Final answer:
All payments received from clients for services performed and home care products purchased are known as Revenue, which is the total incoming money before expenses are deducted to arrive at profit.
Step-by-step explanation:
All payments received from clients for services performed and home care products purchased are known as Revenue. This includes all the money brought into a company from its business activities, before any costs or expenses are deducted. In the context of a firm's financials, such payments fall under the general heading of 'income' and are represented on the income statement. These payments are different from profits, which are calculated after deducting expenses like salaries, rent, and cost of goods sold (COGS) from the total revenue. Expenses refer to the costs incurred in the process of generating revenue, and profit is the residual amount after all expenses have been paid.