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Profit, Loss and Discount — Study Plan

ICSE · Class 7 · Mathematics

A step-by-step study plan for Profit, Loss and Discount, ICSE Class 7 Mathematics: what to learn first, what to practise and when to revise.

92 questions22 flashcards3 formulas & key relations5 concepts

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Study Plan

1
Day 1–2

Learn the Theory

Read the textbook chapter carefully. Note down definitions, formulas and key ideas. Focus on: 1. Core Ideas and Definitions, 2. Finding Profit or Loss Percent, 3. Finding Selling Price from C.P. and Profit or Loss Percent.

2
Day 3

Practise

Solve the textbook exercises and extra practice questions. There are 92 questions available for this chapter.

3
Day 4

Revise & Test

Revise key points without looking at your notes. Take a practice quiz and mark weak areas for another pass.

4
Day 7

Spaced Revision

Come back to Profit, Loss and Discount after a week. Use flashcards for quick recall and try past exam questions on this chapter.

What to Focus On

  • C.P. means the purchase price.
  • S.P. means the sale price.
  • Higher S.P. than C.P. gives profit.
  • Find gain or loss first when needed.
  • Add gain to C.P. to get S.P.
  • Subtract loss from C.P. to get S.P.
  • Make quantities equal before comparing C.P. and S.P.
  • Find unit price when numbers of articles differ.
  • Direct comparison of totals gives wrong answers.

Common Mistakes to Avoid

Profit percent is calculated on selling price.

Loss percent is calculated on selling price.

Discount percent is calculated on selling price.

Memory Tips

Cost Price definition

Selling Price definition

Profit and loss meaning

Profit formula

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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 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

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