Profit and The Profit Making Business Class Notes 10/2

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After today's lesson, SWBAT
1. Calculate Profit
2. Describe the characteristics of a
Profit Making Business

​Answer: First, let's calculate our income.
100 units x $50 = $5000
Now, let's see how much it costs us to buy/make those goods.
100 units x $300 = $3000

Okay, now let's calculate the profit using the formula:
Income-Expenses = Profit
$5000 - $3000 = $2000

​Answer: First, let's calculate our income.
80hours x $150 = $12,000
The expenses are $2000
Let's calculate the profit using the formula: Income-Expenses = Profit
$12000 - $2000 = $10,000

​​Answer: Calculate the income.
1,000 subscribers x $10 = $10,000
The expenses are $5000
Then calculate the profit using the formula: Income-Expenses = Profit
$10,000 - $5000 = $5,000

​First, let's see what you know about profit....

Multiple Choice

How do we solve for profit?

• Income- expense

• Expense+income

• profit+income

• Income+profit

Multiple Choice

Sal made 24 cupacakes to sell at his bakery. He sold all of the cupcakes that he made. Sal made a list about what he did.

• Price paid for the ingredients: $31.62
• Price paid for the paper liners: $5.08
• Selling price for EACH cupcake: $3

What was Sal's profit from selling all 24 cupcakes?

• $35.30

• $36.70

• $35.03

• $23.54

Multiple Choice

Evan earned $300 by doing yard work. His profit was $250. How much were his expenses?

• $550

• $300

• $250

• $50