Review Terms/Concepts
ALL the money a business brings in
What is Revenue?
the amount an item is sold for
What is Price?
the cost per individual item, often used to compare bulk items
What is Unit Price?
Samantha wants to buy a backpack that costs $60. The store is having a 25% off sale on all backpacks.
What is the sale price of the backpack after the discount?
What is $45?
Revenue - Cost
What is Profit?
what the business spends to make or buy a product
What is Cost?
a reduction in the regular price
What is a Discount?
how much more you charge above cost
What is a Markup?
Noah runs a small lawn mowing business. Last week, he earned $150 from mowing lawns. He spent $25 on gas and $10 on supplies.
What was Noah’s net income for the week?
What is $115?
Selling Price - Cost
What is a Markup?
money left after costs are subtracted from revenue
when revenue equals cost (no profit, no loss)
What is a Break-Even Point?
any spending a business has to do (rent, materials, wages)
What is an Expense?
Jasmine buys a video game that costs $50. The sales tax rate is 8.6%.
How much is the sales tax?
What is $4.30?
hourly wages x hours worked
What is Gross Income?
when costs are more than revenue
What is Loss?
money earned (can be from a job, product, or service)
What is Income?
a percentage added to the price of goods/services by the government
What is Sales Tax?
Liam is selling homemade bracelets at a craft fair. It costs him $2 to make each bracelet, and he paid $40 to rent a table at the fair. He sells each bracelet for $6.
How many bracelets does Liam need to sell to break even?
What is ? 10
fixed cost/profit per unit
What is the Break-Even Point?
what is the different between revenue and profit
What is...revenue is ALL of the cost...profit is what is left AFTER deductions?
income before any expenses are taken out
What is Gross Income?
when something loses value over time
What is Depreciation?
A store buys a pair of sneakers from the manufacturer for $40. The store wants to make a 50% markup when selling the sneakers.
What will be the selling price of the sneakers?
What is $60?
(Markup/Cost) x 100