In this setup, Profit is computed as (Revenue – Cost) and Percentage Profit as Profit/Cost × 100%.
It is known that
1. The percentage profit for the store in 2016 was 100%.
2. The store’s revenue doubled from 2016 to 2017, and its cost doubled from 2016 to 2018.
3. There was no profit from the Electronics department in 2017.
4. In 2018, the revenue from the Clothing department was the same as the cost incurred in the Produce department.
What was the percentage profit of the store in 2018?
Correct Answer: 25
Solution and Explanation
Assuming the cost of the store in 2016 to be 100 and the profit percentage that year to be 100, the revenue for the store in that year would be 200.
Therefore, in 2017, with a revenue of 400 and given that 30% of the revenue is equivalent to 40% of the cost, the cost for the store in 2017 is calculated as follows:
Cost in 2017=4030×Revenue in 2017=4030×400=300.
Cost in 2017=3040×Revenue in 2017=3040×400=300.
In 2018, with a cost of 200, and given that 50% of the cost is equivalent to 40% of the revenue, the revenue for the store in 2018 is calculated as follows:
Revenue in 2018=10040×Cost in 2018=10040×200=500.
Revenue in 2018=40100×Cost in 2018=40100×200=500.
So, the values for revenue and cost for the different years are as follows:
- 2016: Revenue = 200, Cost = 100
- 2017: Revenue = 400, Cost = 300
- 2018: Revenue = 500, Cost = 200
Percentage profit of the store in 2018 = \(\frac{50}{200}=25\%\)
What was the ratio of revenue generated from the Produce department in 2017 to that in 2018?
- 16: 9
- 9: 16
- 8: 5
- 4: 3
The Correct Option is C
Solution and Explanation
Assuming the cost of the store in 2016 to be 100 and the profit percentage that year to be 100, the revenue for the store in that year would be 200.
Therefore, in 2017, with a revenue of 400 and given that 30% of the revenue is equivalent to 40% of the cost, the cost for the store in 2017 is calculated as follows:
Cost in 2017=4030×Revenue in 2017=4030×400=300.
Cost in 2017=3040×Revenue in 2017=3040×400=300.
In 2018, with a cost of 200, and given that 50% of the cost is equivalent to 40% of the revenue, the revenue for the store in 2018 is calculated as follows:
Revenue in 2018=10040×Cost in 2018=10040×200=500.
Revenue in 2018=40100×Cost in 2018=40100×200=500.
So, the values for revenue and cost for the different years are as follows:
- 2016: Revenue = 200, Cost = 100
- 2017: Revenue = 400, Cost = 300
- 2018: Revenue = 500, Cost = 200
The ratio of the revenues =16:100 = 8:5.
What percentage of the total profits for the store in 2016 was from the Electronics department?
Correct Answer: 70
Solution and Explanation
Assuming the cost of the store in 2016 to be 100 and the profit percentage that year to be 100, the revenue for the store in that year would be 200.
Therefore, in 2017, with a revenue of 400 and given that 30% of the revenue is equivalent to 40% of the cost, the cost for the store in 2017 is calculated as follows:
Cost in 2017=4030×Revenue in 2017=4030×400=300.
Cost in 2017=3040×Revenue in 2017=3040×400=300.
In 2018, with a cost of 200, and given that 50% of the cost is equivalent to 40% of the revenue, the revenue for the store in 2018 is calculated as follows:
Revenue in 2018=10040×Cost in 2018=10040×200=500.
Revenue in 2018=40100×Cost in 2018=40100×200=500.
So, the values for revenue and cost for the different years are as follows:
- 2016: Revenue = 200, Cost = 100
- 2017: Revenue = 400, Cost = 300
- 2018: Revenue = 500, Cost = 200
The profit of the store from the Electronics department in 2016 is calculated as 100 - 30 = 70.
The total profit is given as 100.
The required percentage, representing the proportion of the total profit contributed by the Electronics department in 2016, is calculated as follows:
Required Percentage = \(\frac{Profit\ from\ Electronics\ in\ 2016}{Total\ profit}\times100\)
\(=\frac{70}{100}\times100=70\%\)
Therefore, the Electronics department contributed 70% of the total profit in 2016.
What was the approximate difference in profit percentages of the store in 2017 and 2018?
- 33.3
- 15.5
- 8.3
- 25.0
The Correct Option is C
Solution and Explanation
Assuming the cost of the store in 2016 to be 100 and the profit percentage that year to be 100, the revenue for the store in that year would be 200.
Therefore, in 2017, with a revenue of 400 and given that 30% of the revenue is equivalent to 40% of the cost, the cost for the store in 2017 is calculated as follows:
Cost in 2017=4030×Revenue in 2017=4030×400=300.
Cost in 2017=3040×Revenue in 2017=3040×400=300.
In 2018, with a cost of 200, and given that 50% of the cost is equivalent to 40% of the revenue, the revenue for the store in 2018 is calculated as follows:
Revenue in 2018=10040×Cost in 2018=10040×200=500.
Revenue in 2018=40100×Cost in 2018=40100×200=500.
