Calculate Profit

Front

What is profit?

Back

Profit is the money earned after subtracting expenses from income.

Front

How do you calculate profit?

Back

Profit = Income - Expenses

Front

What are expenses?

Back

Expenses are money spent on materials or bills.

Front

If Tom spent $30 on gas and $20 on gloves, what were his total expenses?

Back

$50

Front

Tom earned $200 for helping his uncle. What was his profit if his expenses were $50?

Back

$150

Front

Simon buys ingredients for $15 and sells 12 hamburgers for $3 each. What is his total income?

Back

$36

Front

What is the formula to find total income from sales?

Back

Total Income = Price per item x Number of items sold

Front

If Simon's total income is $36 and his expenses are $15, what is his profit?

Back

$21

Front

Evan earned $300 and had a profit of $250. How do you find his expenses?

Back

Expenses = Income - Profit = $300 - $250 = $50

Front

What does it mean to break even?

Back

Breaking even means that income equals expenses, resulting in no profit or loss.