A business can use a spreadsheet model to work out its costs and profit.
- Costs are what a business has to pay out for stock, wages, and rent for example.
- Profit is the money the company makes from sales after the costs have been covered.
In today's lesson we are learning to:
- Understand how businesses use models to predict what might happen
- Be able to add formulae to a spreadsheet to work out costs and profit.
- Make a copy of Miss Philbin's Costs and Profit and calculate the costs using a formula.
- Next, we need to calculate the profit.
- Create a new Google Doc, and write a definition for the following terms:
- spreadsheet model
What is VAT? Write a definition and then explain what Miss Philbin will need to pay VAT on in her shop?