Profit and Expenses

Front

What is profit?

Back

Profit is the amount of money a person makes after subtracting all costs and expenses from the total revenue earned.

Tags

CCSS.6.RP.A.3B

Front

How do you calculate profit?

Back

Profit = Total Revenue - Total Expenses.

Front

What are expenses?

Back

Expenses are the costs incurred in the process of earning revenue, such as purchasing items, shipping, and materials.

Front

If you sell an item for $10 and it cost you $6 to buy, what is your profit?

Back

Your profit is $4.

Tags

CCSS.7.EE.B.3

Front

What is total revenue?

Back

Total revenue is the total amount of money received from selling goods or services before any expenses are deducted.

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CCSS.HSF-IF.C.8B

Front

If you buy 5 items for $2 each and sell them for $3 each, what is your total revenue?

Back

Your total revenue is $15.

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CCSS.7.EE.B.3

Front

What is the selling price?

Back

The selling price is the amount of money for which an item is sold to customers.

Tags

CCSS.6.RP.A.3B

Front

If you paid $20 for a dozen pens and sold them for $4 each, what is your total revenue from selling all pens?

Back

Your total revenue is $48.

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CCSS.7.EE.B.3

Front

What is a loss?

Back

A loss occurs when expenses exceed revenue, resulting in a negative profit.

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CCSS.6.NS.C.7C

Front

If you spend $50 on materials and sell your product for $40, what is your loss?

Back

Your loss is $10.

Tags

CCSS.7.EE.B.3