RRB NTPC/ASM/CA/TA Exam > RRB NTPC/ASM/CA/TA Videos > Mathematics for RRB NTPC / ASM > Profit and Loss Shortcuts and Tricks
Profit and Loss Shortcuts and Tricks Video Lecture | Mathematics for RRB NTPC / ASM - RRB NTPC/ASM/CA/TA
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146 videos|96 docs|98 tests
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FAQs on Profit and Loss Shortcuts and Tricks Video Lecture - Mathematics for RRB NTPC / ASM - RRB NTPC/ASM/CA/TA
| 1. What are the basic formulas used in profit and loss calculations? |  |
Ans.The basic formulas are:
1. Profit = Selling Price (SP) - Cost Price (CP)
2. Loss = Cost Price (CP) - Selling Price (SP)
3. Profit Percentage = (Profit/Cost Price) × 100
4. Loss Percentage = (Loss/Cost Price) × 100.
| 2. How can I quickly calculate profit percentage without a calculator? | |
Ans.To quickly calculate profit percentage, you can use the formula: Profit Percentage = (Profit/Cost Price) × 100. For easier estimation, round the cost price to a more manageable number if necessary, and use simple fractions to approximate the percentage.
| 3. What is the difference between profit and loss in financial terms? | |
Ans. Profit occurs when the selling price of a product is higher than its cost price, resulting in a gain. Loss, on the other hand, occurs when the selling price is lower than the cost price, leading to a financial deficit.
| 4. How can I solve profit and loss problems in competitive exams efficiently? | |
Ans.To solve profit and loss problems efficiently, familiarize yourself with key formulas, look for patterns in the question, and practice with different types of problems. Use shortcuts like calculating percentages and approximations to save time.
| 5. What strategies can I use to tackle word problems related to profit and loss? | |
Ans.Strategies include breaking down the problem into smaller parts, identifying the cost price and selling price, and determining whether it involves profit or loss. Practice regularly to improve speed and accuracy in understanding the context of the problems.
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Nov 24, 2024 Last updated |
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