Calculate gross and net profit.
DefinitionCalculations should include income minus cost of merchandise and operating expenses.
- What is the relationship between a businesses' markup and its gross profit?
- Businesses often discuss their bottom line. What does bottom line mean?
- What is the difference between gross and net profit? Which is true profit?
- What are typical operating expenses?
Related Standards of Learning
The student will
- represent verbal quantitative situations algebraically; and
- evaluate algebraic expressions for given replacement values of the variables.
The student will solve
- multistep linear and quadratic equations in one variables algebraically;
- quadratic equations in one variables algebraically;
- literal equations for a specified variable;
- systems of two linear equations in two variables algebraically and graphically; and
- practical problems involving equations and systems of equations.