Steemkids lesson assignment for week 1: Profit and loss entry by @kyara2

Hello Steemians,
I would want to thank @madilyn02 for this good contest and @stemkids for the alert. This is an educative contest for children and so I have guided my little brother while doing this work. I had to teach him what a profit is and what a loss is in simple terms.

According to me, a profit is the extra gain got on selling of a good whereas a loss is an excess expense over revenue. A loss usually occurs in business when an item is sold at a lower price than it was originally purchased.

The formula for calculating profit and loss is;
Profit= Selling price - cost price
Loss =Cost price - selling price

In this lesson, we have to outspot the selling price and cost price so that we substitute them accordingly to get correct answers

Q1. Mr. Brian bought a bicycle at the price of 40 Steem and sells it at the price of 38 Steem. What is the profit or loss.?

solution

Cost price = 40
Selling price = 38

In this case we are finding the loss because the selling price is lower than the cost price
Loss = cost price - selling price
40-38 = 2
Therefore, Mr Brian made a loss of 2 Steem.

Q2. Sir Ferdinand purchased his goods at price of 160 Steem. He sold at price of 200 Steem to his customers. What is the profit or loss?

solution
Cost price = 160
Selling price = 200

In this case, we are looking for profit made because the selling price is greater than the cost price.

Profit = selling price - cost price
200 - 160 = 40
Sir Ferdinand made a profit of 40 steel from the goods he purchased.

Q3. Uncle Brett bought a toy at price 20 Steem for a Sarah. The Sarah decides to sell it to her friend Misty at 25 Steem. What is the profit or gain got from the toy?

solution
Cost price =20
Selling price =25

In this, we are looking for the profit made because the selling price is higher than the cost price.

Profit = selling price - cost price
25 - 20 = 5

The profit got from the toy is 5 steem.

Thanks @madilyn02, This is our entry. Me and my little brother.