USA HISTORY

Detailed explanation-1: -What is gross profit? Gross profit is the profit a business makes after subtracting all the costs that are related to manufacturing and selling its products or services. You can calculate gross profit by deducting the cost of goods sold (COGS) from your total sales.

Detailed explanation-2: -Profit is the money you have left after paying for business expenses. There are three main types of profit: gross profit, operating and net profit. Gross profit is biggest. It shows what money was left after paying for the goods and services sold. Operating profit is next.

Detailed explanation-3: -There are two types of profit: accounting profit and economic profit. Accounting profit is total revenue minus explicit costs and depreciation. Economic profit is total revenue minus explicit costs and implicit costs.

Detailed explanation-4: -Profit is the value remaining after a company’s expenses have been paid. It can be found on an income statement.