Profit and loss percentage: Class 7 practice

What you should know first

• Percentages

The idea behind profit and loss percentage

Profit = SP − CP and loss = CP − SP. Profit and loss percentages are always calculated on the cost price.

Step-by-step method

1. Find profit or loss.
2. Divide by the cost price.
3. Multiply by 100.

Worked example 1 (Basic)

CP = ₹1120, SP = ₹1232. Find the profit percentage.

1. Profit = ₹112
2. % = 112 ÷ 1120 × 100 = 10%
3. Answer: 10% profit

Worked example 2 (Standard)

CP = ₹1120, SP = ₹985.6. Find the loss percentage.

1. Loss = ₹134.39999999999998
2. % = 134.39999999999998 ÷ 1120 × 100 = 12%
3. Answer: 12% loss

Worked example 3 (Challenge)

By selling an item for ₹748.0000000000001, a shopkeeper gains 10%. Find the cost price.

1. SP = CP × 1.1
2. CP = 748.0000000000001 ÷ 1.1 = ₹680
3. Answer: ₹680

Common mistakes and misconceptions

• Dividing by selling price
• Mixing up which is CP

Practice questions

1. (Basic) CP = ₹760, SP = ₹873.9999999999999. Find the profit percentage.
2. (Basic) CP = ₹300, SP = ₹336.00000000000006. Find the profit percentage.
3. (Standard) CP = ₹1080, SP = ₹810. Find the loss percentage.
4. (Standard) CP = ₹180, SP = ₹158.4. Find the loss percentage.
5. (Challenge) By selling an item for ₹1188, a shopkeeper gains 10%. Find the cost price.
6. (Challenge) By selling an item for ₹384, a shopkeeper gains 20%. Find the cost price.

Answer key with full working

• Q1: Profit = ₹113.99999999999989 → % = 113.99999999999989 ÷ 760 × 100 = 15% → Answer: 15% profit
• Q2: Profit = ₹36.00000000000006 → % = 36.00000000000006 ÷ 300 × 100 = 12% → Answer: 12% profit
• Q3: Loss = ₹270 → % = 270 ÷ 1080 × 100 = 25% → Answer: 25% loss
• Q4: Loss = ₹21.599999999999994 → % = 21.599999999999994 ÷ 180 × 100 = 12% → Answer: 12% loss
• Q5: SP = CP × 1.1 → CP = 1188 ÷ 1.1 = ₹1080 → Answer: ₹1080
• Q6: SP = CP × 1.2 → CP = 384 ÷ 1.2 = ₹320 → Answer: ₹320

Syllabus note

This skill is listed under "Comparing Quantities" for Class 7 in the NCERT/CBSE books. ICSE, IGCSE, IB and state boards may teach it in a different chapter or year.

Answers on this page are generated and automatically re-checked by a second, independent calculation. They have not been reviewed by a teacher — if you spot a problem, tell us on WhatsApp.

Related practice and notes

• Percentage increase and decrease
• Simple interest problems
• Dividing an amount in a ratio
• Solving simple equations
• Angle sum and exterior angle of a triangle
• Mean, median and mode
• Multiplying and dividing fractions
• All Class 7 practice

Frequently asked questions

Which chapter is profit and loss percentage in?

"Comparing Quantities", Class 7 Maths (NCERT/CBSE). Other boards may place it differently.

How were the answers checked?

Answers on this page are generated and automatically re-checked by a second, independent calculation. They have not been reviewed by a teacher — if you spot a problem, tell us on WhatsApp.