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Practice Sets on Profit & Loss for UPSC – Banking – SSC – Railway and other competition exams

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profit and loss

Profit and Loss form an integral part of quantitative aptitude which are frequently asked in the quantitative aptitude section of various Government exams. These questions are different from the basic speed, distance and time questions and require a different approach to be answered. Profit and Loss formula is used in mathematics to determine the price of a commodity in the market and understand how profitable a business is.

Every product has a cost price and selling price. Based on the values of these prices, we can calculate the profit gained or the loss incurred for a particular product. The important terms covered here are cost price, fixed, variable and semi-variable cost, selling price, marked price, list price, margin, etc.  All aspirants who are preparing for the upcoming exams in 2022 must be well prepare with this section. 

Tips and Tricks to Solve Profit and Loss Problems

To assist aspirants to prepare for and ace the quantitative aptitude section, given below are a few tips which may help you answer the train problems quicker and more efficiently:

  • Always read the question carefully and do not haste in answering it as the train-based questions are usually presented in a complex manner
  • Once you read the question, try to apply a formula in them, this will may solution direct and save you some time
  • Do not guess if you are not sure. Since there is negative marking in competitive exams, ensure that you do not make assumptions and answer the questions
  • Do not over complicate the question and spend too much time on solving it if you are not able to answer
  • In case of confusion, you can also refer to the options given in the objective type papers and try finding the answer with the help of options given 

Points to remember

Cost Price:

The price, at which an article is purchased, is called its cost price, abbreviated as C.P.

Selling Price:

The price, at which an article is sold, is called its selling prices, abbreviated as S.P.

Profit or Gain:

If S.P. is greater than C.P., the seller is said to have a profit or gain.


If S.P. is less than C.P., the seller is said to have incurred a loss.


  1. Gain = (S.P.) – (C.P.)

  2. Loss = (C.P.) – (S.P.)

  3. Loss or gain is always reckoned on C.P.

  4. Gain Percentage: (Gain %)

        Gain % =1 sym oparen h1Gain x 1001 sym cparen h1
  5. Loss Percentage: (Loss %)

        Loss % =1 sym oparen h1Loss x 1001 sym cparen h1
  6. Selling Price: (S.P.)

        SP =1 sym obracket h1(100 + Gain %)x C.P1 sym cbracket h1
  7. Selling Price: (S.P.)

        SP =1 sym obracket h1(100 – Loss %)x C.P.1 sym cbracket h1
  8. Cost Price: (C.P.)

        C.P. =1 sym obracket h1100x S.P.1 sym cbracket h1
    (100 + Gain %)
  9. Cost Price: (C.P.)

        C.P. =1 sym obracket h1100x S.P.1 sym cbracket h1
    (100 – Loss %)
  10. If an article is sold at a gain of say 35%, then S.P. = 135% of C.P.

  11. If an article is sold at a loss of say, 35% then S.P. = 65% of C.P.

  12. When a person sells two similar items, one at a gain of say x%, and the other at a loss of x%, then the seller always incurs a loss given by:

        Loss % =1 sym oparen h1Common Loss and Gain %1 sym cparen h12=1 sym oparen h1x1 sym cparen h12.


  13. If a trader professes to sell his goods at cost price, but uses false weights, then

        Gain % =1 sym obracket h1Errorx 1001 sym cbracket h1%.
    (True Value) – (Error)