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Algebra 1 : Algebra 1

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Example Questions

Example Question #3 : How To Find Amount Of Profit

An item that costs $30 to purchase and retail is sold for 15% profit. How many need to be sold to make $25,000 profit?

Possible Answers:

5555

2500

5556

1667

1666

Correct answer:

5556

Explanation:

There are two steps to this problem. First, we must calculate how much profit is made per item. The general form of the question we are asking is, "How much is 15% of $30?" This can be rewritten:

p = 0.15 * 30 = 4.5

Now, if you make $4.5 per item, you need to divide the total profit desired ($25,000) by $4.5:

$<items> = \frac{25,000}{4.5} = 5555.56$

Be careful! You need to sell 5,556 items, NOT 5,555. At 5,555, you will have only made $24,997.5 in profit.

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Example Question #3 : How To Find Amount Of Profit

A store sells an item for $37, making a 17% profit. What is this profit in dollars and cents?

Possible Answers:

$31.62

$30.43

$9.32

$6.29

$5.38

Correct answer:

$5.38

Explanation:

This problem implies that some original price was marked up by $17\%$ .

This can be represented in an equation as s = 1.17 * p , where is the final sale price.

Therefore, we can rewrite the equation:

37 = 1.17 * p

Divide both sides by 1.17:

p = 31.6239

Rounding, we can say that the cost of the item is $31.62. Subtract this from $37 to get a profit of $5.38.

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Example Question #3 : How To Find Amount Of Profit

$\\ \noindent \textup{One product is sold at twice its cost.}\\\textup{If you must sell 1,000 units to make a profit of \$5,000, what is the unit cost?}$

Possible Answers:

$\$1$

$\$2.50$

$\$10$

$\textup{None of the above.}$

$\$5$

Correct answer:

$\$5$

Explanation:

$\\ \textup{Call \textit{c} the unit cost, then \textit{c} is also the unit profit, since 2\textit{c} is the unit price.}\\\textup{If 1,000 units are sold, 1,000\textit{c} profit is made, which we know equals \$5,000.}\\\textup{Solving the equation } 1000c=5000 \textup{ gives the desired solution } c=\$5.$

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Example Question #6 : How To Find Amount Of Profit

Jimmy's Pizza and Pasta agreed to do a fundraising event at their restaurant with the local high school. $15\%$ of all proceeds will be donated to help buy new textbooks. The fundraising event generated an income of $\$3,250.00$ . How much money was raised for new textbooks?

Possible Answers:

$\$450.00$

$\$487.50$

$\$515.25$

$\$392.50$

$\$415.75$

Correct answer:

$\$487.50$

Explanation:

$15\%$ of the total proceeds can be calculated as such:

$\frac{15\%}{100\%}\cdot\$3250.00=\$487.50$

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Example Question #11 : How To Find Amount Of Profit

Joseph owns a local pizzeria, and $65\%$ of the restaurant's income goes to operating cost (paying employees, buying ingredients, etc.). If Joseph's pizzeria makes $\$8,370.00$ this month, how much does Joseph take home in profit?

Possible Answers:

$\$2,929.50$

$\$3,225.00$

$\$4,377.25$

$\$2,850.50$

$\$5,440.50$

Correct answer:

$\$2,929.50$

Explanation:

If $65\%$ of total income goes to overhead and expenses, that leaves $35\%$ of $\$8,370.00$ in total profit:

$\frac{35\%}{100\%}\cdot\$8,370.00=\$2929.50$

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Example Question #12 : How To Find Amount Of Profit

Tommy makes $\$0.55$ profit for every $\$1.00$ in sales at his music store. If on friday the music store made $\$782.35$ in sales, what would be the total profit?

Possible Answers:

$\$677.39$

$\$430.29$

$\$517.09$

$\$415.89$

$\$399.99$

Correct answer:

$\$430.29$

Explanation:

If $\$0.55$ of every $\$1.00$ in sales is profit, then the profit can be calculated as $55\%$ of total sales:

$\frac{55\%}{100\%}\cdot\$782.35=\$430.29$

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Example Question #12 : How To Find Amount Of Profit

Jake decided to purchase a large pizza for $\$12.99$ . 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 $\$2.00$ , what is Jake's profit?

