A whole lesson with class activity and answers. This is all you need to teach on this topic for IGCSE Business Studies syllabus 2017 - 2019. It is good for Teachers and Students and adequate as a note for student to copy in the class or at home. Parents can also use to help their children to improve on their performance.
At the end of the lesson, students should be able to:
5.3.1 Explain what profit is and why it is important:
• How a profit is made • Importance of profit to private sector businesses, e.g. reward for risk taking/enterprise, source of finance
• Difference between profit and cash
5.3.2 Income statements:
• Main features of an income statement, e.g. revenue, cost of sales, gross profit, profit (‘profit’ was known as ‘net profit’ in the 2014 and previous syllabuses) and retained profit and balance sheet.
• Use simple income statements in decision making based on profit calculations (constructing income statements will not be examined)
Class activity with answers, included to engage and assess students’ understanding.