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# ProfitÂ and LossÂ QuestionsÂ Practice Set For IBPS PO/Clerk & Other Bank Exams

## What does profit or loss mean?

**Cost Price (CP):**Â The price, which is paid to acquire a product, is called cost price. All the overhead expenses (transportation, taxes etc.) are also included in the cost price.**Selling Price (SP):**Â The sum of money, which is finally received for the product i.e. the price at which the product is finally disposed off is called the Selling price.**Marked Price (MP):**Â The price, which is listed or marked on the product, is also known as quotation price/printed price/catalogue price/invoice price.**Profit:**Â Â If selling price is greater than Cost price, then excess of SP to CP is called Gain or Profit.

PROFIT = SELLING PRICE â€“ COST PRICE

E.g. Let the cost price of a quintal of rice be Rs 1000 and the shopkeeper sells the same for Rs 1125 per quintal, then profit = 1125 â€“ 1000 = Rs. 125 per quintal.**Loss:Â**If selling price is less than Cost price, then excess of CP to SP is called Loss.

LOSS = COST PRICE â€“ SELLING PRICE

E.g. Let the cost price of a score of mangoes be Rs. 220. If the fruit vendor retails each mango for Rs. 10, then cost price per mango = Rs. 220/20 = Rs. 11/mango (As you know one score has 20 items)

Selling price = Rs. 10 / mango âˆ´ Loss = Rs. 11 â€“ Rs. 10 = Re. 1 per mango

**Note**: Profit and loss percentage is always calculated on cost price, unless otherwise specified. Now let us come to profit loss formula in percentage, which will be followed by questions on profit and loss.**Profit percentage formula: The profit percent can be calculated as:**

__Profit % = 100 Ã— Profit/Cost Price.__**Percentage Loss: The loss percent can be calculated as;**

__Loss % = 100 Ã— Loss/Cost Price.__

**Profit & Loss**Â **Questions** is an important concept from the **Quantitative Aptitude section for any competitive exam**, and more so for **SBI CLerk, SBI PO, IBPS PO, IBPS Clerk, SSC CGL, SSC CHSL**, and other competitive exams.

Understanding **Profit & Loss Question** would help us with other mathematical concepts such as Percentage, Simple Interest, Compound Interest and Data Interpretation where the questions are based on the concept of percentages.

**Profit And Loss Questions For Bank Exam**

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