GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Total of all the things you own that have a value, or could create money for you in the future
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A form of business owned by two or more people who share management and profits
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Money a company or an individual can keep, after all expenses have been paid
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The total amount of money a business or individual brings in
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Detailed explanation-1: -Profit is the money a business pulls in after accounting for all expenses. Whether it’s a lemonade stand or a publicly-traded multinational company, the primary goal of any business is to earn money, therefore a business performance is based on profitability, in its various forms.
Detailed explanation-2: -3. Net Profit. Net profit (also called net income or net earnings) is the value that remains after all expenses, including interest and taxes, have been deducted from revenue. This is the final figure located at the bottom of the income statement.
Detailed explanation-3: -Profit is the amount of income that remains after accounting for all expenses, debts, additional income streams, and operating costs. While revenue and profit both refer to money a company earns, it’s possible for a company to generate revenue but have a net loss.
Detailed explanation-4: -Net income is the money left over after a company’s expenses have been paid. It’s shown at the bottom of a company’s profit and loss account. This is why it’s often referred to as ‘the bottom line’. Net income can also be referred to as net profit or net earnings.