Steemkids lesson|| profit and loss|| 10% to Steemkidss

Hello beautiful friends, I welcome you all to this week's lesson
Our topic for this week is profit and loss.

What do we mean by profit and loss?

We have a profit or gain when we sell an article at a price that is higher than what we originally bought it.

We have a loss when we sell the article at a price lower than what we bought.

For example
if I buy a toy at the price of $100 and I sell it t the price of $120 dollars. It means my gain or profit will be $20 because I bought it at $100 and I sold it with extra $20 dollar.

So from the example I just gave you noticed there are two prices,
Cost price and selling price
The cost price is the amount an article is bought (the amount the toy was bought)

While selling price is the amount I sold it.

We can calculate profit and loss by comparing these two prices.
Let's see how that is done:

We calculate profit by subtracting the cost price from the selling price.
That is :- Profit = Selling price - Cost price [P = S.p - C.p]

We calculate loss by by subtracting selling price from the cost price.
Cost price - selling price [Loss = C.p - Sp]

For example
Let's say you have a pen. And you bought it at the price of $50. Then your friend decided to buy it from you and you sell it to him at the price of $60.
Your cost price is 50 dollars and your selling price is 60 dollars
To calculate the profit we will subtract the cost price from the selling price

P = S.P - C.p
P = 60 - 50
Profit (P) = 10

(b). But assuming he bought it at $60 and you sell it at $50 it means you have a loss because you are selling it at a price lower than the cost price.

Loss = C.p - S.p
L = 60 - 50
Loss = 10.

Lets see another example for this:

A man bought a car at the price of $300 and sold it for $360. What is is profit?

Solution

Profit = S.p - C.p
P = 360 - 300
Profit = 60.

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Loss = C.p - S.p
L = 360 - 300
Loss = 60

He loses $60 dollar from the item he sold.

I hope the explanations are clear my dear friends. Let's now look at the assignments.

Assignment

1):. Daniel bought a bicycle at the price of $450. He resells it to David at the price of $500. What is his profit or loss?

2):. A candy was bought at the price of $20 and sold at the price of $30. What is the amount of profit gotten from the candy?

3):. A retailer purchased a cellphone at the price of 450 steem and sells it at the price of 400 steem. What is his profit or loss?

4):. Miss Sarah purchased a tuber if Yam at the price of $80. She later resells it at the price of $100 . What is her gain or loss?

Let's note that this lesson is strictly for the verified kids in steemkids community.
The assignment should be submitted before the expiration of this post.

Entries should be a comment under this post.

I steem reward will be given to each participants in this lesson.

Okay friends, bye for now. I'm awaiting your beautiful entries.