Year 7
Maths
Number
AC9M7N06
Profit, Loss & Financial Maths
Profit and loss calculations are essential financial skills used in business and everyday life.
What You Need to Know
Key Concept Diagram
Profit = Selling Price − Cost Price
Loss = Cost Price − Selling Price
Profit/Loss % = (Profit or Loss ÷ Cost Price) × 100
Discount = Original Price × Discount Rate
Key Vocabulary
Profit
Money made when selling price exceeds cost price
Loss
Money lost when cost price exceeds selling price
Discount
Reduction from the original price
Markup
Amount added to cost price to get selling price
Knowledge Check
Select the correct answer for each question. Click "Check Answer" to see if you are right.
Question 1
A jacket costs $80 and is sold for $120. What is the profit?
Question 2
An item bought for $200 is sold for $160. What is the percentage loss?
Question 3
A $50 item is sold at a 30% discount. What is the sale price?
Key Concepts Summary
- ●Profit = Selling Price − Cost Price
- ●Loss = Cost Price − Selling Price
- ●Profit/Loss % = (Profit or Loss ÷ Cost Price) × 100
- ●Discount = Original Price × Discount Rate