Profit Is Computed by Subtracting Depreciation Expenses and Income Taxes

question 58

True/False

Profit is computed by subtracting depreciation expenses and income taxes from total business revenue.

---

Definitions:

Resources

Broadly refers to the inputs used to produce goods and services, including natural materials, human labor, capital, and technology.

Scarce

A situation in which available resources are limited in relation to the wants and needs of individuals or communities.

Participatory Planning

A process that involves all stakeholders in the decision-making process of planning, ensuring their views are considered.

Contingency Situations

Unexpected or emergency circumstances that require immediate and flexible responses or adaptations from individuals or organizations.