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Introduction to the Basic Terms in Buying and Selling

Profit and lo...

Question

Profit and loss is always reckoned on $(___)$

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Solution

It always depend on cost price (C.P)

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Similar questions

Q. Fill in the blanks.

(i) Loss = (CP) − (......).
(ii) CP =

\frac{100 \times SP}{(. . . . . . + . . . . . .)}

.
(iii) Profit or loss is always reckoned on ...... .
(iv)

\frac{100}{(100 - loss %)} \times SP = . . . . . . .

Q. Fill in the blanks.
(i) The discount is reckoned on the ......... price.
(ii) Gain or loss is always reckoned on the .........
(iii) SP = (Marked price) − (.........)
(iv) VAT is charged on the ......... of the article.

Q. Write 'T' for true and 'F' for false

(i) Loss is reckoned on selling price.
(ii) Gain is reckoned on cost price.
(iii)

CP = \frac{100 \times SP}{(100 - loss %)} .

(iv) Loss = (CP) − (SP).

Q. Write 'T' for true and 'F' for false for each of the following:
(i) SP =

\frac{(100 + loss %)}{100} \times CP .

\frac{100}{(100 + gain %)} \times SP .

(iii) Gain is reckoned on the selling price.
(iv) The discount is allowed on the marked price.

Q. Write 'T' for true and 'F' for false

(i) Loss is reckoned on selling price.
(ii) Gain is reckoned on cost price.
(iii)

CP = \frac{100 \times SP}{(100 - loss %)} .

(iv) Loss = (CP) − (SP).

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