Practice Questions – Profit and Loss
Some practice problems based on the topics discussed on the topic of Profit and Loss, are:
P1: A shopkeeper bought a shirt for ₹300 and sold it for ₹500. Calculate the profit percentage he made on the shirt.
P2: A company bought a machine for ₹10,000. They spent an additional ₹2,000 on its maintenance and repairs. If they sold the machine for ₹15,000, what is the profit or loss percentage?
P3: A bookstore bought 100 books at ₹110 each. The bookstore sold 80 books at ₹320 each and the rest were sold at a discount of 50% due to some damage. Calculate the overall profit or loss percentage for the bookstore.
P4: Sara bought a bicycle for ₹4000 and later sold it to her friend at a loss of 20%. Her friend then sold it to another person for ₹3000. What was the percentage profit or loss for Sara’s friend?
P5: John bought a used laptop for ₹15000 and spent ₹2000 on repairs. He then sold the laptop for ₹22000. Calculate the profit or loss percentage for John.
Profit and Loss: Formula, Definition, Examples
Profit and Loss: Profit is the positive difference between the selling price and the cost price of an item, indicating a gain or financial benefit. It is calculated by subtracting the cost price from the selling price. Conversely, loss occurs when the selling price is less than the cost price, resulting in a negative difference. The formula for calculating profit is SP – CP, while the formula for calculating loss is CP – SP.
This article explores all the concepts related to Profit and Loss, whether it’s their formula or their percentage formula. Here we will also learn about the marked-up price and discount.
Table of Content
- What are Profit and Loss?
- Basic Concepts of Profit and Loss
- Cost Price (CP)
- Cost Price Formula
- Selling Price (SP)
- Selling Price Formula
- Marked Price (MP)
- Marked Price Formula
- Profit and Loss
- Profit (P)
- Loss (L)
- Profit and Loss Formula
- Profit Formula
- Loss Formula
- Discount Formula
- Profit and Loss Examples
- Profit and Loss – Percentage Formula
- Profit Percentage
- Loss Percentage
- Discount Percentage
- Profit and Loss Tricks
- How to Calculate Profit and Loss?
- Summarizing Important Formulas – Profit and Loss
- Profit and Loss Solved Examples
- Practice Questions – Profit and Loss