SSC Exam Quantitative Aptitude Study Material: A conceptual guide for Profit & Loss

SSC is well known for the recruitment of Group ‘B’ and ‘C’ posts under the Ministries/Departments in The Government of India. SSC organizes various examinations like Combined Graduate Level examination, Combine Higher Secondary Level, Stenographer and for SI/DP/CAPF, etc., throughout the year having almost the same Exam Pattern. The Exam paper is comprised of basically 4 subjects.

              a. General Intelligence & Reasoning

              b. English language & Comprehension

              c. Quantitative Aptitude

              d. General knowledge

For more detail, click the link given below.

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SSC Stenographer 2016: Take a look of Exam Pattern, Syllabus and Selection Procedure

So, Jagranjosh.com has introduced a brief plan for revising topics at the time of examination. In this article, Profit & Loss which sometimes appear more difficult to understand in terms of  various types of Problems arises to estimate the profit & Loss in the questions. This Chapter is also important for the sake of doing calculations.

Profit and Loss

Profit and Loss is an extension of the chapter of percentages. It is a very important branch of basic Mathematics. This branch deals with the study of Profit and loss made in any commercial transaction. The entire economy and the concept of capitalism is based on the so called “Profit Motive”.

Some basic terms used in Profit and loss are:

Cost price – The price, at which an article is purchased, is called Cost price and it is abbreviated by C.P.

Selling Price – The price, at which an article is sold, is called its selling price and it is abbreviated by S.P.

Profit – If S.P. > C.P., then seller is said to have a profit.

Loss – If SP < CP, Then seller is said to have incurred a loss.

Example: 100 apples are bought at the rate of Rs. 500 and sold at the rate of Rs. 84 per dozen. What will be the percentage of profit and loss?

Solution: We will solve this in steps

Therefore, there is a profit of 40% in the whole selling process.

• If a person sells two similar items, one at a gain of A%, and the other at a loss of A%, then the seller always incurs a loss. This loss can be calculated by:

Example : A man sold two plots for Rs. 15, 00,000 each. On one he gains 25% while on the other he loses 25%. How much does he gain or loss in the whole transaction.

Solution: In such a case there is always a loss

• If an article sold at two different selling price sale price₁ and sale price₂ respectively. On one gain₁ is made and on the other gain₂ is made then:

Profit calculation on the basis of equating the Amount Spent and the Amount Earned:

If the person is going through the transaction has got back all the money that he has spent, but has ended up with some amount of goods left over after the transaction.

Example: A fruit vendor recovers the cost of 15 oranges by selling 10 oranges. Find his percentage profit.

Solution: Here the money spent is equal to the money earned the percentage profit is given by

Discount:

• Discount is the reduction offered amount on the market price.

Therefore,

    Where,

    MP = Market Price of the product

    d = discount in percentage on the market price

Example:  What are the successive discounts of 10 %, 12 % and 15% amount to a single discount?

Solution: Suppose the marked price = Rs. 100

 The, S.P. = 85% of 88% of 90% of Rs. 100 = Rs. 67.32.

Therefore, the single discount = (100 – 67.32) % = 32.68 %.

1. An article was purchased for Rs. 78,350/-. Its price was marked up by 30%. It was sold at a discount of 20% on the marked up price. What was the profit percent on the cost price?

(1) 4    

(2) 7    

(3) 5    

(4) 3    

(5) 6

Ans: (1)

3. Meena purchases 1500 ml of milk every day. If the cost of one liter of milk is Rs. 44, how much amount will she pay in 20 days?

(1) Rs. 1,340

(2) Rs. 1,320

(3) Rs. 1,280

(4) Rs. 1,260

(5) None of these

Solution: Amount paid in 20 days = 1.5 ⤬ 20 ⤬ 44= Rs. 1320

Ans: (2)

4. Kamya purchased an item of Rs. 46,000 and sold it at loss of 12 per cent. With that amount she purchased another item and sold it at a gain of 12 per cent. What was her overall gain/loss?

(1) Loss of Rs 662.40

(2) Profit of Rs 662.40

(3) Loss of Rs 642.80

(4) Profit Rs 642.80

(5) None of these

Ans: (1)