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Chapter Summary

Profit, Loss and Discount — Chapter Summary

ICSE · Class 7 · Mathematics

Summary of Profit, Loss and Discount for ICSE Class 7 Mathematics. Part of the ICSE Class 7 Mathematics syllabus.

92 questions22 flashcards3 formulas & key relations5 concepts

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Overview

Profit, loss, and discount are basic ideas used in buying and selling. Profit happens when the selling price is more than the cost price. Loss happens when the selling price is less than the cost price. Discount is a reduction in the marked price of an article. The chapter builds these ideas step by

Key Concepts

Cost price is the price at

Cost price is the price at which an article is purchased. It is the starting price used to calculate profit and loss.

Selling price is the price at

Selling price is the price at which an article is sold.

Profit is defined as Selling Price

Profit is defined as Selling Price minus Cost Price. S.P. = C.P. + Gain.

Loss is defined as Cost Price

Loss is defined as Cost Price minus Selling Price. S.P. = C.P. - Loss.

Profit % = (Profit / C

Profit % = (Profit / C.P.) × 100% and Loss % = (Loss / C.P.) × 100%. Both are always calculated on cost price only.

Learning Objectives

  • Understand the meanings of cost price, selling price, marked price, profit, loss, and discount.
  • Use the correct formulas for profit, loss, profit percent, loss percent, and discount percent.
  • Find selling price when cost price and profit or loss percent are known.
  • Find cost price when selling price and profit or loss percent are known.
  • Solve problems where extra costs like transportation or repairs are added to the original cost price.

Frequently Asked Questions

What are the important topics in Profit, Loss and Discount for ICSE Class 7 Mathematics?
Key topics in Profit, Loss and Discount include Core Ideas and Definitions, Finding Profit or Loss Percent, Finding Selling Price from C.P. and Profit or Loss Percent, Equal Quantity Questions and Extra Costs. Study these first, then practise questions on each for Class 7 exams.
How should I revise Profit, Loss and Discount for Class 7 exams?
Learn the core ideas first, then work through the 92 practice questions on Profit, Loss and Discount. Revise definitions regularly and use flashcards for quick recall before the exam.

Sources & Official References

Content is aligned to the official syllabus. Refer to the board website for the latest curriculum.

More resources for Profit, Loss and Discount

All ICSE Class 7 Mathematics Chapter Summary

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