Net Income Is the Profit Left Over After Subtracting Expenses

question 118

True/False

Net income is the profit left over after subtracting expenses and losses from revenues and gains.

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Definitions:

Imports

Goods or services brought into a country from abroad for sale.

European Union (EU)

A political and economic union of 27 member states that are located primarily in Europe, which operates through a system of supranational institutions and intergovernmental negotiated decisions by the member states.

Mandatory Vacation Time

A period designated by employers or regulatory bodies during which employees are required to take time off from work.

International Trade Deficit

A situation that occurs when a country imports more goods and services than it exports, leading to a negative balance of trade.