‘Profit’ and ‘Loss’ are two terms that are used to identify whether a transaction is profitable or not. If the cost price is greater than that of the selling price, it is known as a loss. Likewise, if the selling price is greater than the cost price, it is known as a profit.

The cost price is the price at which the item is bought.

The selling price is the price at which the item is sold.

For example, Ram buys an article at $5 and sells it at $10. Here, $5 is the cost price and $10 is the selling price.

Grade 7

Signed Number Operations

Teaching Profit and Loss Easily

Firstly, identify the cost price and selling price.

Secondly, deduct the cost price from the selling price.

If the answer comes in negative, it signifies that the transaction is negative, i.e., a loss. If the answer comes positive, it means that the transaction is positive, i.e., a profit.

Profit Formula = Selling Price - Cost Price

Loss Formula = Cost Price - Selling Price

Here is an example to solve the problem of profit and loss.

Suppose, Ramesh bought an article at $10 and sold it at $5. Find the profit or loss in this transaction.

Step 1: Identify the selling price and cost price

Selling Price = $5

Cost Price = $10.

Step 2: Use the formula.

Loss Formula = Cost Price - Selling Price.

So, $10 - $5 = $5.

Hence, there is a loss of $5.

Why Should You Use Profit and Loss Worksheets for Your Students?

These worksheets will help your students learn new concepts such as cost price and selling price.

Solving Profit and Loss Worksheets is also relevant to the real world.

Firstly, identify the cost price and selling price.

Secondly, deduct the cost price from the selling price.

If the answer comes in negative, it signifies that the transaction is negative, i.e., a loss. If the answer comes positive, it means that the transaction is positive, i.e., a profit.

Profit Formula = Selling Price - Cost Price

Loss Formula = Cost Price - Selling Price

Here is an example to solve the problem of profit and loss.

Suppose, Ramesh bought an article at $10 and sold it at $5. Find the profit or loss in this transaction.

Step 1: Identify the selling price and cost price

Selling Price = $5

Cost Price = $10.

Step 2: Use the formula.

Loss Formula = Cost Price - Selling Price.

So, $10 - $5 = $5.

Hence, there is a loss of $5.

Why Should You Use Profit and Loss Worksheets for Your Students?

These worksheets will help your students learn new concepts such as cost price and selling price.

Solving Profit and Loss Worksheets is also relevant to the real world.

Firstly, identify the cost price and selling price.

Secondly, deduct the cost price from the selling price.

If the answer comes in negative, it signifies that the transaction is negative, i.e., a loss. If the answer comes positive, it means that the transaction is positive, i.e., a profit.

Profit Formula = Selling Price - Cost Price

Loss Formula = Cost Price - Selling Price

Here is an example to solve the problem of profit and loss.

Suppose, Rames...

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