Profit & Loss

If the cost price of an item is $10 and the selling price is $12, was a profit or a loss made?

• Profit

• Loss

• Neither

• None of these

What term is used to describe money gained after a sale?

• Cost price

• Selling price

• Profit

• Loss

What is the selling price?

• Price at which we buy the things.

• Price at which we sell the things.

Another name for buying price is:

(a)  

How do we calculate Loss?

• Loss = SP -CP

• Loss = CP -SP

Find the loss of an item that cost $190 and sold for $175.

• $25

• $15

• $30

• -$15

How do we calculate profit?

• Profit = SP - CP

• Profit = CP- SP

The term is used to describe money gained after a sale (a)   .

What is the meaning of loss?

• Difference between marked price and selling price

• Difference between cost price and marked price

• Difference between the selling price and cost price

• All of the above

Jamie builds and sells boxes for worm farms. The materials to build cost $13. She sells the boxes for $20. How much profit will Jamie make?

• $7

• $27

• $13

• $20