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CAT 2024 Exam - Profit & Loss Questions With Solutions, LR & DI | Day 9
Edited By Irshad Anwar | Updated on Sep 20, 2024 01:38 PM IST | #CAT
On the basis of the CAT syllabus we covered in the first seven days, we hope all aspirants have attempted the CAT sample paper (CAT Practice Set 2) we provided in the previous article - day 8 of CAT preparation. After completing each CAT exam practice paper, conduct a self-analysis. This will enable you to monitor your progress, recognize your strengths and weaknesses, and tailor your study strategy. We're back with a strategy for Day 9 of our preparation for the CAT 2024. In this article, we will be discussing strategies for the following topics, including Arithmetic Questions (CAT Profit and Loss questions). Follow the 60-day CAT exam preparation schedule we prepared for you to get a flow, plan, and schedule for your preparation. CAT Profit and Loss questions can be tricky sometimes where they also include percentages, so the candidate should have a thorough go-through of the topic completely.
Part-1: Quantitative Aptitude for CAT 2024 Topic: Profit and Loss
Today, we are here with the extended part of percentage, i.e., Profit and Loss . The Percentage is the basic building block of Arithmetic. Profit and Loss CAT questions are one of the most important topics for the CAT Exam. To solve the CAT Profit and Loss questions, you must first understand the basics of Profit and Loss . We can understand the basics well with the help of the profit triangle, as shown below:
The price at which we purchase something is the "cost price" (CP).
The price that we mark or print on the article is the marked price (MP).
The price at which we sell something is its selling price (SP).
Marked Up % = (MP-CP) x100/CP
Discount % = (MP-SP) x100/MP
Profit % = (SP-CP) x100/CP
If SP is less than CP, then profit is loss.
CAT Profit And ’Profit and Loss Type:
Questions involve direct calculation to find profit%, Discount% or Markup%.
Questions in which values are given in terms of profit%, Discount% or Markup%.
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Questions on successive discounts.
Questions on actual weight and faulty weights.
Questions based on adulteration.
Questions based on basic formulas only, and many more.
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You have to prepare each type of Arithmetic question separately for a better understanding of the concept.
CAT Quant Questions With Solutions / Profit and Loss CAT previous year questions
The two previous year CAT questions on Profit and Loss are given below for a better understanding. The arithmetic section caries one of the greatest weightage in CAT arithmetic questions:
Q1. If a seller gives a discount of 15% on the retail price, she still makes a profit of 2%. Which of the following ensures that she makes a profit of 20%?[CAT Question Paper 2017 Slot 1]
Give a discount of 5% on the retail price
Give a discount of 2% on the retail price.
Increase the retail price by 2%.
Sell at retail price
Ans: D
15 % discount means If MP = 100; SP = 85
2 % profit means If CP = 100; SP = 102
In both SP should be same, so make them equal and we get
SP= 510, CP= 500 and MP = 600.
For 20% profit SP =600 which is equal to MP (Retail Price).
CAT Arithmetic Questions:
Q2. On selling a pen at 5% loss and a book at 15% gain, Karim gains Rs. 7. If he sells the pen at 5% gain and the book at 10% gain, he gains Rs. 13. What is the cost price of the book in Rupees? [CAT Question Paper 2019, Slot 1]
85
95
80
100
Profit and Loss for CAT with solutions
Ans: (3)
Let CP of pen = 100x; CP of book = 100y
Case 1
-5x + 15y = 7
Case 2
5x + 10y = 13
On solving both equations y = 4/5
CP of a book = 100x(4/5) = Rs 80
Prerequisite Before Practising CAT Profit and Loss Questions :
To prepare this topic for the CAT exam, students must have knowledge of
Fractions
Approximation
Tips to Prepare for CAT exam Profit and Loss questions
Learning conversions from Application of Percentage to fractions is important for this topic also.
Practice questions based on Application of Percentage well.
You can use the following tricks to solve the particular type of question:
If two articles were sold at an equal price with a profit of a% on one article while a loss of a% on another. Then, there will always be a loss of a2/100 %.
If n articles were purchased at equal prices and sold at different prices. Then, net profit % is the average of all profit %. Loss % will be treated as negative of profit %.
