Business mathematics as the term states is related to business which involves mainly profit, loss and interest. This page is designed to provide you the best help with these basic topics. Below are the important business math topics that are explained in this page with example by using business math formulas:
Let's understand this in detail. While doing business one may earn a good profit or face loss. The price of an article is fixed by taking into consideration of its cost price, profit, margin, trade discount, cash discount etc. The price marked on the article is called marked price or catalog price. For trading purposes the manufacturer offers a discount in the marked price to the buyer. This is called trade discount. In addition to trade discount if the buyer pays cash against goods he gets another discount called cash discount. The price of the article after deducting the trade discount and cash discount is called as the selling price. Thus we have Selling price = Cost price - Discounts.
Profit = Selling price - Cost price
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Business mathematics is used by commercial enterprises to record and manage business operations. Commercial organizations use mathematics in accounting, inventory management, marketing, sales forecasting, and financial analysis. The Main categories in business math are,
Profit and loss both are very important to learn the concepts of math.
Suppose a shopkeeper buys an article from a manufacturer or wholesale dealer, the money paid by the shopkeeper to buy the article is called the cost price of the article. Generally we write C.P. for the cost price.
The shopkeeper sells the article which is generally more than its C.P. The price at which the shopkeeper sells the article is called the selling price of the article. Generally we write S.P. for the selling price.
If the S.P. of an article is greater than the C.P., then the shopkeeper has earned a gain or profit.
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