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Date Created: 11/16/15
Axia College Material Appendix C 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 bakery can be a highly profitable and rewarding business During this activity you will apply the skills from Ch 1 amp 2 to navigate some of the issues facing bakery owners Initial Budget 80000 loan from family 38250 small business loan from bank All Inanc tn ho ronair l in 1n IDQFQ Application Practice Answer the following questions Use Equation Editor when writing mathematical expressions or equations First save this file to your hard drive by selecting Save As from the File menu Click the white space below each question to maintain proper formatting 1 You have recently found a location for your bakery and have begun implementing the first phases of your business plan Your budget consists of an 80000 loan from your family and a 38250 small business loan These loans must be repaid in full within 10 years a What integer would represent your total budget 1 1 8250 b Twentyfive percent of your budget will be used to rent business space and pay for utilities Write an algebraic expression that indicates how much money will be spent on business space and utilities Do not solve 025 x1 18250 c How much money will rent and utilities cost Explain how you arrived at this answer 2956250 Explanation 025 is the decimal equivalent of 25 The answer can be obtained by multiplying 1 18250 the answer to part a by 025 d Suppose an investor has increased your budget by 22250 The investor does not need to be repaid Rather he becomes part owner of your business Will the investor contribute MAT 116 enough money to meet the cost of rent and utilities Support your answer and write an equation or inequality that illustrates your answer No the investor did not contribute enough money to pay for rent and utilities The total cost 2956250 answer to part c Since 2956250 gt 22250 the investor did not meet these needs e This equation illustrates your remaining funds after paying for rent and utilities How much money is left Explain how you arrived at your answer 38250 80000 2225002580000 38250 The answer is 1 1093750 The answer is computed by adding the loan from the bank small business loan and the money from the investor Then subtracting the percentage of the budget that will go towards utilities answer from part c You are trying to decide how to most efficiently use your oven You do not want the oven running at a high temperature when it is not baking but you also do not want to waste a lot of time waiting for the oven to reach the desired baking temperature The instruction manual on the industrial oven suggests your oven temperature will increase by 45 degrees Fahrenheit per minute When the over is initially turned on the temperature is 70 degrees Fahrenheit What will the temperature of the oven be after 7 minutes Write an expression and explain how you arrived at your answer The expression is 7045x The oven will reach 385 degrees after 7 minutes You arrive at this answer substituting 7 for x in the expression then multiplying 45 by 7 and then adding 70 In your industrial oven you bake two baking sheets with 12 scones each two baking sheets with 20 cookies each and one baking sheet with 2 scones and 10 cookies a Write an expression that illustrates the total cost of all baked goods in the scenario above using the variable 5 to represent the cost of scones and the variable 0 to represent the cost of cookies Simplify your expression by combining like terms Expression 2x12s 2x 20c 2s 10c simplified to 24s 40c 2s 10c or 26s 50c b Suppose you have decided to price the scones at 228 each and the cookies at 119 each How much total revenue would result from selling all the scones and cookies baked in the oven at one time 26x22850gtlt119 11878 0 Yesterday your store earned 79730 just from the sale of cookies Write and solve an equation that represents how many cookies were sold MAT 116 119gtltc 79730 c 79730119 6 670 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 ProfitRevenueCost OR P R C a Rewrite the formula to solve for C C R P b Suppose your profit for one day is 1281 and the cost of running the business for the day is 1463 What is the revenue for that day Explain your answer 1281 R 1463 R 1463 1281 R 2744 Explanation By substituting 1281 for P and 1463 for C the equation can be solved by adding 1463 to 1281 When managing a business it is important to take inventory of where your money is spent You have a monthly budget of 5000 Refer to the table below and answer the questions that follow Round your answers to the nearest tenth of a percent Cost Labor 1 835 Materials Rentutilities Miscellaneous 1 015 a What percentage of the total monthly budget is spent on labor 367 b What percentage of the total monthly budget is spent on miscellaneous items 203 c How much do materials cost monthly MAT 116 900 1250 How much do rent and utilities cost monthly MAT 116
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