Possible Answers:

$\$3.01$

$\$16.00$

$\$28.99$

$\$10.99$

Correct answer:

$\$3.01$

Explanation:

The amount of profit is the money that was made in addition to the amount returned. If Jake had gotten $\$12.99$ 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 $\$16.00$ but he did not make $\$16.00$ in profit because he spent $\$12.99$ originally. His profit is calculated by

profit = total money made - total money spent

For Jake this is

$8\times \$2.00-\$12.99=\$16.00-\$12.99=\$3.01$

It is possible to have a negative profit meaning Jake would have lost money. If he sold each piece for $\$1.00$ then his profit would be

$8\times \$1.00-\$12.99=\$8.00-\$12.99=-\$4.99$

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Example Question #14 : How To Find Amount Of Profit

Oscar normally takes $40\%$ 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 $\$523.25$ in profit for the month. If the store had $\$14,500$ in total sales for the month, what percent of the profits were used to pay the unexpected bills?

Possible Answers:

$91\%$

$73\%$

$85\%$

$44\%$

$56\%$

Correct answer:

$91\%$

Explanation:

The first step is to find the total amount of profit for the month prior the added expenses. At $40\%$ of total sales, this value can be calculated as such:

$\$14,500\cdot\frac{40\%}{100\%}=\$5,800.00$

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:

$\frac{\$5,800.00-\$523.25}{\$5,800.00}=\frac{\$5,276.75}{\$5,800.00}=0.91$

$0.91\cdot100\%=91\%$

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Example Question #13 : How To Find Amount Of Profit

Jimmy runs his own small packing and shipping firm. His business plan appropriates $\$5,500.00/month$ in employee wages and this month the property lease consumed $20\%$ of net income and cost of product accounted for $33\%$ of net income spent. This month, Jimmy's company had a net income of $\$25,782.50$ . After overhead and employee wages, how much will Jimmy collect as profit for the month?

Possible Answers:

$\$8,907.15$

$\$8,164.72$

$\$6,617.78$

$\$7,286.73$

$\$8,395.37$

Correct answer:

$\$8,164.72$

Explanation:

If the combined employee wages total $\$5,500.00/month$ , $20\%$ of total income goes to rental space and $33\%$ goes to cost of product, we can calculate profit as such:

$Total\:Profit=\$25,782.50-\$25,782.50\cdot(\frac{100\%-33\%-20\%}{100\%})-\$5,500.00$ $Total\:Profit=\$25,782.50-\$25,782.50\cdot(\frac{47\%}{100\%})-\$5,500.00$

$Total\:Profit=\$25,782.50-\$12,117.78-\$5,500.00=\$8,164.72$

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Example Question #2781 : Algebra 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?

Possible Answers:

$\$3$

$\$18$

$\$45$

$\$75$

$\$30$

Correct answer:

$\$45$

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.

$\$5 \cdot 15 = \$75$

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.

$\$8 \cdot 15 = \$120$

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

$\$120-\$75 =\$45$

Billy's profit is $\$45$ .

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Algebra 1 : Algebra 1

Study concepts, example questions & explanations for Algebra 1

All Algebra 1 Resources

Example Questions

Example Question #3 : How To Find Amount Of Profit

Example Question #3 : How To Find Amount Of Profit

Example Question #3 : How To Find Amount Of Profit

Example Question #6 : How To Find Amount Of Profit

Example Question #11 : How To Find Amount Of Profit

Example Question #12 : How To Find Amount Of Profit

Example Question #12 : How To Find Amount Of Profit

Example Question #14 : How To Find Amount Of Profit

Example Question #13 : How To Find Amount Of Profit

Example Question #2781 : Algebra 1

All Algebra 1 Resources

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