Profit occurs when the selling price exceeds the cost price. True or False?

True

If an umbrella is bought for Rs. 100 and sold for Rs. 120, what is the profit made on the umbrella?

Rs. 20

What do we call the difference when the selling price is less than the cost price?

Loss

Riddle: I am the result when you sell for more than you paid, but when I am negative, it means you have made a trade. What am I?

Profit

Which of the following statements is correct? A) Selling price is always greater than cost price. B) Selling price can be less than cost price. C) Cost price is always greater than selling price. D) Profit occurs when cost price exceeds selling price.

B) Selling price can be less than cost price.

The abbreviation for cost price is ___.

C.P.

What is the formula for calculating profit in a transaction?

Profit = Selling price - Cost price

If an item is bought for ₹20 and sold for ₹17, what is the loss incurred?

Loss = Cost price - Selling price, so Loss = 20 - 17 = ₹3

The price before any discounts are applied is known as the ___ price.

Tagged price

True or False: If the selling price is less than the cost price, a profit is made.

False; if the selling price is less than the cost price, a loss is incurred.

If a dress has a tagged price of ₹120 and is sold at a 50% discount, what is the selling price?

Selling price = Tagged price - (0.50 × Tagged price) = 120 - 60 = ₹60

What happens to profit when the selling price exceeds the cost price?

Profit is made, calculated as the difference between the selling price and cost price.

Fill in the blank: The amount at which an item is sold after applying a discount is called the ___ price.

Selling price

If a seller marks up an item from ₹100 to ₹120, what is the profit if the item is sold at the marked price?

Profit = Selling price - Cost price = 120 - 100 = ₹20

What is the relationship between cost price and selling price when a loss is incurred?

The cost price is greater than the selling price.