Profit Flashcards

Name: Shalom Education
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1️⃣ Familiarise yourself with the flashcards:

Look through all the flashcards to see what's on both sides.
Make sure you understand the information on each card. If something's unclear, click the link to the revision notes at the bottom of the page for more details.

2️⃣ Test yourself:

Look at the question or prompt on each card and try to remember the answer before flipping it over.
Check the answer and make a note of any cards you find challenging and need to go over more.

3️⃣ Consistently Review and Practice:

Use spaced repetition: spend more time on the cards you struggle with and go over them more often.
Regularly review all the flashcards to help you better understand and retain the information over time.

Note: We may include questions that have multiple correct answers. It's useful to remember specific examples to understand these concepts better.

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What is profit in a business?

The money left after total costs are taken from total revenue.

Profit = total revenue minus total cost.

A loss (negative profit).

When total revenue equals total cost, so profit is zero.

Profit per unit equals selling price minus average cost per unit.

When the gap between total revenue and total cost is the greatest.

When marginal revenue equals marginal cost (MR = MC).

£160 loss (minus £160).

Raise revenue (sell more or raise price if demand allows) or cut costs (reduce waste or use resources better).

Profit rises by £50.