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Profit, Loss and Discount — Chapter Summary

ICSE · Class 8 · Mathematics

Summary of Profit, Loss and Discount for ICSE Class 8 Mathematics. Part of the ICSE Class 8 Mathematics syllabus.

69 questions28 flashcards9 formulas & key relations5 concepts

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Overview

Profit, loss, discount, overhead expenses, tax, and GST are basic ideas used in buying and selling. Profit happens when the selling price is more than the cost price, while loss happens when the selling price is less than the cost price. Discount is a reduction on the marked price, and tax is added

Key Concepts

Cost Price is the price at

Cost Price is the price at which an article is bought. Selling Price is the price at which it is sold. Profit and loss are found by comparing these tw

Profit is Selling Price minus Cost

Profit is Selling Price minus Cost Price. It occurs when Selling Price is greater than Cost Price.

Loss is Cost Price minus Selling

Loss is Cost Price minus Selling Price. It occurs when Selling Price is less than Cost Price.

Profit percent and loss percent

Profit percent and loss percent are always calculated on Cost Price. The formulas are Profit percent = Profit / C.P. × 100% and Loss percent = Loss /

If gain percent is known

If gain percent is known, S.P. = (100 + gain%)/100 × C.P. If loss percent is known, S.P. = (100 - loss%)/100 × C.P.

Learning Objectives

  • Identify profit and loss using cost price and selling price
  • Calculate profit percent and loss percent on cost price
  • Find selling price or cost price when profit percent or loss percent is given
  • Use marked price and discount to find selling price
  • Understand overhead expenses and include them in total cost price

Frequently Asked Questions

What are the important topics in Profit, Loss and Discount for ICSE Class 8 Mathematics?
Key topics in Profit, Loss and Discount include Profit and Loss Basics, Finding Selling Price and Cost Price, Discount and Marked Price, Tax and GST. Study these first, then practise questions on each for Class 8 exams.
How should I revise Profit, Loss and Discount for Class 8 exams?
Learn the core ideas first, then work through the 69 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 8 Mathematics Chapter Summary

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