In the questions of true weight/ false weight, the Selling Price has always been calculated on the reading while the Cost price has always been calculated on actual weight. After that compare the final selling price and final cost price to find profit or loss percent.
In the questions of successive discounts, use the concept of the successive percentage change.
References to Study (Theory):
Arun Sharma: A Quantitative Approach for CAT (7th Edition, Pg No: 235 - 242)
2iim Online Learning Classroom
References to Practice CAT Arithmetic Questions:
Quantitative Aptitude book by Abhijit Guha.
https://iim-cat-questions-answers.2iim.com
CAT previous year papers
Part-2: Logical Reasoning and Data Interpretation: Topic: Data Interpretation (Miscellaneous)
Previously, we have discussed general types of data interpretation. In this article, we are going to discuss the miscellaneous types of data interpretations for the CAT exam, like
Multi-Layered Pie Chart
Double Bar Graphs
Logic Based DI (most common in recent years)
Combination of two or more types of graphs in a single DI
i.e. table with a pie chart, line graph with bar graph, etc.
Such graphs are used to represent more data on a single graph.
In the CAT Exam and other management entrance exams, data interpretation is a must-come topic.
Preparing DI involves three basic steps:
Understanding Charts and Graphs
Understanding the logic or concept (More required in multi-layered DI and Caselet DI)
Be good at calculations.
Questions Based On Data Interpretation From CAT Previous Year Papers Comprehension:
The multi-layered pie-chart below shows the sales of LED television sets for a big retail electronics outlet during 2016 and 2017. The outer layer shows the monthly sales during this period, with each label showing the month followed by the sales figure of that month. For some months, the sales figures are not given in the chart. The middle-layer shows quarter-wise aggregate sales figures (in some cases, aggregate quarter-wise sales numbers are not given next to the quarter). The innermost layer shows annual sales. It is known that the sales figures during the three months of the second quarter (April, May, June) of 2016 form an arithmetic progression, as do the three monthly sales figures in the fourth quarter (October, November, December) of that year. [CAT Question Paper 2018]
Q1. What is the percentage increase in sales in December 2017 as compared to the sales in December 2016?
22.22
38.46
50.00
28.57
Solution: (4)
Sales in December 2017 = (500 – 150 -170) = 180
Sales in Q4 of 2016 is in AP:
Sales in October 2016 = 100; Sales in November 2016 = 100 + x; Sales in December 2016 = 100 +2x;
So, 100 + 100 + x + 100 + 2x = 360
X = 20
Sales in December 2016 = 100 +2x20 = 140
Increase in sales in December 2017 as compared to december 2016 = 40x100/140 = 28.56%
Q2. In which quarter of 2017 was the percentage increase in sales from the same quarter of 2016 the highest?
Q1
Q3
Q2
Q4
Ans: (1)
2016 | 2017 | %age increase | |
Q1 | 240 | 380 | 140*100/240 = 58.33% |
Q2 | 150 | 200 | 33.33% |
Q3 | 250 | 220 | -12% |
Q4 | 360 (calculated in Question 1) | 500 | 46.66% |
Prerequisite:
To prepare for data interpretation for the CAT exam, a student must have an understanding of
Average, ratios and percentages at fingertips
Pie graph, table graph, and other forms of data interpretation
Venn diagram
Tips To Solve Di (Misc.) For CAT Preparation
Read the graphs carefully.
Interpret the data from each kind of graph separately and then use them.
Solve small calculations mentally.
Examine each question separately and solve the easy one first.
Practice questions that involve more than 2 graphs in a single DI.
Shortcuts in calculations using Vedic math
References To Study (Theory):
LRDI for CAT and GMAT by Nishit K Sinha.
‘CAtKing.in’ (YouTube Channel)
References To Study (Practice):
https://www.mockat.com/ (free Mock Test)
How to Prepare for Data Interpretation for CAT by Arun Sharma (8th Edition)
CAT previous year papers
Part-3: VarcTopic: Strategy To Improve Reading Skills
Reading- is a term with which everyone is familiar. Reading can have multiple senses.
For some, reading means reading a newspaper. For some other people, it can be reading technical books, reading novels, etc. To read in an effective way, one must improve one’s reading skills.
Why Reading Skills Are Important?