So, the values for revenue and cost for the different years are as follows:
- 2016: Revenue = 200, Cost = 100
- 2017: Revenue = 400, Cost = 300
- 2018: Revenue = 500, Cost = 200
The profit percentage of the store in 2017 is calculated as \(\frac{100}{300}×100=33.3\%\)
Similarly, the profit percentage of the store in 2018 is calculated as \(\frac{50}{200}×100=25.0\%\)
The required difference between the two profit percentages is \(33.3\%−25.0\%=8.3\%.\)
Top Questions on Conclusion
- Faculty members in a management school can belong to one of four departments – Finance and Accounting (F&A), Marketing and Strategy (M&S), Operations and Quants (O&Q) and Behaviour and Human Resources (B&H). The numbers of faculty members in F&A, M&S, O&Q and B&H departments are 9, 7, 5 and 3 respectively. Prof. Pakrasi, Prof. Qureshi, Prof. Ramaswamy and Prof. Samuel are four members of the school's faculty who were candidates for the post of the Dean of the school. Only one of the candidates was from O&Q. Every faculty member, including the four candidates, voted for the post. In each department, all the faculty members who were not candidates voted for the same candidate. The rules for the election are listed below.
1. There cannot be more than two candidates from a single department.
2. A candidate cannot vote for himself/herself.
3. Faculty members cannot vote for a candidate from their own department.
After the election, it was observed that Prof. Pakrasi received 3 votes, Prof. Qureshi received 14 votes, Prof. Ramaswamy received 6 votes and Prof. Samuel received 1 vote. Prof. Pakrasi voted for Prof. Ramaswamy, Prof. Qureshi for Prof. Samuel, Prof. Ramaswamy for Prof. Qureshi and Prof. Samuel for Prof. Pakrasi - There are only four neighbourhoods in a city-Levmisto, Tyhrmisto,Pesmisto and Kitmisto. During the onset of a pandemic,the number of new cases of a disease in each of these neighbourhoods was recorded over a period of five days. On each day, the number of new cases recorded in any of the neighbourhoods was either 0,1,2 or 3.
The following facts are also known:
1. There was at least one new case in every neighbourhood on Day 1.
2. On each of the five days, there were more new cases in Kitmisto than in Pesmisto.
3. The number of new cases in the city in a day kept increasing during the five-day period. The number of new cases on Day 3 was exactly one more than that on Day 2.
4. The maximum number of new cases in a day in Pesmisto was 2 and this happenedonly once during the five-day period.
5. Kitmisto is the only place to have 3 new cases on Day 2.
6. The total numbers of new cases in Levmisto,Tyhrmisto,Pesmisto and Kitmisto over the five-day period were 12,12,5 and 14 respectively. - The Humanities department of a college is planning to organize eight seminars, one for each of the eight doctoral students - A, B, C, D, E, F, G and H. Four of them are from Economics, three from Sociology and one from Anthropology department. Each student is guided by one among P, Q, R, S and T. Two students are guided by each of P, R and T, while one student is guided by each of Q and S. Each student is guided by a guide belonging to their department.
Each seminar is to be scheduled in one of four consecutive 30-minute slots starting at 9:00 am, 9:30 am, 10:00 am and 10:30 am on the same day. More than one seminars can be scheduled in a slot, provided the guide is free. Only three rooms are available and hence at the most three seminars can be scheduled in a slot. Students who are guided by the same guide must be scheduled in consecutive slots.
The following additional facts are also known.
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2. A’s is the only seminar that is scheduled at 10:00 am. A is guided by R.
3. F is an Anthropology student whose seminar is scheduled at 10:30 am.
4. The seminar of a Sociology student is scheduled at 9:00 am.
5. B and G are both Sociology students, whose seminars are scheduled in the same slot. The seminar of an Economics student, who is guided by T, is also scheduled in the same slot.
6. P, who is guiding both B and C, has students scheduled in the first two slots.
7. A and G are scheduled in two consecutive slots. - Ten musicians (A, B, C, D, E, F, G, H, I and J) are experts in at least one of the following three percussion instruments: tabla, mridangam, and ghatam. Among them, three are experts in tabla but not in mridangam or ghatam, another three are experts in mridangam but not in tabla or ghatam, and one is an expert in ghatam but not in tabla or mridangam. Further, two are experts in tabla and mridangam but not in ghatam, and one is an expert in tabla and ghatam but not in mridangam.
The following facts are known about these ten musicians.
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2. D is an expert in both tabla and ghatam.
3. Both F and G are experts in tabla, but only one of them is also an expert in mridangam.
4. Neither I nor J is an expert in tabla.
5. Neither H nor I is an expert in mridangam, but only one of them is an expert in ghatam. - Princess, Queen, Rani and Samragni were the four finalists in a dance competition. Ashman, Badal, Gagan and Dyu were the four music composers who individually assigned items to the dancers. Each dancer had to individually perform in two dance items assigned by the different composers. The first items performed by the four dancers were all assigned by different music composers. No dancer performed her second item before the performance of the first item by any other dancers. The dancers performed their second items in the same sequence of their performance of their first items.
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ii. No composer who assigned item to Rani, assigned any item to Samragni.
iii. The first performance was by Princess; this item was assigned by Badal.
iv. The last performance was by Rani; this item was assigned by Gagan.
v. The items assigned by Ashman were performed consecutively. The number of performances between items assigned by each of the remaining composers was the same.
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