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Chapter Summary

Profit, Loss and Discount

ICSE · Class 7 · Mathematics

Summary of Profit, Loss and Discount for ICSE Class 7 Mathematics. Key concepts, important points, and chapter overview.

92 questions22 flashcards5 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?
Profit, Loss and Discount covers several key topics that are frequently asked in ICSE Class 7 board exams. Focus on the core concepts listed on this page and practise related questions to build confidence.
How to score full marks in Profit, Loss and Discount — ICSE Class 7 Mathematics?
Understand the core concepts first, then work through the 92 practice questions available for this chapter. Revise formulas and 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.

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