Title: Explain costs of doing business in a repair or installation firm or department, using a profit and loss statement.
Course: Telecommunications I (10006-I) > Section: Applying Mathematics

Explanation should include

- defining profit and loss (a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time – usually a fiscal quarter or year)
- creating a working form to model an understanding of repair or install costs
- understanding the effect of taxation on outcome.

Process/Skill Questions:

- What is a profit and loss statement?
- What resources are available for locating information on items that may be found on a profit and loss statement?
- What are some possible profits that may result from operations?