Profit=Revenue-Cost Review

Which of the following is the best definition of REVENUE?

• The total amount of income a business makes from selling products or services
• The amount of money a business has LEFT over after paying for their costs.
• The total amount of money a business spends.
• The amount of money a business loses every month.

Which of the following is the best definition of PROFIT?

• The total amount of income a business makes from selling products or services
• The amount of money a business has left over after paying for their costs.
• The total amount of money a business spends.

Which of the following is the best definition of COSTS?

• The total amount of income a business makes from selling products or services
• The amount of money a business has left over after paying for materials.
• The total amount of money a business spends.

Tags

CCSS.6.NS.B.3

Which of the following is the equation for figuring out PROFIT?

• Profit = Revenue - Cost
• Profit = Cost - Revenue
• Revenue = Profit - Cost
• Costs = Profit - Revenue

Tags

CCSS.HSA.CED.A.4

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket.  For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth.  This month she made and sold 15 blankets. What is Kelly's total REVENUE?

• $25
• $225
• $375
• $750

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket.  For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth.  This month she made and sold 15 blankets. What is Kelly's total COST?

• $25
• $225
• $375
• $750

Kelly makes and sells quilted blankets out of her home. She charges $50 per blanket.  For each blanket she makes, she must spend $1 on thread, $2 in electricity and $12 on cloth.  This month she made and sold 15 blankets. What is Kelly's total PROFIT?

• $25
• $225
• $375
• $750

Your business rents a building on Main Street in Cedar Falls.  Every month you pay exactly $750 to rent the building.  This is an example of a...

• FIXED cost.
• VARIABLE cost.

Tags

CCSS.HSF-LE.A.1B

If you own a home, you must pay for electricity you use.  The amount you pay changes every month depending on how much you use. This is an example of a...

• FIXED cost.
• VARIABLE cost.

You own a restaurant and every month you must pay your water bill. However, you never know how much that bill will be because the amount changes based upon how much water your business uses.  This is a...

• FIXED cost.
• VARIABLE cost.