In its simplest sense, profit is the money made after expenses. If the expenses are more than the money received then it's considered a loss.
A profit is a positive number and a loss is a negative number.
John buys items from a car boot sale. He then sells the items on an internet auction site.
The table shows some information about the items that John has bought and sold in a week.
|Item||Bought||Sold||Profit or loss|
|Toy car||£1.00||£1.20 profit|
Fill in the missing gaps and work out the total profit or loss for the five items.
By considering the profit and loss of the 5 items as positive and negative numbers, the items represent:
So overall it's a profit of £0.20 or 20 p.