Download Profit and Loss MCQs: A Free PDF for Beginners and Advanced Learners
Profit and loss are two terms used in arithmetic math to describe the difference between the cost price and the selling price of an item.
Profit is the amount of money made by selling an item for more than its cost price.
Loss is the amount of money lost by selling an item for less than its cost price.
The formula for calculating profit is:
Profit = Selling Price - Cost Price
The formula for calculating loss is:
Loss = Cost Price - Selling Price
For example, if a shopkeeper buys a pen for $10 and sells it for $12, then the shopkeeper has made a profit of $2.
If the shopkeeper buys the same pen for $10 and sells it for $8, then the shopkeeper has made a loss of $2.
Profit and loss can be expressed as a percentage of the cost price. The formula for calculating profit percentage is:
Profit Percentage = (Profit / Cost Price) * 100
The formula for calculating loss percentage is:
Loss Percentage = (Loss / Cost Price) * 100
For example, if the shopkeeper in the first example made a profit of $2 on a cost price of $10, then the profit percentage is 20%.
If the shopkeeper in the second example made a loss of $2 on a cost price of $10, then the loss percentage is 20%.
Profit and loss are important concepts in arithmetic math. They are used to calculate the financial performance of businesses and to make decisions about pricing and production.
Benefits of Solving Profit and Loss MCQs
Master the concept of time and work. By practicing MCQs, you can learn the Profit and Loss formulas and how to use them to solve problems.
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