Class 1 Exam > Class 1 Notes > Mental Maths > Worksheet: Profit & Loss
Worksheet: Profit & Loss | Mental Maths - Class 1 PDF Download
Q1: Multiple Choice Questions (MCQs)
(i) A shopkeeper bought an item for Rs. 200 and sold it for Rs. 250. What is the profit percentage?
(a) 20%
(b) 25%
(c) 30%
(d) 35%
(ii) If a product is marked at Rs. 500 and sold at a 10% discount, what is the selling price?
(a) Rs. 450
(b) Rs. 460
(c) Rs. 470
(d) Rs. 480
(iii) A shopkeeper sells a bicycle for Rs. 8000 and gains 20% profit. What was the cost price?
(a) Rs. 6000
(b) Rs. 6500
(c) Rs. 6600
(d) Rs. 6700
(iv) A man bought a TV for Rs. 25000 and sold it at a 5% loss. What was the selling price?
(a) Rs. 23500
(b) Rs. 24000
(c) Rs. 24750
(d) Rs. 25000
(v) A pen costs Rs. 60 after a 20% discount. What is the marked price?
(a) Rs. 70
(b) Rs. 72
(c) Rs. 75
(d) Rs. 80
Q2: True/False
(i) If the cost price is Rs. 100 and the selling price is Rs. 110, then the profit percentage is 10%.
(ii) Selling an item at a price lower than its cost price always results in a profit.
(iii) The discount percentage is calculated based on the selling price.
(iv) If a shopkeeper sells an item at a loss, then the selling price is less than the cost price.
(v) Marked price and selling price are always the same.
Q3: Answer the Following Questions
(i) Calculate the loss percentage if the cost price is Rs. 150 and the selling price is Rs. 120.
(ii) If a seller gains 15% profit on selling an article for Rs. 690, find the cost price.
(iii) A product is marked at Rs. 2000 and sold for Rs. 1800. What is the discount percentage?
(iv) What is the selling price if a shopkeeper wants to gain 25% profit on an item whose cost price is Rs. 400?
(v) A man buys a book for Rs. 300 and sells it for Rs. 270. Calculate the loss and loss percentage.
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FAQs on Worksheet: Profit & Loss - Mental Maths - Class 1
| 1. What is the difference between gross profit and net profit? |  |
Ans. Gross profit is the total revenue minus the cost of goods sold, while net profit is the gross profit minus all other expenses, including operating costs, taxes, and interest.
| 2. How can a business increase its profit margin? | |
Ans. A business can increase its profit margin by increasing sales revenue, reducing costs, improving operational efficiency, and raising prices strategically.
| 3. What are some common expenses that can impact a company's profit and loss statement? | |
Ans. Some common expenses that can impact a company's profit and loss statement include salaries and wages, rent, utilities, marketing costs, inventory expenses, and taxes.
| 4. How does depreciation affect a company's profit and loss statement? | |
Ans. Depreciation is a non-cash expense that reduces a company's reported profits on the income statement. It reflects the gradual decrease in value of a company's assets over time.
| 5. What is the significance of analyzing a company's profit and loss statement? | |
Ans. Analyzing a company's profit and loss statement helps stakeholders understand the financial health of the business, identify areas of strength and weakness, make informed decisions, and plan for future growth and profitability.
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