Cost Price:
The price at which an article is purchased, is called its cost price abbreviated as C.P.
Selling Price:
The price at which an article is sold, is called its selling price, abbreviated as S.P.
Profit or Gain:
If S.P. is greater than C.P., the seller is said to have a profit or gain.
Loss:
If S.P. is less than C.P., the seller is said to have incurred a loss.
