GMAT Exam > GMAT Videos > Quantitative for GMAT > Shortcuts for Profit and Loss
Shortcuts for Profit and Loss Video Lecture | Quantitative for GMAT
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115 videos|106 docs|113 tests
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FAQs on Shortcuts for Profit and Loss Video Lecture - Quantitative for GMAT
| 1. What are the basic formulas for calculating profit and loss? |  |
Ans. The basic formulas for calculating profit and loss are as follows:
- Profit = Selling Price - Cost Price
- Loss = Cost Price - Selling Price
- Profit Percentage = (Profit / Cost Price) * 100
- Loss Percentage = (Loss / Cost Price) * 100
| 2. How can I calculate the selling price if I know the cost price and desired profit percentage? | |
Ans. To calculate the selling price when the cost price and desired profit percentage are known, use the following formula:
Selling Price = Cost Price + (Profit Percentage/100) * Cost Price
| 3. Can you explain the concept of gross profit and net profit? | |
Ans. Gross profit is the profit earned by a company after deducting the cost of goods sold (COGS) from the revenue. It indicates the profitability of the company's core operations. Net profit, on the other hand, is the residual profit after deducting all expenses, including COGS, operating expenses, taxes, and interest, from the revenue. It reflects the overall profitability of the company.
| 4. How can I calculate the cost price if I know the selling price and profit percentage? | |
Ans. To calculate the cost price when the selling price and profit percentage are known, use the following formula:
Cost Price = Selling Price / (1 + (Profit Percentage/100))
| 5. What is the significance of break-even point in profit and loss analysis? | |
Ans. The break-even point is the point at which a company neither makes a profit nor incurs a loss. It is the level of sales where total revenue equals total costs. Analyzing the break-even point helps companies determine the minimum level of sales required to cover all costs and start making a profit. It also helps in decision-making regarding pricing, cost control, and determining the feasibility of a business venture.
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