6.Profit and Loss

Question 1

What is profit?

Answer 1

Profit is the positive difference between the selling price and the cost price of an item.

Question 2

What is loss?

Answer 2

Loss is the negative difference between the selling price and the cost price of an item.

Question 3

What is the formula for profit?

Answer 3

Profit = Selling Price - Cost Price

Question 4

What is the formula for loss?

Answer 4

Loss = Cost Price - Selling Price

Question 5

What is the formula for profit percentage?

Answer 5

Profit Percentage = (Profit/Cost Price) * 100

Question 6

What is the formula for loss percentage?

Answer 6

Loss Percentage = (Loss/Cost Price) * 100

Question 7

What is the formula for selling price?

Answer 7

Selling Price = Cost Price + Profit

Question 8

What is the formula for cost price?

Answer 8

Cost Price = Selling Price - Profit

Question 9

What is discount?

Answer 9

Discount is a reduction in the original price of an item.

Question 10

What is the formula for discount?

Answer 10

Discount = Marked Price - Selling Price

Question 11

What is discount percentage?

Answer 11

Discount Percentage = (Discount/Marked Price) * 100

Question 12

What is the formula for the selling price after discount?

Answer 12

Selling Price after Discount = Marked Price - Discount

Question 13

What is the formula for successive discounts?

Answer 13

Successive Discount = (Total Discount - (Total Discount/100)^2)