Exambodh - Practice Aptitude, Reasoning & GK Questions
Play Quiz
Quantitative Aptitude
mediumQ. No. 3818-a-shopkeeper-bought-an-item-for-276-and-sold-it-for-220-what-is-the-loss-percentage

A shopkeeper bought an item for ₹276 and sold it for ₹220. What is the loss percentage?

Last Updated:

This Profit and Loss question develops correct identification of cost price, selling price, marked price, discount and the relevant percentage base in “A shopkeeper bought an item for ₹276 and sold it for ₹220. What is the loss percentage?”. The worked explanation retains the original numerical relationship, verifies 20%, and distinguishes common traps such as reversing CP and SP, adding successive rates or confusing discount with loss. It is designed for SSC, Railway, Banking, State examinations and other quantitative aptitude tests where accurate interpretation must accompany fast calculation.

A25%
B20%
C30%
D15%
Correct Answer: 20%Your Answer: B

Explanation

Profit = SP − CP, Loss = CP − SP, and the percentage is calculated on cost price. The question-specific working supplied in the record is: Loss = CP − SP = 276 − 220 = 56. Loss% = (56/276)×100 = 20%. Profit and loss questions become unreliable when a percentage is applied to the wrong base. Profit or loss percent uses cost price, while discount percent uses marked price. If several changes occur, convert each change into a multiplier and apply them in order. The distractors 25%, 30%, 15% can result from interchanging cost price and selling price, treating discount as loss, adding successive rates, ignoring quantity, or rounding before the final step. A dependable check is to assume cost price 100 whenever only percentages are involved, reconstruct the selling value, and compare the resulting ratio with the selected option. Also verify direction: profit requires selling price above cost price, whereas loss requires it below cost price. This method preserves the numerical relationships in the stem and develops formula selection, percentage-base recognition and option elimination for SSC, Railway, Banking and other competitive aptitude examinations.

Important Notes

  • Applicable method: Profit = SP − CP, Loss = CP − SP, and the percentage is calculated on cost price.
  • Question-specific working: Loss = CP − SP = 276 − 220 =
  • Loss% = (56/276)×100 = 20%
  • Profit/loss percentage uses cost price; discount percentage uses marked price.

Related Questions

View All
6810-find-the-compound-interest-on-rs-1000-at-20-for-2-yearsFind the compound interest on Rs.1000 at 20% for 2 years.6809-what-will-be-the-amount-on-rs-2000-at-20-compound-interest-for-2-yearsWhat will be the amount on Rs.2000 at 20% compound interest for 2...6808-find-the-compound-interest-on-rs-4000-at-10-for-3-yearsFind the compound interest on Rs.4000 at 10% for 3 years.
Previous QuestionNext Question

Test your Profit and Loss knowledge

Start Topic Test

FAQ

Profit and Loss FAQs

Common questions and clear answers for this topic.

Which method applies to this question?

Profit = SP − CP, Loss = CP − SP, and the percentage is calculated on cost price.

What is the verified answer?

20%, option B.

Which percentage base is most important?

Profit or loss percent is based on cost price, while discount is based on marked price.

How can the answer be checked?

Reverse the percentage relation or assume a base of 100 and reconstruct the final value.

What is Profit and Loss in mathematics and what are the basic terms?

Profit and Loss is a key Quantitative Aptitude topic in SSC CGL, IBPS Bank PO, SBI PO, CAT, and Railway exams. Basic terms: Cost Price (CP) - price at which an item is purchased. Selling Price (SP) - price at which it is sold. Profit = SP - CP (when SP > CP). Loss = CP - SP (when CP > SP). Profit% = (Profit/CP) x 100. Loss% = (Loss/CP) x 100.

What is the difference between Marked Price, Selling Price, and Discount?

Marked Price (MP) is the price printed on the item before discount. Discount = MP - SP. Discount% = (Discount/MP) x 100. SP = MP x (100-Discount%)/100. If a shopkeeper marks up by 40% and gives 20% discount: SP = CP x 1.40 x 0.80 = 1.12CP = 12% profit. Profit% and Loss% are always calculated on Cost Price unless specified otherwise.

Same Topic MCQs

View All
Find the compound interest on Rs.1000 at 20% for 2 years.What will be the amount on Rs.2000 at 20% compound interest for 2 years?Find the compound interest on Rs.4000 at 10% for 3 years.
A shopkeeper bought an item... | Profit and Loss MCQ | Exambodh