Reading is an essential and basic building block for learning.
In daily life, the need to read things such as street signs or prescriptions proves reading is also an important life skill.
To reduce stress.
To read a long passage of 1000- 1500 words in 2–3 minutes (less time) and deduce important information from it.
Reading skills help someone to distinguish between important and not much important information.
To build confidence.
How Do Reading Habits Help You?
In increasing your vocabulary
In lowering stress
It will enhance your imagination and help you to solve long passages and LRDI sections.
Suggestions To Improve Reading Skills:
The first step to improving your reading skills. The reading ability questions for CAT exam are to develop reading habits by reading any of the following:
Newspapers
Magazines
Novels from good writers
Fiction and Non-Fiction books
Read the book of your interest.
Read the articles of interest.
Once the reading habit is developed, half of the work is done. Now start to analyse the information.
Always get an idea of every passage. Try to find out the keywords.
Always underline the important words or the words that are new to you.
Learn the underlined words and try to find an alternate for these words.
Try to find the uses of idioms and phrases while reading a novel or a book.
Try to avoid non-useful information while reading.
Such practices will lead to improved reading skills.
Some Suggestions To Read
The Secret- by Rhonda Byrne
Everything happens for a reason: and other lies I`ve loved- by Kate Bowler
Tomorrow, we will return with a plan for Day 10. Put in the work and pay attention.
Thank You
All the best.
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If you think you can handle the extra year and need more time for focused preparation , joining the fourth year could provide that but you should also evaluate your current academic commitments and your ability to stay consistent with CAT preparation .
Hope this gives you the clarity you need.
Mitali Sharma 17 February,2025
Hello,
Securing a seat in a National Institute of Technology (NIT) with a JEE Main score of 67 as an SC category candidate is challenging. Consider the following points:
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Qualifying Cutoff : The expected qualifying cutoff for SC candidates in JEE Main 2025 is around 65 marks.
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Admission Prospects : While you may qualify for JEE Advanced, admission to NITs typically requires higher scores. For instance, in previous years, SC candidates needed higher marks to secure seats in NITs.
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You can also use the JEE Mains College Predictor Tool to predict which college you can get based on your score.
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Hello,
With an 88 percentile in the JEE Main exam and belonging to the SC category from Karnataka, your chances of securing a Computer Science Engineering (CSE) seat in NITs, IIITs, or GFTIs are as follows:
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NITs :
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Check the Admit Card : Specific instructions regarding breaks may be mentioned.
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Popular CAT Questions
Directions for question :
M/s Deloitte Touche Tohmatsu Limited, one of the top four audit and accounting firms in the world with headquarters at London, UK, and with an operational presence in 153 countries, hires Management Trainees (MT) from all the premier management institutes of India thrice every year, in the months of January, May and September.
Each new group of Management Trainees (MT) have to go through a four month rigorous training schedule, after which they have to pass through a test consisting of a written assessment and a case-analysis. The top hundred ranked Management Trainees (MT) based on the performance in the test are confirmed as Management Executives (ME). The rest are given the opportunity of undergoing the training for four months one more time along with the next batch of Management Trainees (MT) and then passing through the subsequent test consisting of the written assessment and case-analysis. The Management Trainee (MT) who fails to get confirmed as a Management Executive (ME) the second time is fired.
The scatter-graph below depicts the number of Management Trainees (MT) at Deloitte taking the tests from January 2020 till May 2022, and the vis-à-vis hired Management Trainees (MT) at Deloitte who were fired :
It is also known that for the month of September 2019 at Deloitte, 96 hired Management Trainees (MT) failed to be confirmed as a Management Executive (ME) the first time, and that 36 hired Management Trainees (MT) were fired.
Question :
In which test did the minimum number of Management Trainees (MT) get confirmed as a Management Executive (ME) in the second attempt ?
Option: 1
September 2020
Option: 2
May 2021
Option: 3
January 2021
Option: 4
January 2022
Directions for question:
The bar-graph given below shows the foreign exchange reserves of Nepal (in million Rupees) from 2014 to 2021. Answer the following questions based on the graph :
Question:
What was the percentage increase (rounded to the nearest integer, if deemed necessary) in the foreign exchange reserves in 2020 over 2016 ?
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Option: 2 None
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