Profit & Loss Most Expected Questions For SBI Clerk 2024 Prelims Exam

Profit and Loss for SBI Clerk 2024 Prelims Exam: The topic of Profit and Loss forms an important part of the Quantitative Aptitude section of the SBI Clerk Prelims exam. It tests the basic understanding of arithmetic calculations and commercial mathematics on which a candidate is examined. Once such topics are well understood, questions become pretty straightforward. In this article, we will discuss some of the key concepts related to Profit and Loss, types of problems that may appear in the exam, and some effective strategies for preparation.

What is Profit and Loss

Profit and Loss are some of the basic concepts applied in business and economics to establish the financial results obtained in buying and selling goods or services. Here is what the terms mean:

1. Profit:

• Profit is the rupee difference between the actual selling price (SP) of an article and its cost price (CP), arising wherever the selling price is more than the cost price.
• It represents the quantity generated in excess of the cost incurred in buying or producing the item.

2. Loss:

• Loss is said to occur when the selling price is less than the cost price, that is, SP < CP.
• It represents the amount of money lost in the transaction.

Profit and Loss Formula

Some basic terms, associated with profit and loss:

Cost price (CP) = The price for which a commodity/article is bought is called cost price.

Selling price (SP) = The price for which a commodity/article is sold is called selling price.

Profit/Gain = The difference (SP – CP) between selling price and cost price is called the profit.

Loss = The difference (CP – SP) between cost price and selling price is called loss.

Marked price (MP) = The price at which a seller has labelled an article is called marked price.

Discount = The reduction made on the marked price of the article is called discount.

Some important formulae associated with profit and loss.

1. Profit = SP – CP

2. Loss = CP – SP

3. Profit percentage = {(Profit)/Cost price} × 100

4. Loss percentage = {(Loss)/Cost price} × 100

5. Discount allowed = MP – SP

6. Discount percentage = (discount allowed/marked price) × 100

Special case:

If an article is sold at cost price, but using a false weight, then the overall profit percentage;

= {(100 + Gain%)/100} = {(True Scale or Weight) ÷ (False Scale or Weight)}

Profit and Loss Important Question

Question 1: An article is sold for Rs. 5236 after two successive discounts of Rs. 12% and 15%. If the
article was marked up by 25% above its cost price, then find the profit/loss received on the article.
A) Rs. 382
B) Rs. 364
C) Rs. 408
D) Rs. 322
E) None of these

Question 2: A man sold an article for Rs. 13338 after giving two successive discounts of x% and 2x%. If
the marked price of the article is Rs. 15600, then find the value of ‘x’.
A) 5.5%
B) 6%
C) 5%
D) 6.5%
E) 7%

Question 3: Mohan sold an article at 16% loss. What would be the profit or loss percent if the same
article was sold at Rs. 280 more provided the cost price of the article was Rs. 800?
A) 25%
B) 16%
C) 22%
D) 19%
E) 23%

Profit & Loss Most Expected Questions For SBI Clerk

Profit and Loss Preparation Tips

To prepare for the Profit and Loss topic accordingly for the SBI Clerk Prelims, do the following strategies:

Basic Formulas to Know and Memorise

All those important formulas of profit and loss, discounts and percent must be known and memorise. These must apply to the maximum problems so you know the formula and remember it always.

Know Shortcuts and Tricks

Use percentage and ratio shortcuts. Techniques such as converting percentages into fractions can solve questions much more speedily.

Practice a Mix of Questions

Start with simple questions to set up a good base, then move on gradually to difficult questions. This will enable you to do well on both simple and complex questions.

Manage Your Time

In the practice section, time yourself in solving profit and loss questions. In the main examination, try answering each question in 30-45 seconds.

Frequent revision

Frequent revision of important formulae, concepts, and solved examples should be done. A formula sheet or flashcard can be created for instant revision.

Attempt Mock Tests and Solve Previous Years’ Papers

Mock tests will present an idea of the exam pattern, including weak areas. Solution of previous years’ papers gives an idea of the type of questions most frequently asked.

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Profit & Loss Most Expected Questions FAQ