MONEY: PROFIT AND LOSS Archives

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? Solution Selling price $1,320 Profit $150 Cost price $1,320 - $150 $1,170. EXERCISE I bought an exercise book for $2500 and sold it for $3,200. How much profit did I make An article is sold for $4,000 and the loss is $1,050. Fin the cost price of the article A wrist watch is bought for $3,887 and sold for a profit of $722. Find the selling price 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 RATIO AND PERCENTAGE PROFIT AND LOSS PROBLEM ON MULTIPLICATION OF MONEY Money