Understanding Profit in Business
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Questions and Answers

What is profit typically used to describe?

  • Activity of a business (correct)
  • Activity of a non-profit organization
  • Government's revenue
  • Individual's income

    • What is included in the costs that profit is calculated after?

  • Labor and materials only
  • Interest on debt and taxes only
  • Labor, materials, interest on debt, and taxes (correct)
  • None of the above

    • What is profit in simple terms?

  • The costs incurred by a business
  • The total revenue earned
  • The interest paid on debt
  • The revenue remaining after all costs are paid (correct)

    • Who has profit according to the concept?

    <p>Everyone with an income</p> Signup and view all the answers

    What is profit also referred to as?

    <p>What's left over after paying the bills</p> Signup and view all the answers

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