Rs. 8750 and sold it at Rs. 11.50 per kg. His profit is
(a) Rs. 3750
(b) Rs. 11,500
(c) Rs. 2750
(d) Rs. 275
Show Answer & Explanation

Answer: (c) Rs. 2750

Explanation:
1. 10 quintals = 1000 kg
2. SP = 1000 × 11.50 = Rs. 11,500
3. Profit = 11,500 - 8,750 = Rs. 2750.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 14: A shopkeeper earns a profit of Rs. 325.75 on a sewing machine whose cost price is Rs. 2018.50. The selling price is
(a) Rs. 1692.75
(b) Rs. 2344.50
(c) Rs. 2318.50
(d) Rs. 2344.25
Show Answer & Explanation

Answer: (d) Rs. 2344.25

Explanation:
1. SP = CP + Profit
2. = 2018.50 + 325.75 = Rs. 2344.25.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 15: A milkman buys 20 litres of milk for Rs. 370 and sells it at Rs. 21.50 per litre. His profit or loss is
(a) Profit of Rs. 60
(b) Loss of Rs. 60
(c) Profit of Rs. 50
(d) Profit of Rs. 6
Show Answer & Explanation

Answer: (a) Profit of Rs. 60

Explanation:
1. SP = 20 × 21.50 = Rs. 430
2. SP is more than CP
3. Profit = 430 - 370 = Rs. 60.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 16: The profit or loss percent when CP = Rs. 600 and SP = Rs. 500 is
(a) 20% loss
(b) \( 16\frac{2}{3}\% \) profit
(c) 20% profit
(d) \( 16\frac{2}{3}\% \) loss
Show Answer & Explanation

Answer: (d) \( 16\frac{2}{3}\% \) loss

Explanation:
1. Loss = 600 - 500 = Rs. 100
2. Loss% = 100/600 × 100 = 16 2/3%.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 17: Neelu bought 2400 bananas at Rs. 15 per dozen. She sold 1350 at Rs. 4 for 2 and the rest at Rs. 8 for 5. Her gain percent is
(a) 40%
(b) 46%
(c) 56%
(d) 36%
Show Answer & Explanation

Answer: (b) 46%

Explanation:
1. CP = 200 dozens × 15 = Rs. 3000
2. SP of 1350 = 1350 × 2 = Rs. 2700
3. SP of 1050 = 1050 × 8/5 = Rs. 1680
4. Gain = 4380 - 3000 = 1380
5. Gain% = 1380/3000 × 100 = 46%.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 18: A book wholesaler sold 300 copies of a book at a profit of 15%. If the cost of one book is Rs. 48, the total selling price is
(a) Rs. 14,400
(b) Rs. 2160
(c) Rs. 16,560
(d) Rs. 15,480
Show Answer & Explanation

Answer: (c) Rs. 16,560

Explanation:
1. Total CP = 300 × 48 = Rs. 14,400
2. Profit = 15% of 14,400 = Rs. 2160
3. SP = 14,400 + 2160 = Rs. 16,560.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 19: A horse bought for Rs. 8000 was sold at a loss of 6%. The selling price is
(a) Rs. 8480
(b) Rs. 480
(c) Rs. 7600
(d) Rs. 7520
Show Answer & Explanation

Answer: (d) Rs. 7520

Explanation:
1. Loss = 6% of 8000 = Rs. 480
2. SP = 8000 - 480 = Rs. 7520.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 20: An article is sold for Rs. 420 at a profit of 12%. Its cost price is
(a) Rs. 470.40
(b) Rs. 375
(c) Rs. 369.60
(d) Rs. 408
Show Answer & Explanation

Answer: (b) Rs. 375

Explanation:
1. CP = 420 × 100/112
2. = Rs. 375.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 21: If a man sells his hand cart for Rs. 720 he loses 25%. His selling price for a gain of 25% is
(a) Rs. 900
(b) Rs. 960
(c) Rs. 1200
(d) Rs. 1000
Show Answer & Explanation

Answer: (c) Rs. 1200

Explanation:
1. CP = 720 × 100/75 = Rs. 960
2. SP for 25% gain = 960 × 125/100 = Rs. 1200.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

Question 22: Nandan sells a quintal of wheat for Rs. 308 at a gain of 12% and a quintal of rice for the same amount at a loss of 12%. In the whole transaction he
(a) Gains Rs. 9
(b) Loses Rs. 12
(c) Neither gains nor loses
(d) Loses Rs. 9
Show Answer & Explanation

Answer: (d) Loses Rs. 9

Explanation:
1. CP of wheat = 308 × 100/112 = Rs. 275
2. CP of rice = 308 × 100/88 = Rs. 350
3. Total CP = 625 and total SP = 616
4. Loss = Rs. 9.

Teacher's Note:
1. Check whether SP is greater or smaller than CP to decide between profit and loss. Percent is then found on the CP.

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Multiple Choice Questions (MCQs) for Class 8 Mathematics Profit and Loss

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