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Questions and Answers
What is profit typically used to describe?
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?
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?
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?
Who has profit according to the concept?
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What is profit also referred to as?
What is profit also referred to as?
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