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Profit, Loss and Discount — Flashcards

ICSE · Class 7 · Mathematics

22 flashcards for Profit, Loss and Discount (ICSE Class 7 Mathematics) to test yourself on key terms and facts.

92 questions22 flashcards3 formulas & key relations5 concepts

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22 Flashcards·
Profit and profit percentLoss and loss percentConcept understandingSelling price from profit percentSelling price from loss percentDirect percentage methodEqual number of articles
Card 1Profit and profit percent

A shopkeeper buys a toy for ₹200 and sells it for ₹240. Find the profit and profit percent.

Answer

Step 1: Profit = S.P. - C.P. = ₹240 - ₹200 = ₹40. Step 2: Profit % = (Profit / C.P.) × 100% = (40 / 200) × 100% = 20%. Answer: Profit = ₹40 and profit percent = 20%.

Card 2Loss and loss percent

An article is bought for ₹600 and sold for ₹550. Find the loss and loss percent.

Answer

Step 1: Loss = C.P. - S.P. = ₹600 - ₹550 = ₹50. Step 2: Loss % = (Loss / C.P.) × 100% = (50 / 600) × 100% = 25/3% = 8 1/3%. Answer: Loss = ₹50 and loss percent = 8 1/3%.

Card 3Concept understanding

Why is profit percent calculated on cost price and not on selling price?

Answer

Profit is the gain made on the amount paid for the article, so the cost price is the correct base. Example: C.P. = ₹120 and S.P. = ₹150. Profit = ₹150 - ₹120 = ₹30. Profit % = (30 / 120) × 100% = 25%.

Card 4Selling price from profit percent

A watch is bought for ₹450. Find its selling price if the seller wants a gain of 10%.

Answer

Step 1: Gain = 10% of C.P. = (10 / 100) × ₹450 = ₹45. Step 2: S.P. = C.P. + Gain = ₹450 + ₹45 = ₹495. Answer: Selling price = ₹495.

Card 5Selling price from loss percent

A shirt costs ₹800 and is sold at a loss of 25%. Find the selling price.

Answer

Step 1: Loss = 25% of C.P. = (25 / 100) × ₹800 = ₹200. Step 2: S.P. = C.P. - Loss = ₹800 - ₹200 = ₹600. Answer: Selling price = ₹600.

Card 6Direct percentage method

Use the direct method to find the selling price when gain is 20% on a cost price of ₹500.

Answer

Step 1: Gain of 20% means S.P. = 120% of C.P. Step 2: S.P. = (120 / 100) × ₹500 = ₹600. Answer: Selling price = ₹600. Check: Profit = ₹600 - ₹500 = ₹100, and 100/500 × 100% = 20%.

Card 7Direct percentage method

Use the direct method to find the selling price when loss is 20% on a cost price of ₹500.

Answer

Step 1: Loss of 20% means S.P. = 80% of C.P. Step 2: S.P. = (80 / 100) × ₹500 = ₹400. Answer: Selling price = ₹400. Check: Loss = ₹500 - ₹400 = ₹100, and 100/500 × 100% = 20%.

Card 8Equal number of articles

A shopkeeper buys 50 pencils for ₹80 and sells 40 pencils for ₹90. Find the gain percent.

Answer

Step 1: C.P. of 1 pencil = ₹80 / 50 = ₹1.60. Step 2: S.P. of 1 pencil = ₹90 / 40 = ₹2.25. Step 3: Gain on 1 pencil = ₹2.25 - ₹1.60 = ₹0.65. Step 4: Gain % = (0.65 / 1.60) × 100% = 40 5/8%. Answer: Gai…

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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 many flashcards are available for Profit, Loss and Discount?
There are 22 flashcards for Profit, Loss and Discount covering key definitions, facts and ideas. A few sample cards are shown on this page.
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.

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