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hardQ. No. 4348-a-shopkeeper-labels-a-packet-of-beans-as-1250-grams-but-the-packet-contains-only-1190-grams-find

A shopkeeper labels a packet of beans as 1250 grams, but the packet contains only 1190 grams. Find the gain percent.

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This Profit and Loss question develops correct identification of cost price, selling price, marked price, discount and the relevant percentage base in “A shopkeeper labels a packet of beans as 1250 grams, but the packet contains only 1190 grams. Find the gain percent.”.

A5.04%
B9.04%
C14.04%
D2.04%
Correct Answer: 9.04%Your Answer: B

Explanation

The question-specific working supplied in the record is: Gain% = ((Claimed weight − Actual weight) / Actual weight) × 100 = ((1250 − 1190) / 1190) × 100 = 5.04%. Profit or loss percent uses cost price, while discount percent uses marked price. 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.

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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?

9.04%, 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.

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