Question

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

Answer 1

Answer:

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.

$Profit/Loss = Revenue - Expenses$

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