NTI Day 7 Questions

Profits are the _______ money a business makes after paying for all the costs of making and selling a product.

The cost of production is all the money spent to _______ a product.

The _______ the cost of production, the higher the potential profits.

The selling price is the amount of money a product is _______ for.

It is important for a business to set the selling price at a level that ______ the cost of production and leaves room for profit.

If the cost of production is high and the selling price is low, the profits will be _______.

If the cost of production is low and the selling price is high, the profits will be _______.

Sarah is making handmade bracelets.

It costs her $2 to make 1 bracelet.

She decides to sell each bracelet for $8.

If Sarah makes 10 bracelets, how much profit will she make if she sells all of them?

• Cost: $2 x 10 bracelets = $20

  Total: $8 x 10 bracelets = $80

  Profit: $80 (total) - $20 (cost) = $60 (profit)

• Cost: $2 x 10 bracelets = $20

  Total: $8 x 10 bracelets = $80

  Profit: $80

The school is organizing a bake sale.

They spent $30 on ingredients to make cookies.

They plan to sell each cookie for $2.

If they make 70 cookies, how much profit will the school make after selling all the cookies?

• Cost: $30

  Total earned: $2 x 70 cookies = $140

  Profit: $140

• Cost: $30

  Total earned: $2 x 70 cookies = $140

  Profit: $140 (total) - $30 (cost) = $110 (profit)

I miss Ms. Schuler. She is the best teacher ever and I can't wait to get back to school to see her!

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