Partnership Questions- Quantitative Aptitude MCQs With Answers

Topic related to partnership questions is a crucial topic in the quantitative aptitude section of various competitive exams such as SBI PO, LIC, SSC CGL, SSC CHSL, and others. This topic usually features 1-2 questions in Banking Exams and SSC exams every year.

A partnership is when two or more people team up in business to make money, and they are known as partners. Each partner contributes money for a specific period to support the partnership in making profits.

Types Of Partnership

There are two types of partnership:

Simple Partnership

When partners contribute varying amounts of money for an equal duration, or the same amount for different durations, it is known as a simple partnership.

Compound partnership

When partners contribute varying amounts of money for different durations, the partnership is known as a compound partnership. In this type of partnership, profits are influenced by both the invested capital and the length of time it is invested.

Formula For Partnership Questions

The formula commonly used for solving partnership-related questions is:

Profit or Loss Ratio= Investment×TimeTotal/Investment×Time

This formula helps in finding the share of profit or loss for each partner based on their investment and the time for which the investment was made.

Another important formula used in partnership problems is:

Share of Each Partner= Investment×Time/Total Investment×Time×Total Profit or Loss

This formula helps calculate the share of profit or loss for each partner based on their investment and the total profit or loss generated during a certain period of time.

Tips To Solve Partnership Questions

Knowing how to answer partnership questions is important for doing well in exams and interviews. These questions check your math and problem-solving skills, proving you can solve tough problems quickly.

Practice & Shortcuts

To excel in partnership aptitude questions, consistent practice is key. Regularly solving exercises helps you familiarize yourself with different question types and improves your speed and accuracy.

Common Scenarios

Partnership questions often involve scenarios where partners collaborate in a business, sharing profits based on their agreed-upon profit ratio. These scenarios can extend over several years, requiring partners to calculate their total profit share accurately.

Efficient Techniques

To efficiently solve partnership problems, it's crucial to grasp the concept of compound and simple interest, as these play a significant role in determining each partner's profit share. Understanding how to distribute profits among partners ensures a fair and transparent process.

Utilizing Online Resources

Take advantage of online platforms to supplement your practice sessions for partnership-related exams. These platforms provide a variety of resources, including practice tests, video tutorials, and interactive quizzes to help you refine your skills.

Selected Partnership Questions (Practice MCQs)

Question 1: Two friends A and B started a business by investing Rs.2000 and Rs. 8000 respectively. After 2 years, what is the ratio of their profits?

A) 1:3
B) 2:5
C) 1:4
D) 3:7

Answer: C) 1:4

Explanation: The ratio of profits is directly proportional to the ratio of investments. In this case, the ratio of investments made by A and B is 2000:8000, which simplifies to 1:4. Therefore, the ratio of their profits will also be 1:4.

Question 2: A, B, and C invests Rs. 3000, Rs. 5000, and Rs. 7000 respectively in a business. After 1 year, the profit earned is Rs. 2400. What is C's share of the profit?

A) Rs. 600
B) Rs. 800
C) Rs. 1000
D) Rs. 1200

Answer: C) Rs. 1000

Explanation: To find C's share of the profit, we need to calculate the ratio of their investments. The ratio of A, B, and C's investments is 3:5:7. Therefore, C's share of the profit would be (7/15) × Rs. 2400 = Rs. 1000.

Question 3: X and Y invest Rs. 4000 and Rs. 6000 respectively in a business. After 1 year, the total profit earned is Rs. 2000. What is X's share of the profit?

A) Rs. 400
B) Rs. 600
C) Rs. 800
D) Rs. 1000

Answer: C) Rs. 800

Explanation: Find the ratio of X's investment to the total investment (4000 / 10000) and then multiply that ratio by the total profit earned (2000). Therefore, X's share is (4000 / 10000) × 2000 = Rs. 800.

Question 4: If A invests Rs. 3000 for 6 months and B invests Rs. 5000 for 8 months in a business, and they share the profit in the ratio 3:5, what is A's share of the profit if the total profit earned is Rs. 4000?

A) Rs. 1200
B) Rs. 1500
C) Rs. 1600
D) Rs. 1800

Answer: B) Rs. 1500

Explanation: We first need to calculate the total investment made by A and B. A invested Rs. 3000 for 6 months, so A's total investment is Rs. 3000 × 6 = Rs. 18000. B invested Rs. 5000 for 8 months, so B's total investment is Rs. 5000 × 8 = Rs. 40000.

Next, we find the ratio of their investments: A:B = 18000:40000 = 9:20. Since they share the profit in the ratio 3:5, we need to find the multiplier that will scale the ratio of their investments to the ratio of their profit share: 9x:20x = 3:5. Solving for x, we get x = 3.

Now, we find A's share of the profit: A's share = (3/8) × Rs. 4000 = Rs. 1500. Therefore, A's share of the profit is Rs. 1500.

Question 5: A and B started a business by investing Rs. 4000 and Rs. 6000 respectively. After 6 months, they earned a profit of Rs. 3000. What is B's share of the profit if they share the profit in the ratio of their investments?

A) Rs. 1200
B) Rs. 1500
C) Rs. 1800
D) Rs. 2000

Answer: C) Rs. 1800

Explanation: B's share of the profit would be calculated based on the ratio of their investments. Since A invested Rs. 4000 and B invested Rs. 6000, the total investment is Rs. 10000. B's share would be (6000/10000) × 3000 = Rs. 1800. Therefore, B's share of the profit is Rs. 1800.

Question 6: A, B, and C started a business by investing Rs. 3000, Rs. 5000, and Rs. 7000 respectively. After 1 year, they earned a profit of Rs. 4500. What is the ratio of their investments?

