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.
[readmore]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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Working the problem:
600 baseball cards at $9.25 each 600 x 9.25 = $5,550.00 600 x 3.75 = $2,250.00 $5,550.00 - $2,250.00 = $3,300.00 Gross Profit is: $3,300.00 $5,550.00 x .28 = $1,554.00 (equals the 28%) $3,300.00 - $1,554.00 = $1,746.00 Net Profit is: $1,746.00 Answer (d) is the correct answer |
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Working the problem:
310 sandwiches for $4.75 each 310 x 4.75 = $1,472.50 Gross Profit is: $821.90 $1,472.50 - $821.90 = $650.60 650.60 ÷ 310 = $2.0987 Unit Cost is: $2.10 (rounded up) Answer (a) is the correct answer |
Working the problem:
20 bundles of a dozen roses each for $9.00 per bundle $9.00 ÷ 12 = $0.75 (initial unit cost/per rose) $12.00 ÷ 6 = $2.00 (cost per rose after re-bundling) $2.00 - $0.75 = $1.25 Gross Profit per rose after re-bundling: $1.25 Solution: $0.75 initial unit cost and $1.25 gross profit after re-bundling Answer (b) is the correct answer |
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Working the problem:
$150,000.00 per house at 5% commission 150,000 x 0.05 = $7,500.00 commission per house 7,500 x 0.232 = $1,740.00 (the 23.2% operating expenses needed per house) $7,500.00 x 6 = $45,000.00 total commission on sale of 6 houses $1,740.00 x 6 = $10,440.00 (operating expenses incurred each month) $45,000.00 - $10,440.00 = $34,560.00 Net Profit is: $34,560.00 for one month selling 6 houses Answer (d) is the correct answer |
Working the problem:
$5,000,000.00 building cost $250,000.00 profit $5,000,000.00 + $250,000.00 = $5,250,000.00 $1.60 per car 5,250,000 ÷ 1.60 = 3,281,250 Solution: 3,281,250 cars will need to cross the bridge to earn the cities the $250,000.00 profit Answer (b) is the correct answer |
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Working the problem:
245 stools at $13.00 each 168 stools sold at $25.99 each 168 x 25.99 = 4,366.32 168 x 13.00 = 2,184.00 $4,366.32 - $2,184.00 = $2,182.32 Gross Profit is: $2,182.32 Answer (a) is the correct answer |
Working the problem:
31,471 tickets for $17.00 each 31,471 x 17 = $535,007.00 Gross Profit is: $346,181.00 $535,007.00 - $346,181.00 = $188,826.00 188,826 ÷ 31,471 = $6.00 Unit Cost is: $6.00 (per ticket) Answer (c) is the correct answer |
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Working the problem:
$590.00 per year membership fee per person $590.00 x 700 = $413,000.00 413,000 x 0.37 = $152,810.00 (the 37%) Yearly Operating Expenses is: $152,810.00 Answer (d) is the correct answer |
Working the problem:
200 cakes for $3.50 each 200 x $3.50 = $700.00 200 x $8.75 = $1,750.00 $1,750.00 - $700.00 = $1,050.00 Gross Profit is: $1,050.00 Answer (b) is the correct answer |
15 pairs of ice skates at $11.50 each
7 pairs sold at $21.00 each
7 x 21 = 147
7 x 11.50 = 80.50
$147.00 - $80.50 = $66.50
Gross Profit is: $66.50
Answer (c) is the correct answer