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what is the difference between profit and gain?
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Answer Posted / kent mikulsky
All the above answers are so terribly wrong if not confusing
to the average person. First, gain and profit are totally
different. The formulae are quite simple! Gain is what you
have left over after you sell something when compared to the
cost price. Profit is what you have left over after you sell
something when compared to the selling price. Example of
Gain: I pay $1.00 for something and sell it for $3.00. The
gain is $2.00. HOWEVER, when expressed as a percentage, the
gain ($2.00) is 200% of the cost. That is, 2 is twice the
value of 1 or 200% !!! GAIN is always a comparison against
cost!! Example of profit: I pay $1.00 for something and sell
it for $3.00. The profit is still $2.00. HOWEVER, when
expressed as a percentage, the profit ($2.00)is 66.67% (2/3)
of the selling price. PROFIT is always a comparison against
the selling price. SUMMARY: Gain will always be greater than
100% and profit will always be less than 100% !!!!!! You
know these things when you're a Polish business man.
| Is This Answer Correct ? | 38 Yes | 23 No |
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