How to find amount of profit - ACT Math
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A chair company produces 5,000 luxury chairs per year. Each chair requires $200 in wood and other materials to build. It also requires 3 hours of work by a craftsman, who earns $30 per hour. If the company wants to earn $3 million dollars in profit this year, how much should each chair cost?
A chair company produces 5,000 luxury chairs per year. Each chair requires $200 in wood and other materials to build. It also requires 3 hours of work by a craftsman, who earns $30 per hour. If the company wants to earn $3 million dollars in profit this year, how much should each chair cost?
Total cost of chair = materials + labor = $200 + (3 hours) ($30/hour) = $290
Total cost for 5000 chairs = $290 x 5,000 = $1,450,000
Profit = (5000) x Price per chair – Cost of Chairs
$3,000,000 = (5000) x Price per chair – $1,450,000
$4,450,000 = (5000) x Price per chair
Price per chair = $4,450,000 / 5,000 = $890
Total cost of chair = materials + labor = $200 + (3 hours) ($30/hour) = $290
Total cost for 5000 chairs = $290 x 5,000 = $1,450,000
Profit = (5000) x Price per chair – Cost of Chairs
$3,000,000 = (5000) x Price per chair – $1,450,000
$4,450,000 = (5000) x Price per chair
Price per chair = $4,450,000 / 5,000 = $890
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Patrice earns $75 per day. Ron earns $350 per week. How many days does Patrice have to work to earn more than what Ron earns in 5 weeks?
Patrice earns $75 per day. Ron earns $350 per week. How many days does Patrice have to work to earn more than what Ron earns in 5 weeks?
Find out how much Ron earns in 5 weeks ($1750). Divide by Patrice’s daily wage (23.3333 days). Patrice needs to work at least 24 days. At 23 days, she will only have earned $1725, falling $25 short of Ron’s 5 week earnings.
Find out how much Ron earns in 5 weeks ($1750). Divide by Patrice’s daily wage (23.3333 days). Patrice needs to work at least 24 days. At 23 days, she will only have earned $1725, falling $25 short of Ron’s 5 week earnings.
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Max bought a book for $10. If he later sold the book at a 25% profit. How much money in total did he receive from the sale of the book?
Max bought a book for $10. If he later sold the book at a 25% profit. How much money in total did he receive from the sale of the book?
If the book is sold at a profit we know that the sale price is more than what he bought it for. 25% of $10 is $2.50. Therefore the sale price is $10 + $2.50 which is $12.50. It could also be seen as $10 X 1.25 =$12.50
If the book is sold at a profit we know that the sale price is more than what he bought it for. 25% of $10 is $2.50. Therefore the sale price is $10 + $2.50 which is $12.50. It could also be seen as $10 X 1.25 =$12.50
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A business launches a new product that produces $x in sales its first year. Sales in the second year are double the first, and the third year has sales four times as large as the first year. If 2nd year sales were $12 million, how much in total sales was produced over the 3 year period?
A business launches a new product that produces $x in sales its first year. Sales in the second year are double the first, and the third year has sales four times as large as the first year. If 2nd year sales were $12 million, how much in total sales was produced over the 3 year period?
Write out an equation. Total sales = T = x +2x + 4x
If 2x = 12, x = 6
T = 6 + 12 + 24 = $42 million
Write out an equation. Total sales = T = x +2x + 4x
If 2x = 12, x = 6
T = 6 + 12 + 24 = $42 million
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A company made 
in sales last year. The company has four employees. Two of the employees earn 
per year, and the other two employees earn 
per year.
In addition to employee salaries, the company also pays 
a month in rent for its office space and 
per month in general expenses.
What was the company's profit last year?
A company made
In addition to employee salaries, the company also pays
What was the company's profit last year?
Annual profit = Total Annual Sales – Total Annual Expenses
Total Annual Sales = $400,000
Total Annual Expenses = Salaries + Rent + Expenses
2 employees @ $50,000 = $100,000
2 employees @ $70,000 = $140,000
12 months of rent @ $5,000 = $60,000
12 months of expenses @ $4,000 = $48,000
Total Annual Expenses = $348,000
Annual profit = $400,000– $348,000 = $52,000
Annual profit = Total Annual Sales – Total Annual Expenses
Total Annual Sales = $400,000
Total Annual Expenses = Salaries + Rent + Expenses
2 employees @ $50,000 = $100,000
2 employees @ $70,000 = $140,000
12 months of rent @ $5,000 = $60,000
12 months of expenses @ $4,000 = $48,000
Total Annual Expenses = $348,000
Annual profit = $400,000– $348,000 = $52,000
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Sam was helping his school raise funds to buy books for the library. He bought small paper pads for $0.75 and sold them for $2.00. What was the percent mark-up, rounded to the nearest whole number?
