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A company reported a profit of 20% on its sales. If the sales amount to $50,000,

Practice Questions

Q1
A company reported a profit of 20% on its sales. If the sales amount to $50,000, what is the profit earned by the company?
  1. $8,000
  2. $10,000
  3. $12,000
  4. $15,000

Questions & Step-by-Step Solutions

A company reported a profit of 20% on its sales. If the sales amount to $50,000, what is the profit earned by the company?
  • Step 1: Understand that the company made a profit of 20% on its sales.
  • Step 2: Know that the total sales amount is $50,000.
  • Step 3: To find the profit, calculate 20% of $50,000.
  • Step 4: Convert 20% to a decimal. 20% as a decimal is 0.20.
  • Step 5: Multiply the sales amount by the decimal: 0.20 * 50,000.
  • Step 6: Calculate the result: 0.20 * 50,000 = $10,000.
  • Step 7: Conclude that the profit earned by the company is $10,000.
  • Percentage Calculation – Understanding how to calculate a percentage of a given amount.
  • Profit Margin – Understanding the concept of profit margin in relation to sales.
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