Q1
How is profit calculated?
ASelling Price - Cost Price
BCost Price - Selling Price
CSelling Price + Cost Price
DSelling Price ÷ Cost Price
ICSEClass 8 (ICSE)MathematicsCh 8 · Topic 2
Practice and Revision - Profit, Loss and Discount
Let us practise and revise what we learned about profit, loss and discount. Profit and loss calculations show gains or losses in transaction
Core concept
Profit occurs when selling price exceeds cost price, calculated as Profit = Selling Price - Cost Price, with Profit% = (Profit÷Cost Price)×100.
How it works
Loss occurs when cost price exceeds selling price, calculated as Loss = Cost Price - Selling Price, with Loss% = (Loss÷Cost Price)×100.
Why it matters
A discount is a reduction from the marked price, with the selling price calculated as Marked Price - Discount.
Key detail
Understanding these calculations helps us make informed decisions when buying, selling, or evaluating business transactions.
Exam highlight
Key diagram
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Study resources
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Quick notes
• Profit = Selling Price - Cost Price.
• Profit% = (Profit ÷ Cost Price) × 100.
• Loss = Cost Price - Selling Price.
• Loss% = (Loss ÷ Cost Price) × 100.
• Discount reduces the marked price.
• Selling Price = Marked Price - Discount.
• These calculations aid business decisions.
• They help evaluate transactions.