EXit ticket for 4.10B L18M6

Front

What is profit?

Back

Profit is the amount of money a person makes after subtracting the costs of doing business from the total revenue.

Front

How do you calculate profit?

Back

Profit = Total Revenue - Total Costs.

Front

If Alex charges $20 to mow one lawn and mows 3 lawns, what is his total revenue?

Back

Total Revenue = 3 lawns x $20/lawn = $60.

Front

If Alex's total costs for mowing 3 lawns are $3.35, what is his profit?

Back

Profit = Total Revenue - Total Costs = $60 - $3.35 = $56.65.

Front

What is a cost in a business context?

Back

A cost is an expense incurred in the process of producing or selling goods or services.

Front

Zoey sold snacks for $21.75 after spending $10.29. What is her profit?

Back

Profit = $21.75 - $10.29 = $11.46.

Front

What is the total amount Ms. Lanford made from selling a dress for $20.75, a sweater for $15.25, and shorts for $8.50?

Back

Total Revenue = $20.75 + $15.25 + $8.50 = $44.50.

Front

If Ms. Lanford bought clothes for $12.00, what is her profit from selling them?

Back

Profit = Total Revenue - Total Costs = $44.50 - $12.00 = $32.50.

Front

What are expenses in a business?

Back

Expenses are the costs incurred in the process of running a business, such as supplies, rent, and utilities.

Front

Raina sold 12 pens for $2 each. What is her total revenue?

Back

Total Revenue = 12 pens x $2/pen = $24.