After All Expenses Have Been Subtracted from Revenues on an Income

question 98

Multiple Choice

After all expenses have been subtracted from revenues on an income statement, if the final figure is positive, it is known as which of the following?

• A) owners' equity
• B) net revenue
• C) net profit
• D) gross profit

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Definitions:

Price Skimming

A pricing strategy involving setting high initial prices for a new product to maximize profits from the segment of consumers willing to pay a premium before lowering the price over time.

Cost Of Goods Sold

Direct costs attributed to the production of the goods sold by a company, including materials and labor.

Custom T-shirts

refers to T-shirts made or printed based on individual preferences or designs specified by customers.

School Sports Teams

Organized groups of students who represent their school in various sports competitions.