profit and income please view this tutorial and answer the follow-up questions on loose leaf to turn...
Post on 20-Jan-2016
213 Views
Preview:
TRANSCRIPT
Profit and Income
Please view this tutorial and answer the follow-up questions on loose leaf to
turn in to your teacher.
Basics•Income: the amount of money you earn by selling items
•Profit: the money you keep after paying your expenses
Rule:Profit = Income - Expenses
Example
FMLA is selling hand sanitizer as a fund raiser for their club. The materials to make the hand sanitizer costs them $120. They plan to sell the bottles for $2 each. Write a rule for the income and profit.
First, we need to find our important information.
Example
FMLA is selling hand sanitizer as a fund raiser for their club. The materials to make the hand sanitizer costs them $120. They plan to sell the bottles for $2 each. Write a rule for the income and profit.
The materials cost the $120.
This is our expenses.
Example
FMLA is selling hand sanitizer as a fund raiser for their club. The materials to make the hand sanitizer costs them $120. They plan to sell the bottles for $2 each. Write a rule for the income and profit.
They are selling the bottles for $2 each.
ExampleImportant Info:Materials costs $120Selling bottles for $2 each
The first thing we need to identify our variables.
The things that change for this situation will be Income, Profit, and the number of bottles sold.
ExampleImportant Info:Materials costs $120Selling bottles for $2 each
I = IncomeP = ProfitB = Number of bottles sold
Since we’re solving for income, our equation will start out
I =
ExampleImportant Info:Materials costs $120Selling bottles for $2 each
I = IncomeP = ProfitB = Number of bottles sold
How will the income change for every bottle sold?
I =
ExampleImportant Info:Materials costs $120Selling bottles for $2 each
I = IncomeP = ProfitB = Number of bottles sold
The income will increase by $2 for each bottle sold, so we write…I = I = 2B
ExampleImportant Info:Materials costs $120Selling bottles for $2 each
I = IncomeP = ProfitB = Number of bottles sold
Now, can solve for the profit. Remember, the general rule for profit is Income - Expenses
ExampleImportant Info:Materials costs $120Selling bottles for $2 each
I = IncomeP = ProfitB = Number of bottles sold
Profit = Income - ExpensesP 2B 120
Follow Up Questions
Answer the following questions on loose leafand hand them in to your teacher.
Follow Up QuestionsMr. Nelms bought a pack of 200 pencils for $5. He sells these pencils to kids that aren’t prepared for class for $.25 each.
1. What are the expenses for this problem?2. Using n for the number of pencils and I for
income, write a rule to model the income for this situation.
3. Using n for the number of pencils and P for profit, write a rule model the profit for this situation.
top related