1.6 Profit and Loss

• What is profit defined as in financial mathematics?

  Selling price minus cost price
• What is the formula for calculating loss?

  Cost Price – Selling Price
• What does the selling price represent?

  The amount something is sold for
• What is the loss if a product costs £50 and sells for £40?

  £10
• What is the selling price in the example provided?

  £20
• What is the profit if a store buys a t-shirt for £10 and sells it for £20?

  £10
• What is the formula for calculating profit percentage?

  (Profit / Cost Price) x 100
• The amount paid to purchase a product or service is called the cost price.
• Understanding cost price and selling price is essential for calculating profit and loss.
• If a store buys a t-shirt for £10 and sells it for £20, what is the profit?

  £10
• If a store buys a t-shirt for £20 and sells it for £15, what is the loss?

  £5
• The loss percentage is calculated by dividing the loss by the cost price and multiplying by 100.
• Match the concept with its calculation and result:

  Total Selling Price ↔️ Cups sold x Price per cup = £120

  Profit ↔️ Total Revenue - Cost Price = £105

  Profit Percentage ↔️ (Profit / Cost Price) x 100 = 700%
• What is the formula for calculating profit?

  Selling Price – Cost Price
• What does the cost price represent?

  The amount paid to purchase
• Profit is the amount gained when the selling price is higher than the cost price.

  True
• What is the formula for calculating profit?

  Selling Price – Cost Price
• What is the formula for calculating loss?

  Cost Price – Selling Price
• Profit percentage is calculated by expressing the profit as a percentage of the cost price
• What is the formula for calculating profit?

  Selling Price - Cost Price
• What is the definition of cost price?

  The price paid to buy something
• What is the formula for calculating profit?

  Selling Price - Cost Price
• If an item costs £50 and sells for £75, what is the profit percentage?

  50%
• If an item costs £20 and sells for £15, what is the loss percentage?

  25%
• Loss occurs when the selling price is lower than the cost
• Profit is gained when the selling price is higher than the cost price.


  True
• The cost price is the amount paid to purchase a product or service
• What is the cost price in the example provided?

  £10
• To calculate profit, subtract the cost price from the selling price
• To calculate loss, subtract the selling price from the cost price.


  True
• What is the loss if a store buys a t-shirt for £20 and sells it for £15?

  £5
• What is the profit percentage if an item costs £50 and sells for £75?

  50%
• The selling price is the price at which a product or service is sold.

  True
• The profit is calculated by subtracting the cost price from the selling price.


  True
• The formula for calculating loss is Cost Price - Selling Price.
• The profit percentage is calculated by dividing the profit by the cost price and multiplying by 100.


  True