Let's solve each problem step by step and determine whether the company or person made a
profit or
loss.
We use this rule:
-
Profit occurs when
Selling Price > Cost Price
-
Loss occurs when
Selling Price < Cost Price
---
1. Bakery sold chocolate cake for $15.00. Ingredients cost $10.00.
- Selling Price = $15.00
- Cost Price (Ingredients) = $10.00
- Profit = $15.00 - $10.00 =
$5.00
✔ Profit
>
Answer: Profit
---
2. Man bought ice-cream for $10, sold for $8.
- Cost Price = $10.00
- Selling Price = $8.00
- Loss = $10.00 - $8.00 =
$2.00
✘ Loss
>
Answer: Loss
---
3. Snow-cone sold for $2.00, ingredients cost $0.50.
- Selling Price = $2.00
- Cost Price = $0.50
- Profit = $2.00 - $0.50 =
$1.50
✔ Profit
>
Answer: Profit
---
4. Box of 5 tikis cost $5.00. Woman sold one tiki for $1.50.
First, find the
cost per tiki:
- Total cost for 5 tikis = $5.00
- Cost per tiki = $5.00 ÷ 5 =
$1.00
She sold one tiki for $1.50.
- Selling Price = $1.50
- Cost Price = $1.00
- Profit = $1.50 - $1.00 =
$0.50
✔ Profit
>
Answer: Profit
---
5. Cupcake sold for $3.00, ingredients cost $1.25.
- Selling Price = $3.00
- Cost Price = $1.25
- Profit = $3.00 - $1.25 =
$1.75
✔ Profit
>
Answer: Profit
---
6. Pizza ingredients cost $35. Cut into 10 slices. One slice sold for $2.00.
- Total cost = $35.00
- Number of slices = 10
- Selling price per slice = $2.00
- Total revenue = 10 × $2.00 =
$20.00
Now compare:
- Total Revenue = $20.00
- Total Cost = $35.00
- Loss = $35.00 - $20.00 =
$15.00
✘ Loss
>
Answer: Loss
---
✔ Final Answers:
1.
Profit
2.
Loss
3.
Profit
4.
Profit
5.
Profit
6.
Loss
Let me know if you'd like these explained in simpler terms or formatted for a worksheet!
Parent Tip: Review the logic above to help your child master the concept of profit and loss worksheet.
