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

MEAP Preparation - Grade 7 Mathematics 1.115 Profit and Loss Word Problems - II

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

Q 1: A mechanic purchased two motor bikes for $7,500 and $6,000 respectively. He sold the first one for a profit of 15% and the second bike for a loss of 20%. How much did he lose or gain on both the transactions together? $75 loss $60 loss $75 profit $80 profit

Q 2: A rice merchant purchased 50 bags of rice at $300 per bag. He spent $500 towards transportation. Due to lack of demand for rice, he incurred a loss of 30%. At what price did he sell each bag of rice? $238 $217 $295 $317

Q 3: A fruit vendor purchased four branches of bananas consisting of 540 fruits in all for $168.75. He sold 15 dozens at 2 bananas a dollar, another 15 dozens at 3 bananas a dollar and the remaining at 5 bananas a dollar. Find his loss or gain percentage. 10 2/9% loss 10 2/9% profit 13 1/4% profit 13 1/4% loss

Q 4: Jack purchased a refrigerator for $8,000. Due to transfer to a far-off place, he had to sell it for a loss of 15%. What was his selling price? $6,800 $6,500 $6,375 $6,236

Q 5: Peter purchased a cow for $2,250. If he wants to gain 25%, what should be his selling price? $2,875.25 $2,585.50 $2,812.50 $3000.00

Q 6: A trader purchased 1,000 books at the rate of $5.40 per book and spent $200 towards transportation. If he wants to earn a profit of 12 1/2%, at what price should he sell each book? $5.50 $7.60 $6.30 $8.45

Q 7: Bobby purchased pens at the rate of $42 per dozen. If he earned a profit of 14 2/7% by selling them on eBay. What was his selling price per dozen? $52 $48 $50 $46

Q 8: Linda sold two books at $15 each on eBay -- profit on one was 25% and loss on the other was 25%. How much did she gain or lose overall? 6 1/4% loss no profit or loss 6 1/4% gain 5 3/4% loss

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