INTRODUCTION TO ENTREPRENEURSHIP
IMPORTANCE OF ENTREPRENEURSHIP IN ECONOMIC DEVELOPMENT
Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]


Salesmonths in a year


Salesexpenses


Total salesexpenses


Monthly sales* expenses

Detailed explanation1: Profit is simply total revenue minus total expenses. It tells you how much your business earned after costs. Since the primary goal of any business is to earn money, profit is a clear indication of how your company is functioning and performing in the market.
Detailed explanation2: Finding profit is simple using this formula: Total RevenueTotal Expenses = Profit.
Detailed explanation3: Profit is revenue minus expenses. For gross profit, you subtract some expenses.
Detailed explanation4: To find your net income or earnings, you need to know your total business revenue and expenses (including the cost of goods sold). Add up your company’s costs, like office supplies, operating expenses, payroll costs and business loan payments. Then, use this formula: Net Income = Revenue – Expenses.
Detailed explanation5: When calculating profit for one item, the profit formula is simple enough: profit = pricecost . total profit = unit price × quantityunit cost × quantity . Depending on the quantity of units sold, our profit calculator can also determine the total cost, profit per unit, and total profit.