Define the term 'revenue' in the context of Claudio's souvenir business.

Revenue is the total amount of money Claudio earns from selling his plates to tourists.

Claudio buys plates for €1 each and sells them for €5 each. If he sells 50 plates, what are his expenses and what is his profit?

His expenses are €50 and his profit is €200.

The amount of money left over after expenses are subtracted from revenue.

Grade 8th Grade · Career & Technical Education · 30 min

I can define basic business terms like revenue, expenses, and profit.

Leila Gharani · 9:45

Accounting Basics Explained Through a Story

3 key concepts

1
Accounting makes it possible to systematically record, analyze, and report important financial information, communicating the financial health of a business to all interested parties.
2
The income statement shows a business's profitability, while the balance sheet shows the company's assets, liabilities, and equity.
3
The accounting equation states that total assets equals total liabilities plus equity.

3 questions · Multiple choice & Short answer

Quick comprehension check

“Claudio sold plates for €5 each. If he sold 50 plates, what was his revenue?”

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