Haryana Super 100 - Profit & Loss - (MCQ) on Mathematics EXAM PREPARATION
Dear Readers, Welcome to Quantitative Aptitude #Profit_and_Loss questions and answers with explanation. These Average solved examples with shortcuts and tricks will help you learn and practice for your Placement Test, competitive exams and entrance exam like Bank PO, IBPS PO, SBI PO, RRB PO, RBI Assistant, LIC,SSC, MBA - MAT, XAT, CAT, NMAT, UPSC, NET, Super 100 Haryana, Buniyaad Scheme Haryana, Super 100 NDA, Jawahar Navodaya Vidyalaya, MP Super 100, Super 100 Bhopal, NTSE etc.
Haryana Super 100 Exam Preparation
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After practicing these tricky Average multiple choice questions, you will be exam ready to deal with any objective type questions.
Introduction ( Profit & Loss)
Every company and business works on the fundamental concept of profit and loss. It is very important to familiarize yourself with profit and loss, not only to run a business or company but also to keep an account of your own expenditure. Money is actually a tricky concept to explain to kids without giving them an opportunity to get hands-on experience. Parents often take their kids to the supermarket to make them learn about the price marked on every good and the calculation of total price. Later, kids come across the concept of discount on the cost price and the concept of comparing prices before purchasing. Comparing prices is also a form of profit and loss as you learn to save money by buying the same good at a comparatively lesser price.
The term 'Profit and Loss' is a concept developed from various applications to real-life problems which take place in our lives almost every day. When a good is re-purchased at a greater price then a profit is incurred. Similarly, if the good is repurchased at a lesser price then there is a loss.
Terms related to Profit and Loss
We have come across the word profit and loss many times. Profit stands for gain, advantage or benefit whereas loss is the opposite of profit that involves expenditure as compared to gain.
Cost Price (CP): It is the amount at which a product is purchased. Sometimes it also includes overhead expenses, transportation cost, etc. For example, you bought a refrigerator at Rs 10,000 and spent Rs 2000 for transportation and Rs 500 for set up. So the total cost price is the sum of all the expenditure done, that is, Rs 12,500.
Selling Price (SP): It is the amount at which a product is sold. It may be more than, equal to or less than the cost price of the product. For example, if a shopkeeper bought a chair at Rs 500 and sold it at Rs 600, then the cost price of the chair is Rs 500 and the selling price of the chair is Rs 600.
Profit (P): If a product is sold at a price more than its cost price then the seller makes a profit. For example, a plot was purchased at Rs 50,000 and three years later it was sold at Rs 1,50,000 then there is a profit of 1 lakh.
Loss (L): If a product is sold at a price less than its cost price then the seller makes a loss.
For example, a phone is bought at Rs 20,000 and a year later it was sold for Rs 12,000 then the seller made a loss of Rs 8000.
Profit Percent (P%): It is the percentage of profit on the cost price.
Loss Percent (L%): It is the percentage of loss on the cost price.
About Haryana Super 100
The Haryana Super 100 scheme is a pioneering educational initiative introduced by the Government of Haryana in India. The scheme aims to provide quality coaching and guidance to talented and underprivileged students from the state who aspire to crack competitive examinations for admissions into prestigious engineering and medical colleges.
Under the Haryana Super 100 scheme, a rigorous selection process is conducted to identify and select 100 deserving students based on their academic performance and potential. These students are then enrolled in specialized coaching centers, where they receive intensive training, expert guidance, and necessary resources to excel in competitive exams like JEE (Joint Entrance Examination) and NEET (National Eligibility cum Entrance Test).
The scheme not only covers the cost of coaching but also provides financial assistance to students for accommodation, food, and other essential needs during the coaching period. This ensures that talented students from economically disadvantaged backgrounds are not hindered by financial constraints in pursuing their dreams of becoming engineers or doctors.
Moreover, the Haryana Super 100 scheme offers personalized mentoring and counseling to the selected students, helping them overcome challenges, enhance their skills, and boost their confidence. The mentors and trainers involved in the scheme are experienced professionals who provide individual attention and guidance to ensure holistic development and academic success.
The Haryana Super 100 scheme has gained significant recognition and appreciation for its effectiveness in nurturing talent and providing equal opportunities to students from all sections of society. It has become a beacon of hope for aspiring students in Haryana, enabling them to break barriers and achieve their goals in the highly competitive field of engineering and medicine.
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