A) 1:2:3
B) 2:3:4
C) 1:3:7
D) 4:5:6

Answer: C) 1:3:7

Explanation: The total investment made by A, B, and C is Rs. 3000 + Rs. 5000 + Rs. 7000 = Rs. 15000.

• A's investment ratio = Rs. 3000 / Rs. 15000 = 1/5

• B's investment ratio = Rs. 5000 / Rs. 15000 = 1/3

• C's investment ratio = Rs. 7000 / Rs. 15000 = 7/15

Therefore, the ratio of their investments is 1:3:7.

Question 7: X and Y started a business by investing Rs. 4000 and Rs. 6000 respectively. After 1 year, they earned a profit of Rs. 3000. What is the ratio of their profits?

A) 1:2
B) 2:3
C) 3:4
D) 4:5

Answer: B) 2:3

Explanation: To find the ratio of X and Y's profits, we first need to calculate their individual profits. Since they earned a total profit of Rs. 3000 after 1 year, we can divide this profit based on their initial investments.

X's profit = (4000/10000) × 3000 = Rs. 1200 Y's profit = (6000/10000) × 3000 = Rs. 1800. Therefore, the ratio of X's profit to Y's profit is 1200:1800, which simplifies to 2:3.

Question 8: A, B, and C started a business together. A invested Rs. 2000, B invested Rs. 3000, and C invested Rs. 5000. After 1 year, they earned a profit of Rs. 4500. What is the ratio of their profits?

A) 2:3:5
B) 3:5:7
C) 5:7:9
D) 1:2:3

Answer: A) 2:3:5

Explanation: Adding up their individual investments: 2000 + 3000 + 5000 = Rs. 10,000. Next, we need to find the individual share of each partner in the profit. To do this, we divide each partner's investment by the total investment and then multiply it by the total profit earned.

A's share = (2000 / 10000) × 4500 = Rs. 900
B's share = (3000 / 10000) × 4500 = Rs. 1350
C's share = (5000 / 10000) × 4500 = Rs. 2250

Therefore, the ratio of their profits is:
A : B : C = 900 : 1350 : 2250
Simplifying, we get:
A : B : C = 2 : 3 : 5.

Question 9: X, Y, and Z started a business together. X invested Rs. 4000, Y invested Rs. 6000, and Z invested Rs. 8000. After 1 year, they earned a profit of Rs. 4500. What is the ratio of their profits?

A) 1:2:3
B) 2:3:4
C) 3:4:5
D) 4:5:6

Answer: B) 2:3:4

Explanation: The total investment of X, Y, and Z is Rs. 4000 + Rs. 6000 + Rs. 8000 = Rs. 18000.

X's share of the profit = (Rs. 4000 / Rs. 18000) × Rs. 4500 = Rs. 1000

Y's share of the profit = (Rs. 6000 / Rs. 18000) × Rs. 4500 = Rs. 1500

Z's share of the profit = (Rs. 8000 / Rs. 18000) × Rs. 4500 = Rs. 2000

Therefore, the ratio of their profits is: X : Y : Z = Rs. 1000 : Rs. 1500 : Rs. 2000. Simplifying this ratio, we get, X : Y : Z = 2 : 3 : 4. So, the ratio of their profits is 2:3:4.

Question 10: A, B, and C started a business together. A invested Rs. 3000, B invested Rs. 5000, and C invested Rs. 7000. After 1 year, they earned a profit of Rs. 4800. What is the ratio of their profits?

A) 3:5:7
B) 2:3:4
C) 4:5:6
D) 5:6:7

Answer: A) 3:5:7

Explanation: The total investment of A, B, and C is Rs. 3000 + Rs. 5000 + Rs. 7000 = Rs. 15000.

A's share of the profit = (Rs. 3000 / Rs. 15000) × Rs. 4800 = Rs. 960.

B's share of the profit = (Rs. 5000 / Rs. 15000) × Rs. 4800 = Rs. 1600.

C's share of the profit = (Rs. 7000 / Rs. 15000) × Rs. 4800 = Rs. 2240.

Therefore, the ratio of their profits is: A : B : C = 960 : 1600 : 2240.

Simplifying this, we get A : B : C = 3 : 5 : 7. So, the ratio of their profits is 3:5:7.

Conclusion

Now that you've grasped the fundamentals of partnership aptitude, honed your skills in solving partnership problems, and practised with multiple-choice questions, you're well on your way to mastering this concept. Utilize the tips provided to streamline your approach and improve your problem-solving abilities.

Keep practising and challenging yourself with more partnership questions to solidify your knowledge. The more you engage with the material, the more confident and proficient you'll become in handling partnership-related challenges.

Frequently Asked Questions (FAQs)

1. What is partnership aptitude?

Partnership aptitude refers to the ability to understand and solve problems related to partnerships, such as sharing profits and losses among partners based on their investments and time duration.

2. How can I improve my partnership problem-solving skills?

To enhance your partnership problem-solving skills, practice solving various partnership scenarios, understand the concepts of profit-sharing ratios and familiarize yourself with common partnership calculations.

3. Why practice partnership Multiple Choice Questions (MCQs)?

Practising MCQs helps test your understanding of partnership concepts, improves your problem-solving speed, and familiarizes you with different types of questions commonly asked in exams or assessments.

4. What are tips for efficiently solving partnership problems?

Efficiently solve partnership problems by carefully reading the question, identifying key information, setting up equations or tables for calculations, double-checking your answers for accuracy, and practising regularly to improve your speed and accuracy.

5. How can I access additional resources for partnership studies?

You can download additional partnership study resources such as worksheets, practice problems, solutions, and reference materials from reputable online sources or educational websites to supplement your learning and deepen your understanding of partnership concepts.

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