How to find amount of profit

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Algebra › How to find amount of profit

Questions 1 - 10
1

Billy buys fifteen stocks of a company for five dollars each. He sells all the stocks at eight dollars each. How much is his profit?

Explanation

Billy's profit comes from the earnings of all stocks minus the amount that he initially invested.

Find out how much Billy has spent on the fifteen stocks. Multiply the cost of the stock by the amount he has bought.

He spent seventy five dollars on the stocks.

Find out the total amount he has sold all the stocks for. Multiply the new price of the stocks by the amount he has sold.

Billy's profit is the difference of the earnings minus the initial price of all the stocks. Subtract the two prices.

Billy's profit is .

2

The retail price of gold is . Suppose Billy bought twenty gold coins at wholesale price for each. How many gold coins can Billy buy at retail price from his profit if he chose to sell all twenty coins at each?

Explanation

Determine how much Billy has spent on all twenty gold coins. Since he bought 20 gold coins at wholesale price, multiply 20 by the price of gold at $100.

Billy has spent on gold coins at wholesale price.

Determine his profit after he sells all gold coins at each.

This amount is his revenue after selling all his 20 coins.

Profit is the total revenue minus the cost Billy has spent.

After subtracting the initial cost, Billy has $600 profit from selling all his 20 gold coins at $130 each.

Divide the profit with the retail cost of the gold coins to determine how many gold coins he can buy at retail price with his profit.

Billy can only buy gold coins at retail price as a result of his profit.

The answer is:

3

Jessica sells cookies for $2 a piece. She has calculated that she makes a 23% profit on each cookie. How much does each cookie cost her to produce?

Explanation

Be careful. Based on the question, we apply the percent profit to the her cost to produce a cookie NOT to the $2.00 in revenue. So our equation would be:

where represents how much it costs Jessica to make a cookie.

We can simplify this to:

So it would cost Jessica $1.63 to make a cookie.

4

Joseph owns a local pizzeria, and of the restaurant's income goes to operating cost (paying employees, buying ingredients, etc.). If Joseph's pizzeria makes this month, how much does Joseph take home in profit?

Explanation

If of total income goes to overhead and expenses, that leaves of in total profit:

5

Jake decided to purchase a large pizza for . Deciding that he really doesn't want to eat pizza he chose to sell individual slices to his friends. If the pizza has 8 slices and each one was sold for , what is Jake's profit?

Explanation

The amount of profit is the money that was made in addition to the amount returned. If Jake had gotten back he would have not made any profit since that is what he paid for the pizza. When he sold his pizza he ended up with but he did not make in profit because he spent originally. His profit is calculated by

profit = total money made - total money spent

For Jake this is

It is possible to have a negative profit meaning Jake would have lost money. If he sold each piece for then his profit would be

6

Tommy makes profit for every in sales at his music store. If on friday the music store made in sales, what would be the total profit?

Explanation

If of every in sales is profit, then the profit can be calculated as of total sales:

7

Jimmy's Pizza and Pasta agreed to do a fundraising event at their restaurant with the local high school. of all proceeds will be donated to help buy new textbooks. The fundraising event generated an income of . How much money was raised for new textbooks?

Explanation

of the total proceeds can be calculated as such:

8

Oscar normally takes of the total sales at his phone store as profit. Unfortunately, some unexpected bills came up that needed to be paid, leaving Oscar with a remaining in profit for the month. If the store had in total sales for the month, what percent of the profits were used to pay the unexpected bills?

Explanation

The first step is to find the total amount of profit for the month prior the added expenses. At of total sales, this value can be calculated as such:

Now that we have total profit for the month, we can divide the total profit minus the remaining profit by the original total profit to determine what percent was spent paying bills:

9

Jimmy runs his own small packing and shipping firm. His business plan appropriates in employee wages and this month the property lease consumed of net income and cost of product accounted for of net income spent. This month, Jimmy's company had a net income of . After overhead and employee wages, how much will Jimmy collect as profit for the month?

Explanation

If the combined employee wages total , of total income goes to rental space and goes to cost of product, we can calculate profit as such:

10

An item selling for $15.40 makes a 10% profit. How many of these items must be sold in order to make a total profit of $10,000?

Explanation

Be careful with this calculation. If an item is making 10% profit, that means that it is making that profit on the original price.

Therefore, if is the original price, we can write:

.

Solving for , we get .

This means that the profit per item is $1.40. Now, divide 10,000 by 1.4 and get 7,142.857. Since you cannot sell partial items, you will need to sell 7,143 items in order to get a $10,000 profit.

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