Call Now to Set Up Tutoring:

(888) 888-0446

Algebra 1 : How to find amount of profit

Study concepts, example questions & explanations for Algebra 1

Create An Account

All Algebra 1 Resources

10 Diagnostic Tests 557 Practice Tests Question of the Day Flashcards Learn by Concept

Example Questions

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:

$\$3,225.00$

$\$4,377.25$

$\$2,850.50$

$\$5,440.50$

$\$2,929.50$

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:

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

Report an Error

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:

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

Report an Error

Example Question #13 : 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:

$\$28.99$

$\$16.00$

$\$3.01$

$\$10.99$

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

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

Report an Error

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:

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

$0.91\cdot100\%=91\%$

Report an Error

Example Question #121 : Monetary Percentage

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:

$\$8,164.72$

$\$6,617.78$

$\$7,286.73$

$\$8,395.37$

$\$8,907.15$

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:

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

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

Report an Error

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 $\$45$ .

Report an Error

Example Question #12 : How To Find Amount Of Profit

The retail price of gold is $\$150$ . Suppose Billy bought twenty gold coins at wholesale price for $\$100$ each. How many gold coins can Billy buy at retail price from his profit if he chose to sell all twenty coins at $\$130$ each?

Possible Answers:

Correct answer:

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.

$\$100 \times 20 = \$2000$

Billy has spent $\$2000$ on gold coins at wholesale price.

Determine his profit after he sells all gold coins at $\$130$ each.

$\$130 \times 20 = \$2600$

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

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

$P=\$2600 - \$2000 = \$600$

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.

$\frac{\$600}{\$150} = 4$

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

The answer is:

Report an Error

View Algebra Tutors

Denys
Certified Tutor

Lviv National University Ukraine, Bachelors, Biology/Biophysics. University of Szeged Hungary, PHD, Computational Biophysics.

View Algebra Tutors

Nicholas
Certified Tutor

University of California-San Diego, Bachelor of Science, Applied Mathematics.

View Algebra Tutors

Brandon
Certified Tutor

University of Houston, Bachelor of Science, Biology, General. University of North Texas, Doctor of Philosophy, Pharmacy.

All Algebra 1 Resources

10 Diagnostic Tests 557 Practice Tests Question of the Day Flashcards Learn by Concept

Popular Subjects

English Tutors in Boston, SAT Tutors in Houston, Algebra Tutors in Miami, Spanish Tutors in Atlanta, English Tutors in Phoenix, Math Tutors in Chicago, ISEE Tutors in Dallas Fort Worth, Chemistry Tutors in Phoenix, French Tutors in Philadelphia, Calculus Tutors in Washington DC

Popular Courses & Classes

GMAT Courses & Classes in Atlanta, Spanish Courses & Classes in New York City, GMAT Courses & Classes in Washington DC, GMAT Courses & Classes in Boston, SSAT Courses & Classes in Chicago, GRE Courses & Classes in Chicago, GRE Courses & Classes in Los Angeles, GMAT Courses & Classes in San Francisco-Bay Area, ACT Courses & Classes in Dallas Fort Worth, SAT Courses & Classes in Seattle

Popular Test Prep

LSAT Test Prep in Phoenix, MCAT Test Prep in New York City, ACT Test Prep in Atlanta, GMAT Test Prep in Washington DC, SSAT Test Prep in San Francisco-Bay Area, LSAT Test Prep in Atlanta, GMAT Test Prep in Chicago, MCAT Test Prep in Washington DC, MCAT Test Prep in San Diego, SAT Test Prep in Miami

DMCA Complaint

If you believe that content available by means of the Website (as defined in our Terms of Service) infringes one or more of your copyrights, please notify us by providing a written notice (“Infringement Notice”) containing the information described below to the designated agent listed below. If Varsity Tutors takes action in response to an Infringement Notice, it will make a good faith attempt to contact the party that made such content available by means of the most recent email address, if any, provided by such party to Varsity Tutors.

Your Infringement Notice may be forwarded to the party that made the content available or to third parties such as ChillingEffects.org.

Please be advised that you will be liable for damages (including costs and attorneys’ fees) if you materially misrepresent that a product or activity is infringing your copyrights. Thus, if you are not sure content located on or linked-to by the Website infringes your copyright, you should consider first contacting an attorney.

Please follow these steps to file a notice:

You must include the following:

A physical or electronic signature of the copyright owner or a person authorized to act on their behalf; An identification of the copyright claimed to have been infringed; A description of the nature and exact location of the content that you claim to infringe your copyright, in \ sufficient detail to permit Varsity Tutors to find and positively identify that content; for example we require a link to the specific question (not just the name of the question) that contains the content and a description of which specific portion of the question – an image, a link, the text, etc – your complaint refers to; Your name, address, telephone number and email address; and A statement by you: (a) that you believe in good faith that the use of the content that you claim to infringe your copyright is not authorized by law, or by the copyright owner or such owner’s agent; (b) that all of the information contained in your Infringement Notice is accurate, and (c) under penalty of perjury, that you are either the copyright owner or a person authorized to act on their behalf.

Send your complaint to our designated agent at:

Charles Cohn Varsity Tutors LLC
101 S. Hanley Rd, Suite 300
St. Louis, MO 63105

Or fill out the form below:

Do not fill in this field

Contact Information

* Full legal name

Company name

* Phone number

* Email address

Address

* Address1

Address2

* City

* State

* Zipcode

* Country

Complaint Details

* URL of copyrighted work (where your original material is located)

* Please describe the copyrighted work so that it may be easily identified

I am the owner, or an agent authorized to act on behalf of the owner of an exclusive right that is allegedly infringed.

I have a good faith belief that the use of the material in the manner complained of is not authorized by the copyright owner, its agent, or the law.

This notification is accurate.

I acknowledge that there may be adverse legal consequences for making false or bad faith allegations of copyright infringement by using this process.

* Signature (your digital signature is legally binding)

HIGH SCHOOL

GRADUATE SCHOOL

K-8

Search 50+ Tests

math tutoring

science tutoring

foreign languages

elementary tutoring

other

Search 350+ Subjects

Algebra 1 : How to find amount of profit

Study concepts, example questions & explanations for Algebra 1

All Algebra 1 Resources

Example Questions

Example Question #11 : How To Find Amount Of Profit

Example Question #12 : How To Find Amount Of Profit

Example Question #13 : How To Find Amount Of Profit

Example Question #14 : How To Find Amount Of Profit

Example Question #121 : Monetary Percentage

Example Question #2781 : Algebra 1

Example Question #12 : How To Find Amount Of Profit

All Algebra 1 Resources

Report an issue with this question

DMCA Complaint

Contact Information

Address

Complaint Details

Email address:
Your name:
Feedback: