Running a small business
Lesson details
Learning outcome
I can understand how maths is used by independent business owners.
Key learning points
- Percentages are regularly used to calculate percentage profit
- Averages are used to track performance over a set period
- Performance data may be easier to analyse if presented graphically
Keywords
Percentage profit - Percentage profit is the increase when referencing something that is sold for more than the cost price given as a percentage of the original amount.
Average - An average is a single number expressing the central or typical value in a set of data; the mode, the median, and the mean.
Common misconception
Pupils may be confused about whether to multiply or divide when dealing with reversing percentage change.
The first learning cycle addresses this and you may wish to display the example on a whiteboard for the entire lesson for pupils to refer to.
Teacher tip
Pupils may benefit from researching the cost of various items to see if they are all similarly priced. What is the benefit of offering a discount on an item so that the cost is lower than other compeititors?
Licence
Lesson video
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Prior knowledge starter quiz
6 Questions
Q1.Percentage is the increase when referencing something that is sold for more than the cost price given as a percentage of the original amount.
Q2.An average is a single number expressing the central or typical value in a set of data; the mode, the , and the mean.
Q3.I buy a car for £5000 and carry out repairs to it myself. I then sell the car for £6500. What is my profit?
Q4.I buy a car for £5000 and carry out repairs to it myself. I then sell the car for £6500. What is my percentage profit?
Q5.Here is a list of data: 72, 70, 66, 73, 69, 65, 70, 64, 67, 63. Calculate the median for this data.
Q6.Here is a list of data: 72, 70, 66, 73, 69, 65, 70, 64, 67, 63. Calculate the mean for this data.
Assessment exit quiz
6 Questions
Q1.Calculate the gross profit margin for a slice of coffee cake that cost £1.05 to make and sold for £2.
Q2.Calculate the gross profit margin for a sandwich that cost £2.25 to make and sold for £3.50 (Give your answer to 1 d.p.)
Q3.Calculate the gross profit margin for a drink that cost £1.16 to make and sold for £4.40 (Give your answer to 1 d.p.)
Q4.Calculate the range of the revenue for the year.
Q5.Calculate the median of the revenue for the year.
Q6.Calculate the mean of the revenue for the year. Give your answer to the nearest penny.
To help you plan your 9 maths lesson on: Running a small business, download all teaching resources for free and adapt to suit your pupils' needs...
To help you plan your 9 maths lesson on: Running a small business, download all teaching resources for free and adapt to suit your pupils' needs.
The starter quiz will activate and check your pupils' prior knowledge, with versions available both with and without answers in PDF format.
We use learning cycles to break down learning into key concepts or ideas linked to the learning outcome. Each learning cycle features explanations with checks for understanding and practice tasks with feedback. All of this is found in our slide decks, ready for you to download and edit. The practice tasks are also available as printable worksheets and some lessons have additional materials with extra material you might need for teaching the lesson.
The assessment exit quiz will test your pupils' understanding of the key learning points.
Our video is a tool for planning, showing how other teachers might teach the lesson, offering helpful tips, modelled explanations and inspiration for your own delivery in the classroom. Plus, you can set it as homework or revision for pupils and keep their learning on track by sharing an online pupil version of this lesson.
Explore more key stage 3 maths lessons from the Maths in the workplace unit, dive into the full secondary maths curriculum, or learn more about lesson planning.