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Questions and Answers
What does 'SP' stand for in the context of calculating profit and loss?
What does 'SP' stand for in the context of calculating profit and loss?
- Sales Promotion
- Standard Profit
- Selling Price (correct)
- Starting Price
What is the formula for calculating percentage profit?
What is the formula for calculating percentage profit?
- ((CP - SP) / SP) * 100
- ((SP - CP) / SP) * 100
- ((CP + SP) / CP) * 100
- ((SP - CP) / CP) * 100 (correct)
In the example, a contractor sells a house for N3,000,000 with a 25% profit. Which equation is used to find the cost price (CP)?
In the example, a contractor sells a house for N3,000,000 with a 25% profit. Which equation is used to find the cost price (CP)?
- $0.25 = \frac{3,000,000 - CP}{CP}$ (correct)
- $0.25 = \frac{CP}{3,000,000 - CP}$
- $0.25 = \frac{CP}{CP - 3,000,000}$
- $0.25 = \frac{CP - 3,000,000}{CP}$
If a business transaction results in a 'loss', what does this indicate?
If a business transaction results in a 'loss', what does this indicate?
When calculating profit or loss, what does 'CP' represent?
When calculating profit or loss, what does 'CP' represent?
Flashcards
Selling Price (SP)
Selling Price (SP)
The price at which a property is sold.
Cost Price (CP)
Cost Price (CP)
The original cost of a property to the seller.
Percentage Profit Formula
Percentage Profit Formula
The formula to calculate percentage profit.
Percentage Profit
Percentage Profit
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Solving for CP
Solving for CP
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