UPSC Exam > UPSC Videos > CSAT Preparation > Important Concepts: Profit, Loss & Discount
Important Concepts: Profit, Loss & Discount Video Lecture | CSAT Preparation - UPSC
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FAQs on Important Concepts: Profit, Loss & Discount Video Lecture - CSAT Preparation - UPSC
| 1. What is the difference between profit and loss? |  |
Ans. Profit is the financial gain obtained when the revenue from sales exceeds the costs of producing or purchasing goods. Conversely, loss occurs when the costs surpass the revenue, resulting in a financial deficit.
| 2. How do you calculate profit percentage? | |
Ans. To calculate the profit percentage, use the formula: (Profit / Cost Price) × 100. First, determine the profit by subtracting the cost price from the selling price, then divide the profit by the cost price and multiply by 100 to get the percentage.
| 3. What is a discount and how is it different from a sale? | |
Ans. A discount is a reduction applied to the original price of a product, often expressed as a percentage. A sale typically refers to a temporary event where items are sold at reduced prices to encourage purchases, which may include discounts or other promotional offers.
| 4. How do you calculate the selling price after applying a discount? | |
Ans. To calculate the selling price after a discount, subtract the discount amount from the original price. The formula is: Selling Price = Original Price - (Discount Percentage × Original Price).
| 5. What are some common types of discounts? | |
Ans. Common types of discounts include seasonal discounts, promotional discounts, quantity discounts, and clearance discounts. Each type aims to boost sales by offering lower prices to consumers under specific conditions.
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