Domain 4 L1

A(n) _______________ refers to the net profit the company wants to make from the sale and is usually represented using a percentage.

A(n) _______________ price represents how much money it costs a business to make or obtain the products or how much it costs a business to perform the service.

A(n) _______________ is a financial report that shows a company's assets, liabilities, and equity for a specific period.

_______________ is the owner's remaining value after all liabilities have been deducted.

A(n) _______________ statement, also known as a profit and loss statement, shows the total revenues and expenses for a specific period.

The _______________ point is the amount of revenue required to cover expenses.

Ben owns a shoe store. He has a new line of limited-edition running shoes that he will be selling in his store soon. The cost of manufacturing the shoes was $18 per pair, and he wants to make a 20% profit on each pair he sells. What is Ben’s selling price?

Adam owns a restaurant. A new dish is being added to the restaurant’s menu. The cost of making the dish is $6.75, and he wants to make a 33% profit on each dish he sells. What is Adam’s selling price?

Cory owns a home goods store. He is about to add a new line of candles to his store. The cost of manufacturing the candles is $8.46 per candle, and he wants to make a 52% profit on each candle. What is Cory’s selling price?

Mallory owns an auto repair shop. She has $12,000 in cash, $8,000 in inventory, a $4,000 credit card balance, and $3,500 in long-term debt. What is Mallory’s equity?