Page 120 - ICSE Math 7

AT A GLANCE

¾ The price at which an article is bought is known as the cost price.
¾ The price at which an article is sold is known as the selling price.
¾ The additional expenses such as transport, repair and maintenance that a dealer has to incur
before selling the goods are known as overhead expenses.
Profit Loss
¾ Profit% = × 100% Loss% = × 100%
Cost price Cost price
¾ The price which is written or printed on an article or on the price tag attached to the article is
known as its marked price.
Discount
¾ S.P. = M.P. – Discount Discount% = Marked price × 100%

MENTAL MATHS

1. Write True or False.

(a) Discount is given on the marked price of an article.
(b) Overhead expenses are taken into account while calculating discount.
(c) Discount per cent is calculated on the cost price.

(d) Discount = Marked price – Selling price
2. Fill in the blanks.
(a) Rahul bought a video game for ` 550 and sold it to his friend Sohail for ` 750. Thus, the cost
price for Sohail is __________.

(b) Profit per cent is calculated on ___________________.
(c) Marked price is also known as __________ price.
(d) The amount by which the marked price is reduced to sell an article is known as __________.

PRACTICE TIME

1. How much per cent is gained by buying a notebook for ` 20 and selling it for ` 22.50?
2. A book is sold for ` 1,800 at a loss of 10%. If the same book was sold for ` 2,400, what would
have been the profit or loss per cent?

3. A fruitseller sold 300 oranges at a profit of 40%. If each orange costed him ` 5, find the selling
price of an orange.
4. By selling a refrigerator for ` 8,400, a dealer suffered a loss of 4%. At what price should it be
sold to gain 8%?
5. Lemons are bought by a vegetable vendor at the rate of 16 for ` 24 and sold at 9 for ` 27. What
is the profit or loss per cent?

6. The cost price of 6 apples is equal to the selling price of 4 apples. Find the profit per cent.
7. A shopkeeper sold two watches for ` 920 each. On one watch he gained 15% and on the other
he lost 60%. Find his profit or loss per cent.

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