Sam was helping his school raise funds to buy books for the library. He bought small paper pads for $0.75 and sold them for $2.00. What was the percent mark-up, rounded to the nearest whole number?
$ Mark-Up = $ New Price – $ Original Price
% Mark-Up = $ Mark-Up ÷ $ Original Price
% Mark-Up = (2.00 – 0.75) ÷ 0.75 = 1.67 or 167 %
$ Mark-Up = $ New Price – $ Original Price
% Mark-Up = $ Mark-Up ÷ $ Original Price
% Mark-Up = (2.00 – 0.75) ÷ 0.75 = 1.67 or 167 %
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Jenny has two jobs. The first is an office job salaried at $52,000 per year, so she makes the same amount of money every week, no matter how many hours she works. The second is a bartending job. She works 6 hours a night, 2 nights a week. She earns $3.50 per hour plus tips. If she earned $450 in tips this week, what is the total amount of money she made this week?
Jenny has two jobs. The first is an office job salaried at $52,000 per year, so she makes the same amount of money every week, no matter how many hours she works. The second is a bartending job. She works 6 hours a night, 2 nights a week. She earns $3.50 per hour plus tips. If she earned $450 in tips this week, what is the total amount of money she made this week?
Salaried job:
$52,000 / year
1 year = 52 weeks
Therefore: $52,000 / 52 weeks = $1,000.00 per week
Bartending job:
6 hours x $3.50 per hour x 2 nights per week = $42.00
Total Earned = Salaried + Bartending + Tips
= $1,000.00 + $42.00 + $450 = $1,492
Salaried job:
$52,000 / year
1 year = 52 weeks
Therefore: $52,000 / 52 weeks = $1,000.00 per week
Bartending job:
6 hours x $3.50 per hour x 2 nights per week = $42.00
Total Earned = Salaried + Bartending + Tips
= $1,000.00 + $42.00 + $450 = $1,492
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Madame buys 5 dozen eggs at 10 cents per egg. She then sells each dozen for 2 dollars. What is her profit margin?
Madame buys 5 dozen eggs at 10 cents per egg. She then sells each dozen for 2 dollars. What is her profit margin?
Profit margin is equal to profit / revenue. She bought the eggs for (5)(12)(0.1) = $6 total. She is selling the eggs for (5)(2)=$10 total.
The profit margin is equal to 
or 
Profit margin is equal to profit / revenue. She bought the eggs for (5)(12)(0.1) = $6 total. She is selling the eggs for (5)(2)=$10 total.
The profit margin is equal to
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A jewelry designer bought a booth at a local craft fair. She paid $160 for the booth rental for the day. Her necklaces cost $10 to make and she sells them for $50 apiece. If she wants to make at least $1000 profit for the day, how many necklaces must she sell?
A jewelry designer bought a booth at a local craft fair. She paid $160 for the booth rental for the day. Her necklaces cost $10 to make and she sells them for $50 apiece. If she wants to make at least $1000 profit for the day, how many necklaces must she sell?
Profit on Necklace = Price – Cost = $50 – $10 = $40
Total Profit = # of Necklaces Sold * $40 – Booth Rental Rate
$1000 Profit = # of Necklaces * $40 – $160
$1160 = # of Necklaces * $40
# Necklaces = 29
Profit on Necklace = Price – Cost = $50 – $10 = $40
Total Profit = # of Necklaces Sold * $40 – Booth Rental Rate
$1000 Profit = # of Necklaces * $40 – $160
$1160 = # of Necklaces * $40
# Necklaces = 29
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A law firm earned $2,000,000 this year in fees. If the firm’s annual operating costs are $1,250,000, what is their profit this year?
A law firm earned $2,000,000 this year in fees. If the firm’s annual operating costs are $1,250,000, what is their profit this year?
Profit = Total Fees – Operating Costs = $2,000,000 – $1,250,000 = $750,000
Profit = Total Fees – Operating Costs = $2,000,000 – $1,250,000 = $750,000
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A bakery sells cupcakes for 
per dozen. If it costs 
to make each dozen, how much profit would the bakery earn from selling 
dozen cupcakes?
