Question

types of basic questions of profit and loss? ? ? ? ? ? ? ? ? ? ​

Answer 1

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Selling Price (SP) : The price at which the shopkeeper sells the goods is called the selling price (SP) of the goods sold by the shopkeeper.

Profit : If the selling price of an article is more than its cost price, then the dealer (or shopkeeper) makes a profit (or gain)

Answer 2

Answer:

Profit and Loss Basic Concepts

Let us learn profit and loss concepts in maths. It is well explained in terms of cost price and selling price.

Profit(P)

The amount gained by selling a product with more than its cost price.

Loss(L)

The amount the seller incurs after selling the product less than its cost price, is mentioned as a loss.

Cost Price (CP)

The amount paid for a product or commodity to purchase it is called a cost price. Also, denoted as CP. This cost price is further classified into two different categories:

Fixed Cost: The fixed cost is constant, it doesn’t vary under any circumstances

Variable Cost: It could vary depending as per the number of units

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