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MEANING OF PROFIT

When the selling price of an article is higher or greater than the cost price, we have a profit or gain.

Profit = selling price – cost price

 

MEANING OF LOSS

When the selling price is less than cost price we have a loss.

Loss = cost price – selling price

 

EXAMPLE 1

If a clock is bought for $1,145 and sold for $1,170, what is the gain or losss

Solution

Cost price of clock = $1,145

Selling price = $1, 170

Since the selling price is more than the cost price, we have a profit

Profit = $1,170 – $1,145 = $25

 

EXAMPLE 2

By selling a tin of oil for $1,320, a man made a profit of $150. How much did he pay for it?

See also  PROBLEM ON MULTIPLICATION OF MONEY

Solution

Selling price = $1,320

Profit =  $150

Cost price = $1,320 – $150 = $1,170.

 

EXERCISE

  1. I bought an exercise book for $2500 and sold it for $3,200. How much profit did I make
  2. An article is sold for $4,000 and the loss is $1,050. Fin the cost price of the article
  3. A wrist watch is bought for $3,887 and sold for a profit of $722. Find the selling price
  4. A trader bought a dozen candles for $1,020 and sold them all at $960. What is the profit or loss of each candle?

 

See also

SIMPLE PROBLEMS ON PERCENTAGES

See also  HIGHEST COMMON FACTOR

RATIO AND PERCENTAGE

PROFIT AND LOSS

PROBLEM ON MULTIPLICATION OF MONEY

Money

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