Question

Define
1) Cost price
2) Selling price
3) Profit or gain

Answer 1

Cost Price

• The price at which an article is purchased, is called cost price.

Selling Price

• The price at which an article is sold is called selling price.

Profit

•If S.P is greater than C.P, the seller is said to have a profit or gain.

Answer 2

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COST PRICE ::

✴It is defined as the total amount of money that is costs a manufacturer to produce a given product.

✴Also it is defined as the price at which goods are bought from merchant .

✴Cost price is calculated as

CP = Sp *100 /100 + pp

➡Sp = selling price

➡pp = percentage price.

SELLING PRICE ::

✴It is defined as the price At which the product or thing is sold to the buyer or purchaser.

✴Selling price is sum total of cost price and profit margin set by seller.

➡SP = CP + profit.

PROFIT ::

✴It is defined as the financial gain from business activities by removing expenses .

✴It is most commonly used measure of which success of business is measured.

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