When it comes to Quantitative Aptiude Section, Profit & Loss becomes an inevitable section for all exams such as SBI Clerk, SBI PO, IBPS PO, IBPS Clerk, SSC CGL, SSC CHSL and other competitive exams. This article would be very handy for all those who have a tendency to skip questions from this topic & beginners. We would be covering from the basics

### Important terms

**Cost Price** – The price at which an article is purchased is called the cost price or CP.

**Selling Price** – The price at which an article is sold is called the selling price or SP.

**Marked Price** – The price which is written on the article.

**Profit / Gain** – The difference between SP and C.P if it is positive, that amount is called Profit or Gain. If the selling price of the article is more than its cost price, then the seller makes a profit.

**Loss** – The difference between CP and SP if it is positive, that amount is called Loss. If the selling price of the article is less than the cost price of the article, then the seller makes suffers a loss on it.