GK
BUSINESS ECONOMICS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The difference between the income earned and the expenses incurred by a business during a specific period of time is called ____
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Sales
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Profit
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Expenses
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Costs
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Explanation:
Detailed explanation-1: -Net income: Net profit can be defined as the amount of money you earn after deducting allowable business expenses. It is calculated by subtracting total expenses from total revenue.
Detailed explanation-2: -Net income (or loss) is the difference between the revenues and expenses for the period.
Detailed explanation-3: -Also referred to as “net income” or “net profit, ‘’ income is the total amount of earnings a company makes minus expenses. It is calculated by subtracting the costs of doing business, such as depreciation, interest, taxes, and other expenses from revenue.
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