Fixed and variable expenses

Front

What is a variable expense?

Back

A variable expense is an expense that doesn't occur regularly.

Front

What is a fixed expense?

Back

A fixed expense is an expense that stays the same every month.

Front

Give an example of a variable expense.

Back

Buying three bags of Takis is a variable expense.

Front

Give an example of a fixed expense.

Back

Rent is an example of a fixed expense.

Front

What is income?

Back

Income is money coming IN to your pocket.

Front

What is profit?

Back

Profit is the money you make after selling something, minus the cost of buying it.

Front

If Joana bought 3 shirts for $5 each, how much did she spend?

Back

Joana spent $15 on the shirts.

Front

If Joana sells each shirt for $15, how much does she earn from selling all 3 shirts?

Back

Joana earns $45 from selling all 3 shirts.

Front

What is Joana's profit if she sells all shirts for $15 each after spending $15?

Back

Joana's profit is $30.

Front

What is the difference between fixed and variable expenses?

Back

Fixed expenses stay the same every month, while variable expenses can change.