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Profit, Loss and Discount — Flashcards

ICSE · Class 8 · Mathematics

28 flashcards for Profit, Loss and Discount (ICSE Class 8 Mathematics) to test yourself on key terms and facts.

69 questions28 flashcards9 formulas & key relations5 concepts

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28 Flashcards·
Profit and profit percentLoss and loss percentSelling price from cost price and profit percentSelling price from cost price and loss percentCost price from selling price and profit percentCost price from selling price and loss percentConcept of profit percentDifferent lot sizes
Card 1Profit and profit percent

A shopkeeper buys an article for ₹500 and sells it for ₹650. Find the profit and profit percent.

Answer

Step 1: Cost Price = ₹500, Selling Price = ₹650 Step 2: Profit = S.P. - C.P. = ₹650 - ₹500 = ₹150 Step 3: Profit % = (Profit / C.P.) × 100 = (150 / 500) × 100 = 30% Answer: Profit = ₹150 and profit pe…

Card 2Loss and loss percent

A toy is bought for ₹240 and sold for ₹210. Find the loss and loss percent.

Answer

Step 1: Cost Price = ₹240, Selling Price = ₹210 Step 2: Loss = C.P. - S.P. = ₹240 - ₹210 = ₹30 Step 3: Loss % = (Loss / C.P.) × 100 = (30 / 240) × 100 = 12.5% Answer: Loss = ₹30 and loss percent = 12.

Card 3Selling price from cost price and profit percent

An article is sold at a profit of 20% and its cost price is ₹400. Find the selling price.

Answer

Step 1: Use S.P. = ((100 + gain%) / 100) × C.P. Step 2: Substitute values: S.P. = ((100 + 20) / 100) × 400 Step 3: S.P. = (120 / 100) × 400 = ₹480 Answer: Selling price = ₹480.

Card 4Selling price from cost price and loss percent

An article is sold at a loss of 15% and its cost price is ₹800. Find the selling price.

Answer

Step 1: Use S.P. = ((100 - loss%) / 100) × C.P. Step 2: Substitute values: S.P. = ((100 - 15) / 100) × 800 Step 3: S.P. = (85 / 100) × 800 = ₹680 Answer: Selling price = ₹680.

Card 5Cost price from selling price and profit percent

The selling price of an article is ₹720 and the profit is 20%. Find the cost price.

Answer

Step 1: Use C.P. = 100 / (100 + gain%) × S.P. Step 2: Substitute values: C.P. = 100 / 120 × 720 Step 3: C.P. = ₹600 Check: Profit = ₹720 - ₹600 = ₹120, and 120/600 × 100 = 20% Answer: Cost price = ₹60…

Card 6Cost price from selling price and loss percent

The selling price of an article is ₹850 and the loss is 15%. Find the cost price.

Answer

Step 1: Use C.P. = 100 / (100 - loss%) × S.P. Step 2: Substitute values: C.P. = 100 / 85 × 850 Step 3: C.P. = ₹1000 Check: Loss = ₹1000 - ₹850 = ₹150, and 150/1000 × 100 = 15% Answer: Cost price = ₹10…

Card 7Concept of profit percent

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

Answer

Profit percent is always based on cost price because profit is compared with the amount originally spent. If C.P. = ₹200 and profit = ₹50, then profit % = 50/200 × 100 = 25%. If it were based on selli…

Card 8Different lot sizes

An article is bought at 10 for ₹80 and sold at 8 for ₹96. Find the profit or loss percent.

Answer

Step 1: Find cost price of 1 article = ₹80 / 10 = ₹8 Step 2: Find selling price of 1 article = ₹96 / 8 = ₹12 Step 3: Profit on 1 article = ₹12 - ₹8 = ₹4 Step 4: Profit % = (4 / 8) × 100 = 50% Answer: …

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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 many flashcards are available for Profit, Loss and Discount?
There are 28 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 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.

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