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What is business ?
It is providing of goods and services to customers in exchange for something of value.
How were goods and services exchanged long time ago?
Barter trade was practiced as can be seen below Goods were exchanged for goods
How are goods and services exchanged today?
Money is used
What is loss in business?
What is the formula for working out loss in mathematics?
1.Atieno bought 24 fish at sh.60 each. She sold them at sh.55 each. How much was the loss?
Loss=buying price - selling
price (L=B.P - S.P)
Buying price=sh60x24=sh1440
Selling price=sh55x24=sh1320
:. Loss=sh1440-sh1320
=sh120
Loss=Buying Price-Selling Price(L=BP-SP)
Buying price= sh.3850
Selling price=-sh.3250
Loss=sh.600
3.Chuba paid sh. 187,500 for a car and later sold it for sh. 129,500. Find his loss
Loss=Buying price-Selling Price (L=BP-SP)
Buying price= Sh.187 500
Selling price= -sh. 129 500
Loss= sh. 58 000
4.If Nekesa sold shoes for sh. 1 250 at a loss of sh. 565, at what price had she bought the shoes?
Buying price=Selling Price
+ Loss
Selling price= sh.1 250
Loss= + sh. 565
Buying price= sh. 1 815
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5 .The price of a book is sh. 175. If it was sold at a loss of sh. 34, at what price was it sold?
Selling price=cost price -
Loss
Cost price = ksh. 175
Loss = - ksh. 34
Selling price = ksh. 141
6.Two dresses were bought at sh. 140 each. When sold there was a total loss of sh.4. How much were the dresses sold?
Buying price=selling Price -
Loss
Buying price sh.140x2=280
Loss= - 4
Selling price = sh. 276
ANSWERS
1
a. Sh. 3.25
b. Sh. 115
c. Sh. 325
