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### MEAP Preparation - Grade 7 Mathematics1.114 Profit and Loss Word Problems - I

 Directions: Answer the following qustions. Also write at least five examples of your own.
 Q 1: A store owner purchased a gross of pencils for \$216 and sold each pencil for \$1.75. How much profit or loss did he make? (Hint : gross = 144)\$36 loss\$36 profit\$28 profit\$28 loss Q 2: By selling video game for \$18, a store owner gains \$2.70. What is the cost price of the video game?\$15.30\$14.70\$20.70\$16.30 Q 3: A vendor bought 500 eggs at \$4 per 10 eggs. Of these, 50 eggs were found to be broken. If he sold the remaining eggs at \$0.55 per egg, how much did he gain or lose?23 3/4% profit31 1/2% loss23 3/4% loss21 3/4% profit Q 4: Harry purchased a computer for \$1500 and after using it for a year, he sold it for \$1150. What is his percentage of loss or gain?25 1/4% gain23 1/3% gain19 7/8% loss23 1/3% loss Q 5: A vegetable vendor purchased 100 lbs of onions for \$200 and sold them at \$1.75 per lb. Did he make profit or loss?broke evenlossprofitinsufficient information Q 6: Micheal purchased a house for \$110,000 and spent another \$5,000 for upgrades. If he later sold the house for \$130,000, how much percentage profit or loss did he make?13 1/23% profit13 1/23% loss24 1/2% profit15 2/3% profit Q 7: Elizabeth purchased a home for \$75,000 and a home site for \$15,000. If she sold the home for \$83,000 and the site for \$11,000, how much percentage profit or loss did she make on both the transactions together?4 4/9% profit4 4/9% loss3 4/5% loss5 1/4% profit Q 8: A store owner purchased a ream of paper for \$50 and sold it in retail at \$5.50 per quire. How much profit or loss did she make? (Hint: one ream = 20 quire)\$60 profit\$50 profit\$50 loss\$60 loss Question 9: This question is available to subscribers only! Question 10: This question is available to subscribers only!