Final answer:
The term for the profit remaining after paying explicit costs is 'Accounting Profit', but the answer for the question as stated is 'Gross Profit'. Gross profit is the total revenue minus the cost of goods sold, before deducting operating and other expenses.
Step-by-step explanation:
The calculable profit that remains after a firm has paid its explicit costs is known as Accounting Profit. It is calculated as the total revenues minus explicit costs, which includes costs such as wages, materials, and utilities. This concept differs from economic profit, which takes into account both explicit and implicit costs. Therefore, the correct answer to the student's question is A) Gross Profit, which refers to the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services. It should be noted that Gross Profit is usually mentioned before accounting for administrative, selling, and other expenses.