Cards (36)

    • 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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