Examlex
In a few sentences, define the following terms:
a) Simple event
b) Sample space
Depreciation
The systematic reduction of the recorded cost of a fixed asset to reflect its loss in value over time, often due to wear and tear or obsolescence.
Net Income
The total earnings of a company after subtracting all expenses, taxes, and costs, reflecting the actual profit made.
Gross Profit
The financial difference between the revenue generated from sales and the cost of goods sold, not accounting for other operating expenses.
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