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Profit, Loss and Discount — Revision Notes

ICSE · Class 7 · Mathematics

Profit, Loss and Discount revision notes for ICSE Class 7 Mathematics: 4 topics in quick points. Part of the ICSE Class 7 Mathematics syllabus.

92 questions22 flashcards3 formulas & key relations5 concepts

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Key Topics to Revise

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1. Core Ideas and Definitions

  • Cost Price is the price at which an article is purchased.
  • Selling Price is the price at which an article is sold.
  • If S.P. is greater than C.P., the article is sold at profit or gain.
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2. Finding Profit or Loss Percent

  • Profit percent and loss percent are always based on cost price.
  • First find profit or loss amount, then convert it into percent.
  • A gain of 25% means the profit is one-fourth of the cost price.
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3. Finding Selling Price from C.P. and Profit or Loss Percent

  • When gain percent is known, first find gain amount from C.P.
  • When loss percent is known, first find loss amount from C.P.
  • A gain of 20% means S.P. is 120% of C.P.
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4. Equal Quantity Questions and Extra Costs

  • When buying and selling quantities are different, compare equal numbers of articles first.
  • Find cost price and selling price of one article or of the same number of articles.
  • Transportation, repairs, and similar expenses are part of the total cost price.

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Full Notes

Key Concepts

Cost price is the price atSelling price is the price atProfit is defined as Selling PriceLoss is defined as Cost PriceProfit % = (Profit / C

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.

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