How can you tell they’ve got it: Costs & Revenue?

If they’ve got it, you’ll see things like: Explain what costs, revenue, and profit mean using a simple example; Calculate profit from a given scenario (e.g. spent £3 on ingredients, sold cakes for £8, profit = £5); Explain what happens if costs are higher than revenue (you make a loss). Or just try it together: If your child spent £4 on supplies for a lemonade stand and earned £10 selling lemonade, could they tell you how much profit they made?

Life Skills Entrepreneurship Ages 7–9

Costs & Revenue

Your child knows it costs money to make things, and you earn money by selling them. When you sell for more than it cost, the extra is profit.

In curriculum terms

It costs money to make things (costs/expenses); you earn money by selling them (revenue); if revenue is more than costs, that's profit; if costs are more, that's a loss

Ages are typical, not deadlines — follow your child’s pace. How to help at home →

How to tell they’ve got it

Tick these off as you see them — no test required.

Explain what costs, revenue, and profit mean using a simple example
Calculate profit from a given scenario (e.g. spent £3 on ingredients, sold cakes for £8, profit = £5)
Explain what happens if costs are higher than revenue (you make a loss)

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Try this together

If your child spent £4 on supplies for a lemonade stand and earned £10 selling lemonade, could they tell you how much profit they made?

Where this sits on the map

Stuck here? Check the skills it builds on first. Confident? Here’s what it unlocks.

Builds on

Buyers & Sellersages 5–7Must understand buying/selling exchange before grasping revenue concept

Making a Simple Planages 7–9Must understand planning before learning about costs and revenue

Making Changeages 7–9Cross-domain: making change skills (Money & Finance) support profit calculation

Costs & Revenuethis skill · ages 7–9

Unlocks

Scaling Upages 9–11Must understand costs/revenue before grasping challenges of growing a business

Supply Chainsages 9–11Must understand costs before seeing how supply chain stages add cost

solid = must come firstdashed = helps

Curriculum alignment

Where this fits in the official school curriculum — our best automated guess, not yet checked by a person.

Show candidate curriculum codes · 1 VIC

Australian Curriculum v9 candidate

This skill sits outside the F–6 Australian Curriculum — no candidate code matched (v0.1).

Victorian Curriculum 2.0 codes & levels only

VC2HE6S07low confidenceEconomics and Business · Levels 5 and 6 · Skills strand

These are candidate alignments generated by semantic matching — machine-suggested and unreviewed (v0.1), not official or verified mappings. For official curriculum content see australiancurriculum.edu.au, curriculum.nsw.edu.au and f10.vcaa.vic.edu.au. Don’t rely on them for registration or compliance purposes.

Nearby on the map

Being a Good Sellerages 7–9 Having a Business Ideaages 7–9 Learning from Failureages 7–9 Making a Simple Planages 7–9

All Entrepreneurship skills →