Asked by Alejandra Navarro Borda on Jul 29, 2024
Verified
Profit equals total revenue minus total cost.
Total Revenue
The total amount of money a company receives from selling its goods or services over a specific time period.
Total Cost
The complete cost of producing a specific quantity of output, including both fixed and variable costs.
- Grasp the basic concept of profit calculation and the distinction between total revenue and total cost.
Verified Answer
ZK
Zybrea KnightAug 01, 2024
Final Answer :
True
Explanation :
Profit is calculated by subtracting the total cost of producing goods or services from the total revenue generated from selling those goods or services.
Learning Objectives
- Grasp the basic concept of profit calculation and the distinction between total revenue and total cost.