Fixed & Variable Expenses / calculating profit

Front

What is the correct equation for finding profit?

Back

Profit = Income - Expenses

Front

What is income?

Back

Money coming IN to your pockets.

Front

Leonardo has 24 Pokémon cards he bought for $10.00. He decided to sell each card for $2 each. What was Leonardo's profit?

Back

Leonard's profit was $38.

Front

Flor makes hair bows to sell. She sells 10 hair bows for $3 each. Flor spends $10.75 on ribbon for the hair bows. What is Flor's profit?

Back

Flor's profit is $19.25.

Front

Joana bought 3 new shirts for $5 each. She sells each shirt for $15. What is Joana’s profit?

Back

Joana's profit is $30.

Front

What are fixed expenses?

Back

Fixed expenses are costs that do not change, like rent or subscriptions.

Front

What are variable expenses?

Back

Variable expenses are costs that can change, like groceries or entertainment.

Front

How do you calculate total income?

Back

Total income is the sum of all money earned from sales or services.

Front

If you sell an item for $20 and it costs you $15, what is your profit?

Back

Your profit is $5.

Front

What is the importance of tracking expenses?

Back

Tracking expenses helps you understand where your money goes and manage your budget.