Mathematics for IGCSE & O level - Percentages (Section 3 - No. 31)
Which statements are true about calculating percentage profit or loss?
It is calculated as (selling price - cost price) / cost price * 100.
A profit occurs when the selling price is higher than the cost price.
A loss occurs when the cost price is greater than the selling price.
Percentage profit/loss is always calculated against selling price.
Maelezo
Profit is calculated against the cost and loss is calculated against the cost.