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 fixed expense?

Back

A fixed expense is a cost that does not change, such as rent or a monthly subscription.

Front

What is a variable expense?

Back

A variable expense is a cost that can change, such as groceries or car repairs.

Front

Why do people deposit money in banks?

Back

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

Front

What do banks do with the money they receive from deposits?

Back

Banks lend money to people and businesses, and they pay interest on the deposits.

Front

What is the selling price?

Back

The selling price is the amount of money received from selling a product.

Front

What is the cost of goods sold?

Back

The cost of goods sold is the total cost of producing or purchasing the items that were sold.

Front

If Ann bought a lamp for $15 and sold it for $29, what was her profit?

Back

Ann's profit was $14.

Front

If Sandra made corn in a cup for $9.29 and sold it for $22.35, what was her profit?

Back

Sandra's profit was $13.06.