Did you know our 5th graders have been learning about becoming small business owners? Using their creativity and math skills, they worked on developing a business plan for a food truck. Specific vocabulary that they developed an understanding of included:
- expense
- gross income
- net income
- profit
- loss
- salary
- minimum wage
- property tax
- payroll tax
- income tax
Each business had to calculate costs (including tax), determine a price for their product and then calculate whether their business would have made a profit or a loss. Check out the plan they had to complete for their business:
