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Important Concepts: Profit, Loss & Discount Video Lecture | CSAT Preparation - UPSC

207 videos|156 docs|192 tests

FAQs on Important Concepts: Profit, Loss & Discount Video Lecture - CSAT Preparation - UPSC

1. What is profit?
Ans. Profit is the financial gain obtained when the revenue earned from selling goods or services exceeds the costs, expenses, and taxes associated with producing and selling those goods or services.
2. What is loss?
Ans. Loss refers to the financial deficit that occurs when the expenses and costs incurred in producing and selling goods or services exceed the revenue generated from their sale. It represents a negative financial outcome.
3. How is profit calculated?
Ans. Profit can be calculated by subtracting the total expenses (including production costs, operating expenses, and taxes) from the total revenue generated from selling goods or services. The formula for calculating profit is: Profit = Total Revenue - Total Expenses.
4. What is a discount?
Ans. A discount is a reduction in the original price of a product or service offered by a seller. It is often given to attract customers, encourage sales, or promote a specific product or service. Discounts can be expressed as a fixed amount or a percentage off the original price.
5. How is the discount amount calculated?
Ans. The discount amount can be calculated in different ways depending on the type of discount. For percentage discounts, the amount is calculated by multiplying the original price by the discount rate (expressed as a decimal). For fixed amount discounts, the discount amount is simply the specified fixed amount.
207 videos|156 docs|192 tests
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