ECONOMICS
PROFIT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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expenses.
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prices.
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revenue.
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supply.
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Detailed explanation-1: -Profit is determined by subtracting direct and indirect costs from all sales earned. Direct costs can include purchases like materials and staff wages. Indirect costs are also called overhead costs like rent and utilities.
Detailed explanation-2: -Profit can be represented as the total amount of money minus the production cost. The production cost accounts for the cost that is incurred from providing a service or manufacturing a product. A profit is usually accountable in business when the revenue generated exceeds the expenses and the cost plus taxes.
Detailed explanation-3: -Profit is the firm’s total revenue minus its total cost.
Detailed explanation-4: -There are three main measures of profit. These are gross profit, operating profit and net profit.
Detailed explanation-5: -total revenue = number of units sold x unit price. total costs = cost of goods produced + operating expenses + interest + taxes. net profit = total revenue-total costs. net profit margin = (net income / revenue) x 100. gross profit = total revenue-total cost of goods sold. More items