Table of Contents

**Table of Contents**

- Profit
- Loss
- Example
- Summary
- What’s Next?

In the previous segment, we had a look at **Percentage Change **to get back to the Original

Amount In this segment of the chapter ‘Comparing Quantities’, we will look at Profit and Loss.

## What is a Profit?

Profit is the amount gained when a product is sold at a price more than the cost price.

### What is Loss?

Loss is the amount lost when a product is sold at a price less than its cost price.

### Profit and loss – Example

Assume the total cost of a product is ₹ 100. If it is sold at ₹ 105, it means a profit of ₹ 5 is

made.

If the product is sold at ₹ 95, it means a loss of ₹ 5 is suffered.

**Summary**

Profit |
Profit is gained when a product is sold at a price more than the cost price. |

Loss |
Loss occurs when a product is sold at a price less than its cost price. |

**What’s next?**

In our next segment of Class 07 Maths, we will have a look at **cost price and selling price.**