Profit=Revenue-Cost Review

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Which of the following is the best definition of REVENUE? Options: The total amount of income a business makes from selling products or services, The amount of money a business has LEFT over after paying for their costs., The total amount of money a business spends., The amount of money a business loses every month.

Back

The total amount of income a business makes from selling products or services

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Which of the following is the best definition of PROFIT?

Back

The amount of money a business has left over after paying for their costs.

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Which of the following is the best definition of COSTS?

Back

The total amount of money a business spends.

Front

Which of the following is the equation for figuring out PROFIT? Options: Profit = Revenue - Cost, Profit = Cost - Revenue, Revenue = Profit - Cost, Costs = Profit - Revenue

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Profit = Revenue - Cost

Front

What is Kelly's total REVENUE from selling 15 quilted blankets at $50 each?

Back

$750

Front

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket. For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth. This month she made and sold 15 blankets. What is Kelly's total COST?

Back

$225

Front

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket. For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth. This month she made and sold 15 blankets. What is Kelly's total PROFIT?

Back

$525

Front

Your business rents a building on Main Street in Cedar Falls. Every month you pay exactly $750 to rent the building. This is an example of a...

Back

FIXED cost.

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If you own a home, you must pay for electricity you use.  The amount you pay changes every month depending on how much you use. This is an example of a...

Back

VARIABLE cost.

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You own a restaurant and every month you must pay your water bill. However, you never know how much that bill will be because the amount changes based upon how much water your business uses. This is a...

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VARIABLE cost.