Profit, Loss and Discount - The Secret Life of a Price Tag - ICSE Class 8 Maths Chapter 8

Описание: Profit happens when you sell something for more than you paid for it, while a loss happens when the selling price is lower than the cost price.

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To find the percentage of profit or loss, you always compare the amount gained or lost to the original cost price. If you spend extra money on things like transportation, labor, or repairs after buying an item, these are called overhead expenses and must be added to the original cost price to find the total cost before calculating profit or loss.

Shopkeepers often offer a price reduction called a discount to help sell goods more quickly. This discount is always calculated based on the marked price, which is also known as the list price or the price printed on the item. If a store offers more than one discount in a row, these are called successive discounts, and they are applied one after the other to the changing price of the article.

Governments collect money through taxes on the sale of goods to pay for public services like roads and hospitals. In India, the Goods and Services Tax (GST) was introduced in 2017 to create a single tax system for the whole country. When you buy something within your own state, the GST is divided into Central and State portions, but if the item comes from another state, it is called Integrated GST.

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