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Income, profit and loss

Lessons 19 · 1 lessons · O. A. Qo‘ysinov, O‘. O. Tohirov, D. N. Mamatov, D. F. Aripova. Labour education (Mehnat ta’limi), Grade 9: methodical guide for teachers. Delta-Print, Tashkent, 2017. Note: this is a teacher’s guide, not a student textbook (lesson plans for the “Technology and design”, “Service” and “Basics of agriculture” directions). The course is built from the lesson-plan topics of the “Technology and design” direction; the “Iroqi” skullcap lesson comes from the “Service” direction, and lesson 25 (joining parts) is written from the topic listed in the guide’s calendar plan.
19

Kinds of income, wages, profit and loss

Teacher’s guide: pp. 61–64
GoalKnow the kinds of income, the forms of wages, and the rules for calculating revenue, profit and loss.
New words
revenue · daromad (tushum)expenses · chiqimprofit · foydaloss · zarar
Explanation

In a market economy income falls into three groups: income from labour (wage and bonus), income from entrepreneurship (profit) and income from property (dividend, interest, rent). Wages are gross and net: after income tax and other compulsory payments are deducted from the gross wage, what reaches the hand is the net wage. The size of a wage is affected by demand and supply of labour, labour productivity and how well the work matches market demand. Pension, allowance and stipend are special kinds of income given as social support apart from wages. The money received from selling produced goods is called revenue: revenue = quantity of goods sold × price of the goods. An enterprise’s expenses (raw material, wages, energy, rent and so on) are counted; profit = revenue − expenses. If expenses are greater than revenue the enterprise makes a loss: loss = expenses − revenue. Every enterprise aims at profit, so the price of goods is set as cost price plus profit.

Worked examples
A bakery sells 300 loaves a day at 4000 so‘m each: revenue 300 × 4000 = 1200000 so‘m. If expenses are 900000 so‘m, profit is 1200000 − 900000 = 300000 so‘m.
A workshop made 50 shelves (expenses 2000000 so‘m) but sold only 40 at 40000 so‘m: revenue 40 × 40000 = 1600000 so‘m. Expenses exceed revenue, loss 2000000 − 1600000 = 400000 so‘m.
Class activity

Mini-shop: groups estimate the cost of one item (for example a pencil case), set a price and calculate revenue and profit if 10 are sold; then see what happens if only 6 are sold.

Practice
1
Name the three groups of income.
2
How are profit and loss calculated?
3
A baker sold 200 loaves at 3500 so‘m with expenses of 560000 so‘m. What is the profit in so‘m?
4
What is the difference between gross and net wage, and why is the net wage smaller?