*The selling price of something is the price for which it is sold if the selling price is more than cost price than we called it as profit.
*The price at which goods are or have been bought by a merchant or Seller. If the selling price is less than cost price, then we called it as Loss.
*To discount is defined as to mark down the price of something, or to disregard a suggestion or idea because it is unlikely to be true. An example of a discount is when you ignore a rumour you hear because you know the source is usually wrong.
Loss = Cost price (C.P.) - Selling Price (S.P.) 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 marked or listed price. The concepts learned in percentage will be used here when students have to solve the problems related to the profit or loss percentage. In this chapter, students will learn some new terms such as cost price, selling price, marked price, discount etc.