This Math quiz is called 'Business Math 09 - Calculating Profit and Loss' and it has been written by teachers to help you if you are studying the subject at middle school. Playing educational quizzes is a fabulous way to learn if you are in the 6th, 7th or 8th grade - aged 11 to 14.
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In another 8th grade Business Math quiz (Understanding Profit and Loss), the basics of understanding how profit and loss works in the business world was discussed. If you have not already taken that quiz, please check it out as it can help you here with this quiz.
As a very brief overview of profit and loss, a profit is the gain you receive on an investment you make. This includes interest earned on a savings account. However, in the business world it is the amount made above and beyond what it cost you to buy a product (unit cost). For example, if you buy dolls to sell and you buy 50 dolls for $5.00 each and then you sell each doll for $12.00, when you sell a doll for $12.00 you then subtract your cost of $5.00 leaving you a profit of $7.00 (also referred to as the gross profit).
From the gross profit you must then subtract your overhead expenses (or operating expenses) leaving you a net profit. In order for a business to survive it must have a continuous net profit and very little net loss (when the overhead expenses are greater than the gross profit).
Again, if you have not done the quiz on Understanding Profit and Loss, please check it out first and then come back and take this quiz. In this quiz you are being asked to work out the following problems to see if you can determine what the net profit or the net loss will be.
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