what is profit and how is it earned and what is its effect on business?
Answers
Answer:
What is profit???
a financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.
How is it earned???
Profit describes the financial benefit realized when revenue generated from a business activity exceeds the expenses, costs, and taxes involved in sustaining the activity in question. Any profits earned funnel back to business owners, who choose to either pocket the cash or reinvest it back into the business.
What is its effect on Business???
Two Foolproof Ways to Increase Profit
Profit is the revenue remaining after all costs are paid. These costs include labor, materials, interest on debt, and taxes. Profit is usually used when describing business activity.
Explanation:
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