INTRODUCTION TO ENTREPRENEURSHIP
DEFINITION OF ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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A business that does $10, 000 in sales, and has $7, 000 in expenses has a profit of?
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$17, 000
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$10, 000
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$7, 000
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$3, 000
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Explanation:
Detailed explanation-1: -For example, if your small business has $10, 000 in cash collections and $7, 000 in expenses on its cash-basis profit and loss statement, this represents a $3, 000 profit.
Detailed explanation-2: -Finding profit is simple using this formula: Total Revenue-Total Expenses = Profit.
Detailed explanation-3: -The gross profit formula is: Gross Profit = Revenue – Cost of Goods Sold.
Detailed explanation-4: -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 •10-Mar-2023
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