Profit

A profit is made when someone sells an item for more money that it costs or is worth.

Example:

 If a book costs $20 and is sold for $30 then the seller makes a profit of $10 because they sold the book for an additional $10 more than it originally costs.

Profit = Selling Price - Cost Price
Profit = $30 - $20
Profit = $10

Note Well: Profit can also be written as a percentage

Profit Percentage = (Profit ÷ Cost Price) x 100%
Profit Percentage = ($10 ÷ $20) x 100%
Profit Percentage = 50%

This is what is done often in stores so that the owners can make a profit. Think about it logically,the store owner wants the business to succeed, so the store must sell the items for more than they were bought for.

Calculate the solutions to the following questions and post your answers

1)  A man buys a chair for $200 and sells it at $250, what is the profit?

2) If an item is worth $40 and is re-sold to make a $30 profit, what is the selling price of the item?

3) A man re-sold a sofa suite at $3000 to make a $500 profit. What was the cost price of the sofa suite?

4) An item costs $70 to make and is then re-sold at $105. Determine the profit percentage earned.




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