Profit and Loss

Q1:

A shopkeeper sells some toys at Rs. 250 each. What percent profit does he make? To find the answer, which of the following information given in Statements I and II is/are necessary?

I. Number of toys sold.

II. Cost price of each toy.

A Only I is necessary

B Only II is necessary

C Both I and II are necessary

D Either I or II ins necessary

E None of these

ANS:B - Only II is necessary

S.P. = Rs. 250 each. To find gain percent, we must know the C.P. of each. Correct answer is (B).

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