A bakery sells cupcakes for
The profit that is made is the difference between the amount earned and the amount spent. In this instance, it costs 
to make a dozen cupcakes, but the bakery charges 
per dozen.
To find the profit for one dozen cupcakes:
To find the profit for ten dozen cupcakes:
The profit that is made is the difference between the amount earned and the amount spent. In this instance, it costs
To find the profit for one dozen cupcakes:
To find the profit for ten dozen cupcakes:
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It costs a retail store 
to purchase a bow tie. If this store sells the bow tie for 
, what is its profit percentage? Round to the nearest hundredth.
It costs a retail store
The profit percentage is really just a matter of percent change. We are changing from 
to 
. This is easily computed as:
This is the same as 
!
The profit percentage is really just a matter of percent change. We are changing from
This is the same as
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A set of cards were purchased for 
. If the store earned 
profit on the sale, what was the original price of the cards? Round to the nearest hundredth.
A set of cards were purchased for
This question is really asking a hidden percentage change question. It really means, "The price changed from 
to 
, signalling a 
change." Thus, you can set up an equation like this:
Solving for 
, you get:
This question is really asking a hidden percentage change question. It really means, "The price changed from
Solving for
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Manufacturing a particular product produces a profit of 
for each unit produced. If the cost to produce a unit is 
, what is the profit percentage on each unit? Do not round until the final answer.
Manufacturing a particular product produces a profit of
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
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In business, profit is defined as revenue minus expenses. A profit is often expressed as a percentage of total revenue.
A company posts a 
profit for the first quarter of the new year, pleasing investors. If the total profits for the quarter were 
what were the expenses for the company in that quarter? Round to the nearest dollar.
In business, profit is defined as revenue minus expenses. A profit is often expressed as a percentage of total revenue.
A company posts a
If a profit of 
represents 
, then we can calculate revenue as:
Now, subtract the profit from the total revenue to calculate expenses:
Thus, the quarterly expenses were 
.
If a profit of
Now, subtract the profit from the total revenue to calculate expenses:
Thus, the quarterly expenses were
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A particular product is sold for 
per unit. If the cost to produce a unit is 
, what is the profit percentage on each unit? Do not round until your the answer.
A particular product is sold for
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
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The profit on a particular product per unit is measured as a percentage of the cost to produce that unit. If 
units are produced at a total cost of 
, and sell for a total of 
, what was the profit per unit, as a percentage?
The profit on a particular product per unit is measured as a percentage of the cost to produce that unit. If
Remember, percentage profit is a ratio between two numbers. The ratio stays the same whether the numbers reflect hundreds of units sold or just one unit (unless otherwise told). So to find our answer, we only need to calculate the overall profit percentage.
Remember, percentage profit is a ratio between two numbers. The ratio stays the same whether the numbers reflect hundreds of units sold or just one unit (unless otherwise told). So to find our answer, we only need to calculate the overall profit percentage.
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A cassette tape sells for 
, and the producer receives a cut of 
of each sale. If the producer spends 
of the sale price in manufacturing and producing expenses, how much money is made on the sale of each tape?
A cassette tape sells for
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
Compare your answer with the correct one above
A product sells for 
dollars, and costs 
dollars to produce. What is the profit on each sale, as a percentage?
A product sells for
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
Calculating a percentage profit is the same as calculating a percent change. To find percent change, subtract the "old" amount from the "new" amount, then divide the result by the "old" amount. The result is a percent increase if positive and a percent decrease if negative.
Compare your answer with the correct one above
Patrice earns $75 per day. Ron earns $350 per week. How many days does Patrice have to work to earn more than what Ron earns in 5 weeks?
Patrice earns $75 per day. Ron earns $350 per week. How many days does Patrice have to work to earn more than what Ron earns in 5 weeks?
Find out how much Ron earns in 5 weeks ($1750). Divide by Patrice’s daily wage (23.3333 days). Patrice needs to work at least 24 days. At 23 days, she will only have earned $1725, falling $25 short of Ron’s 5 week earnings.
Find out how much Ron earns in 5 weeks ($1750). Divide by Patrice’s daily wage (23.3333 days). Patrice needs to work at least 24 days. At 23 days, she will only have earned $1725, falling $25 short of Ron’s 5 week earnings.
Compare your answer with the correct one above