Week 1:Steemkids lessons|Mathematics| Profit and loss |for primary/Grade school kids.

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Hello dear kids and kidlovers. It is my delight to bring to you the first lesson for the week.
In this lesson we are going to learn how to calculate the profit and loss in trading.

Profit and loss

We all have an idea of what profit and loss mean.
Profit can be said to be what we gain from a particular thing while loss mean what we are losing.

In this lesson we are going to see how to calculate profit and loss in trading.

In every trade there is always a cost price and a selling price.

• Cost price Cost price is the amount of money a trader purchases a particular product.
• Selling price The selling rice is the amount the trader sells the goods.

When the selling price is higher than the cost price, there is a profit. But if the cost price is higher than the selling price, there is a loss.

Formulae for profit and loss:

Profit=selling price(Sp)_Cost price(Cp)
Loss=Cost price(Cp)_selling Price(Sp)

Steps to solve for profit and loss.

Step 1: determine the selling price and the cost price and check which is higher.

Step 2: substitute the formula with the prices respectively
Step 3: solve the problem.

Now let's solve some examples using the above steps.
Example 1:

Solution:
Cost price=3000
Selling price =3500

Selling price is higher than cost price so we are calculating for profit.

Profit=Sp_Cp
P=3500_3000
P=500
Therefore profit=$500

This means that the trader gains $500 from there good he sold.

Example 2:

Solution
Cost price=900
Selling price=600
The cost price is higher than the selling price so we calculate his loss.

Loss= cost price_selling price

substitute the formula with the values

Loss=900_600

Loss=300

Therefore the loss=€300
This means that Mr David lost €300 from the wristwatch he sold to his friend.

Example 3:

Solution:

Cp=6000
Sp=6700

Sp is higher than Cp so we calculate for profit.

Profit= Sp_Cp
Profit=6700_6000
Profit=700
Therefore: the trader gains N700 for the tubers of yam he sold.

Assignment

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

• sir Ferdinand purchased his goods at the price of 160steem. He sold it at the price of 200steem to his customers. What is his profit or loss?

• Uncle Brett bought a toy at the price of 20steem for Sarah. Then she decides to sell the toy to her friend Misty. She sold it at the price of 25steem to her friend. What is the profit or gain gotten from the toy?

Rules of the assignment

• Drop entry at the comment section of this post.
  entries will not be accepted after 7 days of this post
• use hash tags #stemkidlessons and #steemexclusive among your tags.
• Your heading should be: Steemkids lesson assignment for week1: Profit and loss.
• Any language is accepted.

Reward

5 steem will be give to the 1st 5 kids who participate in this assignment

Note to parents: Please guide the kids to do this assignment on their own.

Special mention:
@ngoenyi
@benton3
@steemkids