1. Cost Price and Selling Price
Cost Price (CP) is the price at which an article is purchased.
Cost Price = Selling price-Profit
Selling Price (SP) is the price at which an article is sold.
Selling Price = Cost Price+Profit
2. Profit or Loss
If Selling Price is more than Cost Price, Profit (Gain) occurs.
Profit= Selling Price-Cost Price
If Selling Price is less than Cost Price, Loss occurs.
Loss = Cost Price-Selling Price
3. Profit Percentage and Loss Percentage
Profit Percentage=(Profit*100)/Cost Price
Loss Percentage=(Loss*100)/Cost Price
4. Unitary Method
The word ‘unitary’ refers to a single or an individual unit. The method aims to determine values in relation to a single unit. Example:
If a car runs 44 km on 2 liters of petrol, then we can use the unitary method to find out the kilometers it will cover on 1 liter of petrol.
5. Distance, Speed, and Time
Speed is a measure of how quickly an object moves from one place to another. It is equal to the distance traveled divided by the time
Speed = Distance/Time
Time = Distance/Speed
Distance = Speed*Time