a) i suggest you let x represent the number of cakes, and let y represent the profit (or loss) realized as a function of x.
b) what are these? for example, if Lee bakes one cake, that's $462 to get started, and $4 for the ingredients, which means Lee is $466 in the hole, unless she sells the cake.
c) in general: profit = revenue - costs. the profit made (or lost) will depend on the number of cakes. as i showed above, 1 cake has a cost of $466, if it sells, that is $25 revenue, defraying the loss to a mere $441 dollars in the hole.
d) if you do (b) & (c), you should be able to use what i said for (c) to get a formula for profit/loss.