Profit and Losses

Front

What is profit?

Back

Profit is the financial gain obtained when the revenue from sales exceeds the costs associated with producing the goods or services.

Front

What is loss?

Back

Loss occurs when the costs of producing goods or services exceed the revenue generated from sales.

Front

How do you calculate profit?

Back

Profit = Total Revenue - Total Costs.

Front

How do you calculate loss?

Back

Loss = Total Costs - Total Revenue.

Front

What is the formula for calculating total revenue?

Back

Total Revenue = Selling Price per Unit x Number of Units Sold.

Front

If an item costs $190 and is sold for $175, what is the loss?

Back

Loss = $190 - $175 = $15.

Front

If 470 purses are sold for $155 each, what is the total revenue?

Back

Total Revenue = 470 x $155 = $72,850.

Front

If the total cost to produce 470 purses is $62,180, what is the profit?

Back

Profit = Total Revenue - Total Costs = $72,850 - $62,180 = $10,670.

Front

What is the selling price of an item if it costs $55 and the tax is 8%?

Back

Total Cost = $55 + ($55 x 0.08) = $59.40.

Front

If Ben bought a hoverboard for S45000 and sold it for S34000, what is the result?

Back

Loss = S45000 - S34000 = S11000.