Profit and Loss

Q1:

By selling a product with 20% profit, how much profit was earned?

I. The difference between cost and selling price is Rs. 40.

II. The selling price is 120 percent of the cost price.

A I alone sufficient while II alone not sufficient to answer

B II alone sufficient while I alone not sufficient to answer

C Either I or II alone sufficient to answer

D Both I and II are not sufficient to answer

E Both I and II are necessary to answer

ANS:A - I alone sufficient while II alone not sufficient to answer

Gain = 20% I. Profit = (S.P.) - (C.P.) = Rs. 40. Thus, I give the answer. But, II does not give the answer. Correct answer is (A).

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