ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Keeping all the profit is a reward for setting up your own business. How is this calculated?
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Total Revenue-Total Costs
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Total Revenue-Wages
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Gross Profit/Sales
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Sales-Profit
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Explanation:
Detailed explanation-1: -Revenue (sometimes referred to as sales revenue) is the amount of gross income produced through sales of products or services. A simple way to solve for revenue is by multiplying the number of sales and the sales price or average service price (Revenue = Sales x Average Price of Service or Sales Price).
Detailed explanation-2: -Finding profit is simple using this formula: Total Revenue-Total Expenses = Profit.
Detailed explanation-3: -What is the gross profit formula? The gross profit formula is: Gross Profit = Revenue – Cost of Goods Sold.
Detailed explanation-4: -Profit is simply total revenue minus total expenses. It tells you how much your business earned after costs.
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