Question

1._____________is the difference between earned income and costs. 2. An organization that produces or distributes a good or service for profit is called a __________

Answer 1

Answer:

1. Profit

2. Business

Explanation:

      Profit may be defined as the income which is distributed to the owner in the production process of a profitable market. In other words it is the extra revenue generated by the company that is in excess of the money spend as expenses. It is the difference between the earned income and the costs.

        Business is a regular work or occupation or trade of a person. It refers to an organized efforts as well as the activities of any individual to produce the goods and services and sell them for a profit.