Consumer Arithmetic 1

The term used to describe money gained after a sale.

• Loss
• Cost Price

• Profit

• Selling Price

Answer explanation

The profit is defined as the amount gained by selling a product, which should be more than the cost price of the product.

What is the meaning of loss?

• Difference between marked price and selling price

• Difference between cost price and marked price

• Difference between selling price and cost price

• All of the above

Answer explanation

The loss is the amount lost by selling an article for less than its cost price.

James purchased a laptop for $2000 and sold it for $5000. Determine whether he made a profit or loss.

• $7000 profit

• $3000 profit

• $7000 loss

• $3000 loss

Answer explanation

The profit is calculated by subtracting the cost price from the selling price: $5000 - $2000 = $3000 profit. Therefore, the correct answer is $3000 profit.

What is the formulae to calculate profit percentage?

Answer explanation

The correct formula to calculate profit percentage is Profit%= (Profit / C.P) * 100%

A dress bought for $250 was sold for $300. The profit as a percentage of the cost price is

• 15%

• 20%

• 25%

• 30%

Answer explanation

To calculate profit percentage, use the formula: (Selling Price - Cost Price) / Cost Price * 100. Substituting the values, we get (300 - 250) / 250 * 100 = 50 / 250 * 100 = 20%. Therefore, the profit as a percentage of the cost price is 20%.

State true or false: Profit= Selling Price[S.P]- Cost Price[C.P]

Percentage of loss on SP =

Answer explanation

The percentage of loss on SP is calculated by dividing the difference between SP and CP by CP, then multiplying by 100%

Calculate the financial loss incurred when a product was purchased for $190 and sold for $175

N.B Please ensure to include the dollar sign ($) in your answer. E.g $35

Calculate the percentage loss if an item is bought for $70 and sold for $49

• 42.9%

• 70%

• 30%

• 35%

Answer explanation

To calculate the percentage loss, use the formula: ((Cost Price - Selling Price) / Cost Price) * 100. Substituting the values, ((70 - 49) / 70) * 100 = 30%. Therefore, the correct answer is 30%.

If I buy a shirt for $25 and sell it for $40, do I make a profit or a loss?

• Profit

• Loss