Starting a Business Starting your own business can be exciting and daunting at t
ID: 3104682 • Letter: S
Question
Starting a Business
Starting your own business can be exciting and daunting at the same time. Businesses use math when managing finances, determining production levels, designing products and packaging, and monitoring labor. A bookstore can be a highly profitable and rewarding business. During this activity, you will apply the skills from Ch. 1 & 2 to navigate some of the issues facing bookstore owners.
Application Practice
Answer the following questions. Write your work and answer in the answer box provided for each question. You must use Equation Editor when writing mathematical expressions or equations to avoid ambiguity due to poor formatting. First, save this file to your hard drive by selecting Save As from the File menu.
1. You have recently found a location for your bookstore and have begun implementing the first phases of your business plan. Your budget consists of an $110,000 loan from your family and a $55,000 small business loan. These loans must be repaid in full within 15 years.
a) What integer would represent the amount you must repaid in full within 15 years?
Answer Box (Type your work and answer below)
b) Twenty percent of your budget will be used to purchase equipment for the bookstore. In addition, fifteen percent of your budget will be used to rent business space and pay utilities. Write an algebraic expression that indicates how much money of your budget will be spent on purchasing equipment for the bookstore, renting business space, and paying utilities. Simplify the expression following the rules of Order of Operations.
Answer Box (Type your work and answer below)
c) Write an algebraic expression that illustrates your remaining funds after paying for equipment, rent, and utilities. How much money is left? Simplify the expression by following the rules of Order of Operations.
Answer Box (Type your work and answer below)
2. In the poetry section of your bookstore, you have two shelves of chapbooks (short-length poetry books) with 15 chapbooks each, four shelves of full-length poetry books with 10 books each, and shelf with 3 chapbooks and 8 full-length poetry books. Suppose you have decided to price the chapbooks at $2.25 each and the full-length books at $7.00 each.
Yesterday your store earned $180.00 just from the sale of chapbooks ad full-length poetry books, which $54.00 came from selling 24 chapbooks. Write and solve an equation that represents how many full-length poetry books were sold.
Answer Box (Type your work and answer below)
3. Your profit P is determined by subtracting the cost C (the amount of money it costs to operate a business) from the revenue R (the amount of money you earn from selling your product). Profit can be represented algebraically by the equations:
Profit=Revenue-Cost
OR
P = R - C
Suppose your profit for one day is $1,132.68, and the revenue for the day is $2,037.24. What is the cost for that day? Set up an equation to solve for the cost.
Answer Box (Type your work and answer below)
Explanation / Answer
1a) 110,000+55,000= 165,000
1b) 20% = equipment, 15%= rent and utilities
(0.20)*(165,000) = e, where e = money spent on equipment
e = 33,000
(0.15)*(165,000) = u, where u = money spent on rent and utilities
u = 24,750
1c) (0.20)*(165,000) + (0.15)*(165,000) + x = total budget, where x= money remaining
33,000 + 24,750 + x = 165,000
57,750 + x = 165,000
x = 165,000 - 57,750
x = $107,250 remaining for the rest of the expenses.
2) Yesterday you earned $180 from chapbooks and full-length poetry books. $54 came from selling 24 chapbooks.
$180 = $54 + $7.00f $180-$54 = $7f $126 = $7f f = 18 full-length poetry books.
gotta run. Will try to do more later!
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