What is the formula for calculating profit?

Profit = Selling Price - Cost Price (Profit = S.P. - C.P.)

True or False: Loss occurs when the selling price is higher than the cost price.

False. Loss occurs when the selling price is lower than the cost price.

If an item is bought for ₹500 and sold for ₹600, what is the profit percentage?

Profit % = (Profit / C.P.) × 100 = (100 / 500) × 100 = 20%

Fill in the blank: Overhead expenses refer to additional costs incurred such as ______, labor, or packaging.

Transportation

Which of the following formulas is used to calculate the selling price when profit is known? A) S.P. = C.P. - Loss B) S.P. = C.P. + Gain C) S.P. = C.P. D) S.P. = C.P. + Discount

B) S.P. = C.P. + Gain

Riddle: I can reduce the price of an item but am not a tax. What am I?

Discount

What is the total amount paid when the sale price is ₹1,000 and the tax is ₹100?

Total amount = Sale Price + Tax = ₹1,000 + ₹100 = ₹1,100

When calculating VAT, what does VAT stand for?

Value Added Tax

Fill in the blank: The formula to find the selling price when the cost price and gain percent are known is ______.

S.P. = [(100 + Gain %) / 100] × C.P.

True or False: Tax is calculated based on the cost price of an item.

False. Tax is calculated based on the selling price.

What is the formula for calculating loss percentage?

Loss % = (Loss / C.P.) × 100%

Which calculation method is used to find the cost price when selling price and loss percentage are given? A) C.P. = S.P. + Loss B) C.P. = S.P. - Gain C) C.P. = S.P. × (100 / 100 - Loss %) D) C.P. = S.P. / (1 + Gain %)

C) C.P. = S.P. × (100 / (100 - Loss %))

Riddle: I am deducted from the marked price to determine the selling price. What am I?

Discount

If the marked price of an item is ₹200 and the discount is 15%, what is the selling price?

S.P. = M.P. - Discount = ₹200 - (15/100) × 200 = ₹170

Fill in the blank: The total cost price includes the actual cost price plus ______.

Overhead expenses