Costs & Revenue · seed 1 · A4, ink-friendly. The answer key prints on its own page for grown-ups.

Costs, Revenue, and Profit

Life Skills · Entrepreneurship · ages 7-9
Name ______________________   Date ____________

  1. What do we call the money you get when someone buys what you made?

    • Cost
    • Revenue
    • Profit

  2. Aya spent £3 on lemons and sugar to make lemonade. She sold cups of lemonade for £8 in total. How much profit did she make, in pounds?

    Answer: ______________

  3. Sam bakes cakes to sell at the fair. Which of these is a cost?

    • The flour and sugar he buys
    • The money customers pay him
    • The profit he makes
    • The cakes people eat at home

  4. What do we call the money you spend to get ready to sell something, like buying lemons or beads?

    • Cost
    • Revenue
    • Profit

  5. Lily spent £8 on craft supplies. She sold her crafts for only £6. What happened?

    • She made a loss of £2
    • She made a profit of £2
    • She broke even
    • She made a profit of £14

  6. Cost was £5 and revenue was £5. What is the profit?

    Cost5Revenue5
    • £0
    • £5
    • £10

  7. Noah makes bracelets. He spent £2 on string and £3 on beads. He sold the bracelets for £11. How much profit did he make, in pounds?

    Answer: ______________

  8. Ben spent £7 on paint for birdhouses. He only sold them for £5 in total. What happened?

    Cost7Revenue5
    • He made a profit
    • He made a loss
    • He broke even

  9. Mia spent £3 on ingredients and £1 on a box. She sold 4 cakes for £2 each. How much profit did she make?

    • £4
    • £5
    • £8
    • £2

  10. Jack sold cookies for £6 and spent £2 on ingredients. He says his profit is £8. What mistake did he make?

    • He added the two numbers instead of subtracting
    • He forgot to count the revenue
    • He used the wrong currency
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Answer key

For grown-ups. Fold this page away before handing over the rest.

Costs, Revenue, and Profit W1-mt_9gpUHWVKMR-s1

  1. Revenue · Revenue is the money that comes in when you sell.
  2. 5 · Profit is revenue take away costs. £8 take away £3 is £5.
  3. The flour and sugar he buys · A cost is money you spend to make your product, like buying flour and sugar.
  4. Cost · Cost is the money you spend before you sell anything.
  5. She made a loss of £2 · Her costs were higher than her revenue, so she made a loss of £2.
  6. £0 · £5 minus £5 is £0. When cost and revenue are equal, there is no profit and no loss.
  7. 6 · Add the costs first, then take them away from the revenue. £11 take away £5 is £6.
  8. He made a loss · His cost of £7 was bigger than his revenue of £5, so he lost money instead of earning it.
  9. £4 · Total costs are £4, revenue is £8, and £8 take away £4 is £4 profit.
  10. He added the two numbers instead of subtracting · Profit comes from subtracting: £6 minus £2 is £4, not adding the numbers together.
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