An item bought for Rs. 800 is sold for Rs. 920. What is the profit percentage?
Correct answer: B. 15%
- A. 12%
- B. 15%
- C. 18%
- D. 20%
Explanation
Profit = 920 − 800 = Rs. 120. Profit percentage is always calculated on cost price: (120 ÷ 800) × 100 = 15%. Calculating it on the selling price instead is the most common error in this question type.
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About Profit and Loss
Profit and loss compare the cost price and selling price of an item, using profit or loss percentages based on the cost price unless stated otherwise. Questions include marked price, discount, successive discounts, commission, and finding an unknown price, with care needed to distinguish discount from loss.
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