Question

Whether a business makes a profit or loss is determined by the difference between the total amount of money a business takes in from sales, known as its , and the money needed to operate it, known as_______.

Answer 1

Revenue/Income; Expenses

Explanation:Profit or Loss is determined as the difference between the revenue made by a business (also known as its income), and the expenses spent in the process of generating that revenue.

If the difference is positive, the outcome is a profit. If the difference is negative, the outcome is a loss.