Discounts, profit and loss

Discount compares a reduction with the marked price, while profit or loss compares a selling price with the cost price. Percentage profit or loss is calculated relative to the cost price.

Key terms

Cost price:

The amount paid to obtain or make an item.

Selling price:

The amount received when the item is sold.

Profit:

The selling price minus the cost price when the result is positive.

Questions

1. 1. What does Cost price mean?

   • The amount received when the item is sold.
   • The amount paid to obtain or make an item.
   • The selling price minus the cost price when the result is positive.
   • A value selected without mathematical context.

2. 2. Which statement correctly describes Selling price?

   • The amount paid to obtain or make an item.
   • The selling price minus the cost price when the result is positive.
   • The amount received when the item is sold.
   • A step that removes the need to calculate.

3. 3. Which definition matches Profit?

   • The selling price minus the cost price when the result is positive.
   • The amount paid to obtain or make an item.
   • The amount received when the item is sold.
   • A label that can be ignored when solving.

4. 4. Which worked example belongs to discounts, profit and loss?

   • An example that changes the given values before starting.
   • An example that gives a result without a mathematical method.
   • Dividing profit by the selling price instead of the cost price.
   • An item bought for $80 and sold for $92 makes a $12 profit. The profit percentage is 12 / 80 x 100 = 15%.

5. 5. Which practice approach is most reliable?

   • Label the cost, marked and selling prices before calculating a discount, profit or loss.
   • Dividing profit by the selling price instead of the cost price.
   • Apply a familiar rule before identifying what the quantities represent.
   • Round every value at the beginning and do not check the effect.

6. 6. Which action is a sensible accuracy check?

   • Assume the first answer is correct because a calculator produced it.
   • Check only that an answer has several digits.
   • Rebuild the selling price from the cost price and calculated percentage.
   • Change the units after calculating without using a conversion.

7. 7. Where could discounts, profit and loss be applied?

   • In a situation with no quantities or relationships.
   • Compare two sale offers or calculate the result of a small market-stall transaction.
   • Only in a memorised classroom example.
   • In place of reading the conditions of a problem.

8. 8. A student is beginning a discounts, profit and loss problem. What should they do?

   • Dividing profit by the selling price instead of the cost price.
   • Apply a familiar rule before identifying what the quantities represent.
   • Round every value at the beginning and do not check the effect.
   • Label the cost, marked and selling prices before calculating a discount, profit or loss.

9. 9. Which mistake is most important to avoid here?

   • Writing down the units supplied in the question.
   • Dividing profit by the selling price instead of the cost price.
   • Showing intermediate working.
   • Checking the result using the original information.

10. 10. After calculating, which step gives the strongest evidence that the result is valid?

    • Rebuild the selling price from the cost price and calculated percentage.
    • Assume the first answer is correct because a calculator produced it.
    • Check only that an answer has several digits.
    • Change the units after calculating without using a conversion.

11. 11. Which task transfers this mathematics into a meaningful context?

    • Copy a completed answer without its method.
    • List unrelated numbers from the question.
    • Compare two sale offers or calculate the result of a small market-stall transaction.
    • Repeat a definition without using it.

12. 12. Why is the worked discounts, profit and loss example valid?

    • It avoids the defining relationship in the topic.
    • Discount compares a reduction with the marked price, while profit or loss compares a selling price with the cost price. Percentage profit or loss is calculated relative to the cost price.
    • It treats every numerical operation as interchangeable.
    • It relies on the answer being visually complicated.

13. 13. Which statement best connects Cost price and Selling price?

    • Cost price and Selling price are unrelated labels.
    • Cost price removes the need for Selling price.
    • The meanings of Cost price and Selling price can be swapped.
    • The amount paid to obtain or make an item. The amount received when the item is sold.

14. 14. Which response shows mathematical reasoning rather than guessing?

    • Label the cost, marked and selling prices before calculating a discount, profit or loss. Then rebuild the selling price from the cost price and calculated percentage.
    • Dividing profit by the selling price instead of the cost price.
    • Apply a familiar rule before identifying what the quantities represent.
    • Round every value at the beginning and do not check the effect.

15. 15. Which explanation would best justify a final answer?

    • The answer must be right because it was completed quickly.
    • The method does not need to match the quantities or conditions.
    • Discount compares a reduction with the marked price, while profit or loss compares a selling price with the cost price. Percentage profit or loss is calculated relative to the cost price. The result can be checked by this step: Rebuild the selling price from the cost price and calculated percentage.
    • A different result was ignored because it was inconvenient.

16. 16. A result seems unreasonable. What is the best diagnostic response?

    • Keep the result and remove the working.
    • Check for this common error: Dividing profit by the selling price instead of the cost price. Then rebuild the selling price from the cost price and calculated percentage.
    • Change the original question so the result fits.
    • Choose a new answer without revisiting the method.

17. 17. Which plan would produce the clearest solution for another reader?

    • Dividing profit by the selling price instead of the cost price.
    • Apply a familiar rule before identifying what the quantities represent.
    • Round every value at the beginning and do not check the effect.
    • Label the cost, marked and selling prices before calculating a discount, profit or loss. Show the working clearly and label the final result.

18. 18. Which check is most closely tied to the mathematics in this topic?

    • Rebuild the selling price from the cost price and calculated percentage.
    • Assume the first answer is correct because a calculator produced it.
    • Check only that an answer has several digits.
    • Change the units after calculating without using a conversion.

19. 19. Which application requires the ideas from this topic?

    • A task with no measurable information or decision.
    • A task that forbids using the stated mathematical relationship.
    • Compare two sale offers or calculate the result of a small market-stall transaction.
    • A task solved by copying an unrelated formula.

20. 20. Which critique identifies a genuine flaw in a solution?

    • The solution states the relevant units.
    • Dividing profit by the selling price instead of the cost price.
    • The solution shows an intermediate step.
    • The solution checks its answer.

21. 21. What is the strongest summary of discounts, profit and loss?

    • It is a topic where units, conditions and checks never matter.
    • It is solved by choosing any operation that gives a whole number.
    • It has no connection to mathematical reasoning or real situations.
    • Discount compares a reduction with the marked price, while profit or loss compares a selling price with the cost price. Percentage profit or loss is calculated relative to the cost price.