Profit and Loss Word Problems - I - MEAP Preparation - Grade 7 Mathematics - kwizNET Math/Science/English Homeschool/Afterschool/Tutoring Lessons/Worksheets/Quizzes/Trivia

MEAP Preparation - Grade 7 Mathematics 1.114 Profit and Loss Word Problems - I

Directions: Answer the following qustions. Also write at least five examples of your own.

Q 1: A store owner purchased a gross of pencils for $216 and sold each pencil for $1.75. How much profit or loss did he make? (Hint : gross = 144) $28 loss $36 profit $36 loss $28 profit

Q 2: A store owner purchased a ream of paper for $50 and sold it in retail at $5.50 per quire. How much profit or loss did she make? (Hint: one ream = 20 quire) $50 loss $60 loss $50 profit $60 profit

Q 3: By selling a school-bag for $30, the seller loses $4. What is the cost price of the bag? $26 $36 $34 $43

Q 4: A vegetable vendor purchased 100 lbs of onions for $200 and sold them at $1.75 per lb. Did he make profit or loss? loss broke even insufficient information profit

Q 5: Kate purchased a bicycle for $1150. After using it for a year, she sold it for $950, what was her percentage gain or loss ? 35 3/4% loss 17 9/23% loss 50% loss 17 9/23% gain

Q 6: Harry purchased a computer for $1500 and after using it for a year, he sold it for $1150. What is his percentage of loss or gain? 19 7/8% loss 23 1/3% gain 23 1/3% loss 25 1/4% gain

Q 7: Micheal purchased a house for $110,000 and spent another $5,000 for upgrades. If he later sold the house for $130,000, how much percentage profit or loss did he make? 15 2/3% profit 13 1/23% loss 24 1/2% profit 13 1/23% profit

Q 8: A vendor bought 500 eggs at $4 per 10 eggs. Of these, 50 eggs were found to be broken. If he sold the remaining eggs at $0.55 per egg, how much did he gain or lose? 23 3/4% loss 23 3/4% profit 21 3/4% profit 31 1/2% loss

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