Thurs Calculate Profit & Fixed and Variable Expenses

Wednesday 03.22

Fixed & Variable Expenses

Multiple Choice

Rent Payment

• Fixed Expense

• Variable Expense

Multiple Choice

Electric Bill - not set to an equal monthly payment plan.

• Fixed Expense

• Variable Expense

Multiple Choice

Water Bill

• Fixed Expense

• Variable Expense

Multiple Choice

Phone Bill

• Fixed Expense

• Variable Expense

Multiple Choice

Gas to get to work

• Fixed Expense

• Variable Expense

Multiple Choice

Restaurant Bill

• Fixed Expense

• Variable Expense

Multiple Choice

Car Payment

• Fixed Expense

• Variable Expense

Multiple Choice

Jackie is making lemonade. She buys sugar, lemons, and cups for $17. She made $41 from selling the lemonade. What is her profit?

• $58

• $17

• $24

• $41

Multiple Choice

Jamie builds and sells boxes for worm farms. The materials to build cost $13. She sells the boxes for $20. How much profit will Jamie make?

• $7

• $27

• $13

• $20

Multiple Choice

Sandra sold corn in a cup at the fall festival. The cost of making the corn in a cup was $9.29. The amount received from the sale was $22.35.

What was Sandra's profit?

• $13.06

• $27.14

• $31.64

Multiple Choice

Charles bought an old rocking chair. He fixed it up so it looked new. Charles made the following purchases to repair the old rocking chair.

price paid for rocking chair $20 Cost of repairs $8 Cost of paint $7.50 Selling price $65

What was Charles's profit from selling the rocking chair?

• $34.50

• $29.50

• $51.50

Multiple Choice

Expenses are purchases, items you bought or what it costs.

• Profit = Earnings - Expenses

• False

Multiple Choice

What is the formula for calculating profit?

• Profit = Income - Expenses

• Expenses - Sold = Profit

• Profit - Expenses = Sold

Multiple Choice

Claudia sold beaded bracelets.

Claudia's expenses were $13.65 for supplies. Claudia sold 10 bracelets for $4 each.

What was Claudia's profit?

• $10.65

• $26.35

• $33.65