GENERAL KNOWLEDGE

Detailed explanation-1: -Profit is seen when expenses from the revenue are taken out, while income is seen when all expenses incurred by a business are subtracted. Profit refers to the difference between how much money is spent and earned in a given time period, while income represents the actual amount of money earned in a given time period.

Detailed explanation-2: -A profit is the amount of money you earn from a certain product or service, which is determined by subtracting costs from sales and setting the profit margin. Analyzing how profitable your products and services are is an essential step for establishing sales strategies and piquing the interest of your customers.

Detailed explanation-3: -Also called net profit or net earnings, net income reflects how much your practice actually earned or lost during the reporting period. This is essentially amount of money remaining after all expenses are subtracted from total revenue.