Business Basics

Overview

In this first unit of “Laundromat Business Math”, students explore the meaning of profit, loss, and expenses, and connect these ideas to rational-number reasoning using money amounts. They will begin building a simple business model for a laundromat scenario.

Learning intentions

• Students will understand key business terms: expense, revenue, profit, and loss.
• Students will formulate and solve a simple financial problem using addition and subtraction with money amounts.
• Students will choose an appropriate representation (table, equation, or verbal model) to show how the profit/loss is found.
• Students will interpret their results in context and check if the answer makes sense.

Success criteria

• I can explain what an expense is and how it differs from revenue.
• I can write an equation for profit (profit = revenue − expenses) and use it to solve a problem.
• I can state whether a business made a profit or loss and justify using my calculation.
• I can represent my thinking clearly using words and numbers (e.g., table + equation).

Curriculum links

• Number — VC2M7N10: students use mathematical modelling to solve practical problems involving rational numbers in financial contexts such as best buys; they formulate problems and choose representations.
• Number — VC2M7N06: students use efficient strategies with the 4 operations using positive rational numbers (including decimal money values).
• Number — VC2M7N07: students find percentages of quantities and express one quantity as a percentage of another (taster for later lessons).

Lesson structure (60 minutes)

1. 0–7 min · Hook: “Is it worth it?” Teacher displays a laundromat mini-scenario and asks: “The laundromat earns $280 this week and spends $310. Are they better off or worse off?” Use introduction slides for the hook image and questions. Students think-pair-share, predicting profit or loss before calculating.

2. 7–17 min · Direct teach: terms and model Teacher defines and models:

• Expense (money spent)
• Revenue (money earned)
• Profit = revenue − expenses
• Loss = expenses − revenue (or profit is negative) Teacher writes one worked example on the board while students copy key equations. Use introduction slides to keep definitions consistent. Students highlight the subtraction relationship in the equation.

3. 17–30 min · Worked example with representations Teacher shows two representations for the same problem (table and equation) using the slide deck: Example A: revenue $280, expenses $310 → profit? Students complete a quick “representation check”: match the table row labels to the equation parts (revenue and expenses). Students then answer: “Is this a profit or loss? What is the amount?” Use introduction slides for the table and equation visuals.

4. 30–43 min · Guided practice: solve and justify Teacher distributes laundromat business math worksheet. Students work individually for 3 minutes, then compare with a partner for 5 minutes. Tasks:

• Identify expenses vs revenue in short statements
• Compute profit/loss using subtraction
• Write one sentence justifying the answer in context Teacher circulates, checking for correct equation setup and correct direction of subtraction (revenue − expenses).

5. 43–52 min · Modelling discussion: “How do you know?” Teacher leads a whole-class debrief: students share one equation and one justification sentence. Teacher prompts: “What part of your model tells you profit vs loss?” “How would your answer change if expenses increased by $50?” Use introduction slides to return to the key equation and the context sentence frame.

6. 52–60 min · Plenary and exit check Teacher collects quick evidence: students write a single response on the worksheet: “If revenue is $145 and expenses are $160, is it profit or loss? Show the equation.” Teacher scans for accuracy and understanding. Use introduction slides for the final prompt slide and success criteria revisit.

Resources

• introduction slides (whole-lesson slides for hook, definitions, worked examples, discussion prompts, and plenary prompt)
• laundromat business math worksheet (student worksheet with identifying expenses/revenue, profit-loss calculations, and justification sentence)
• Board or interactive screen for equation/table modelling
• Pens/pencils and scrap paper for working
• Partner talk prompts displayed on the board (short sentence stems)

Assessment

• Formative: observe student partner discussions during the hook and guided practice (correct identification of revenue vs expenses).
• Formative: check worksheet calculations for correct equation setup (profit = revenue − expenses).
• Formative: verify justifications include context (profit/loss stated and linked to the calculation).

Differentiation

• Support: provide a sentence starter on the board: “The business had revenue of __ and expenses of __, so profit = __.” Offer guided steps on how to set up revenue − expenses.
• Support for EAL/SEN: allow students to use a table first, then add the equation; underline key terms “revenue” and “expenses” on the worksheet.
• Extension: ask students to create a new scenario with a specified outcome (“Make a profit of $20”) and write the profit equation; optionally swap scenarios with a partner to verify.
• Challenge option: include a case where profit becomes negative and ask students to state it as a loss and write both interpretations (negative profit / loss = expenses − revenue).