Math: Financial Literacy (Profit)

Front

What is profit?

Back

Profit is the amount of money a business makes after subtracting all its costs. It can be calculated using the formula: Profit = Revenue - Costs.

Tags

CCSS.6.RP.A.3B

Front

How do you calculate profit from selling an item?

Back

To calculate profit from selling an item, subtract the total costs of making the item from the total revenue earned from selling it. Formula: Profit = Total Revenue - Total Costs.

Tags

CCSS.6.RP.A.3B

Front

If Maria sells a purse for $18 and her costs are $6 for fabric, $4.25 for zippers, and $1 for thread, what is her profit?

Back

Maria's profit is $6.75.

Tags

CCSS.7.NS.A.3

Front

What is a fixed expense?

Back

A fixed expense is a cost that does not change from month to month, such as rent or a monthly utility bill.

Front

Which of the following is an example of a fixed expense? The Gamez family spends about the same amount of money on the electric bill each month.

Back

This statement is true; it represents a fixed expense.

Tags

CCSS.5.OA.B.3

Front

What is the total cost of making lemonade if sugar costs $4, lemons cost $5, and cups cost $3?

Back

The total cost is $12.

Tags

CCSS.1.OA.A.1

Front

If Ms. Singsaas sells lemonade for $26.75 and her total costs are $12, what is her profit?

Back

Ms. Singsaas's profit is $14.75.

Tags

CCSS.7.NS.A.3

Front

Hailey spent $5.25 on materials and $2 on advertising. If she sold 6 necklaces for $2 each, what is her profit?

Back

Hailey's profit is $4.75.

Tags

CCSS.7.EE.B.3

Front

What is revenue?

Back

Revenue is the total amount of money received from sales before any costs are deducted.

Front

If Mr. Gamez sold popcorn for $24 and his costs were $12.50, what is his profit?

Back

Mr. Gamez's profit is $11.50.

Tags

CCSS.6.NS.B.3