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WJEC GCSE Mathematics
Unit 1: Financial Mathematics and Other Applications of Numeracy
1.6 Profit and Loss
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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
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