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11 Plus Profit and Loss

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.

Cost price:

In simple words, it is the amount or money paid by the shopkeeper to buy the product from the manufacturer or dealers.

Selling price:

In simple words, it is the amount which we pay to the shopkeeper to buy the product.

Profit:

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:

Profit percentage =( (selling price- cost price)/ cost price) X 100

Loss:

Loss occurs when the cost price is more than the selling price

That implies, loss = cost price- selling price

Loss percentage:

Loss percentage (%)=( (cost price- selling price)/ cost price) X 100

Discount:

Discount is the difference between market price and selling price.

Discount= Market price – Selling price

Discount percentage:

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.

Examples of profit and loss problems:

Example:1

Example:2

Example:3

Example:5

11 Plus Profit and loss Practice Papers

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