WEEK THREE

TOPIC: MONEY: PROFIT AND LOSS

MEANING OF PROFIT

When the selling price of an article is higher or greater than the cost price, we have a profit or gain.

Profit = selling price – cost price

MEANING OF LOSS

When the selling price is less than the cost price we have a loss.

Loss = cost price – selling price

EXAMPLE 1

If a clock is bought for $1,145 and sold for $1,170, what is the gain or loss?

Solution

Cost price of clock = $1,145

Selling price =.... View More