Model profit and loss
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Log in to continueTurn a practical money problem into calculations, then check its assumptions and meaning.
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A club sells 12 notebooks for $7 each. Each notebook cost $4. There are no other costs. What is the total profit? Give your answer to 2 decimal places.
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Answer: $36.00
- Revenue = 12 × $7 = $84; cost = 12 × $4 = $48.
- Profit = revenue − cost = $36.
- 12 × 7 = 84.
- 12 × 4 = 48.
- 84 − 48 = 36.
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Curriculum reference
Victorian Curriculum F–10 Version 2.0
Pi Leo practice scope
Turn a practical money problem into calculations, then check its assumptions and meaning.
Read the official VCAA curriculum description (VC2M8N06)
These quizzes practise concepts within this topic. Multiple-choice answers alone do not demonstrate drawing, conducting an investigation or using a digital tool.
Activities to practise beyond the quiz
- Supported by the guided activity; selecting an MCQ does not demonstrate this action.
- VC2M8N06-C01Model and calculate total profit from rational-number inputs.
- VC2M8N06-C02Interpret financial results and revise simplifying assumptions.
- VC2M8N06-C03Formulate a practical financial model, use a digital tool, communicate findings and review assumptions.
- VC2M8N06-C04Apply and explain model profit and loss using build and check a model.
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Subskills
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Descriptor-derived subskills
- D01Revenue minus costsModel and calculate total profit from rational-number inputs.
- D02Does the model match the situation?Interpret financial results and revise simplifying assumptions.
- D03Build and check a modelApply and explain model profit and loss using build and check a model.