11 Plus Profit and Loss
Profit and Loss deal with the selling price, cost price and market price. Profit and loss are important in income. Learning this topic helps you get good ranks in the 11 plus entrance exam and real life. Profit or loss is observed in our day-to-day life, whether in buying something needful or in doing business.
In simple words, it is the amount or money paid by the shopkeeper to buy the product from the manufacturer or dealers.
In simple words, it is the amount which we pay to the shopkeeper to buy the product.
Profit occurs when the selling price is more than the cost price. Profit is the difference in selling price and cost price.
That implies, profit = selling price- cost price
Profit percentage =( (selling price- cost price)/ cost price) X 100
Loss occurs when the cost price is more than the selling price
That implies, loss = cost price- selling price
Loss percentage (%)=( (cost price- selling price)/ cost price) X 100
Discount is the difference between market price and selling price.
Discount= Market price – Selling price
Discount percentage (%) =( (Market price – Selling price)/Market price)X 100
Like in maths papers of 11 plus entrance exam questions on profit and loss are regularly asking .so practice of these questions is necessary.
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