Concise Selina Solutions for Class 7 maths Chapter 9 Profit, Loss and Discount

Profit or Loss is always calculated on the cost price. Marked price: This is the price marked as the selling price on an article, also known as the listed price. Discount or Rebate: This is the reduction in price offered on the market or listed price. Subtract total expenses from total revenue to determine your net income or a net loss. If your result is positive, you have net income. If it is negative, you have a net loss.

When we buy a thing by paying some money and sell it back, then definitely we will be in either profit or Loss. This profit and Loss depends on selling and cost price. The ‘cost price’ is that cost which is paid for purchasing an item and selling price is that price which is taken for the item in case of selling it.

Profit and Loss are beneficial in our daily life. Profit and Loss can be seen very useful in the field of business, finance and other transactions in our day to day life. It includes what percent of total profit or total Loss is gained. Both profit percent and loss percent are calculated on behalf of the cost price.