Profit

Front

What is profit?

Back

Profit is the amount of money a person makes after subtracting all costs from the total income.

Front

How do you calculate profit?

Back

Profit = Total Income - Total Costs.

Front

What is a cost?

Back

A cost is the amount of money spent to buy or produce something.

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What is a selling price?

Back

The selling price is the amount of money a buyer pays for a product.

Front

If you buy an item for $10 and sell it for $15, what is your profit?

Back

Your profit is $5.

Front

Why do people deposit money in banks?

Back

People deposit money in banks to keep their money in a safe place.

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What does it mean to lend money?

Back

To lend money means to give someone money with the expectation that they will pay it back later.

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What is interest?

Back

Interest is the extra money paid on top of the original amount borrowed, usually expressed as a percentage.

Front

If you buy a lamp for $15, repair it for $3, and sell it for $29, what is your profit?

Back

Your profit is $10 (Selling Price $29 - Total Costs $18).

Front

What is a garage sale?

Back

A garage sale is a sale of unwanted items, typically held in a person's garage or yard.