SELECT THE CORRECT ANSWER 3. Profits are: Revenues Direct costs Taxes Revenues less costs

Question

Question

business economics

Add a comment Improve this question Transcribed image text

Answer 1

Answer #1

D) revenues less costs

Profit = total revenue - total cost

It is the residual money left with the producer after deducting all the cost amount from total revenue earned.

Add a comment

Answer 2

Similar Homework Help Questions

$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to...

$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to cashier, stock, and delivery help Rent and utilities Taxes Total explicit costs Accounting profit (revenue minus explicit costs) less implicit costs: Wages of owner-manager, 300 hours @ $10 per hour Return on inventory investment, 10% per year on $120,000 Total implicit costs Economic profit (revenue minus all costs) $ 17,000 2,500 800 700 $ 21,000 $ 6,000 $ 3,000 1,000 $ 4,000 $ 2,000...
Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead...

Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead costs Prime costs Conversion costs A. All direct manufacturing costs. B. All manufacturing costs other than direct material costs. C. Compensation of all manufacturing labor that can be traced to the cost object. D. Costs of all materials that can be traced to the cost object. E. All manufacturing costs related to the cost object but cannot be traced to the cost object
Your answer is correct. Identify the above costs as variable, fixed, or mixed. Cost Direct materials...

Your answer is correct. Identify the above costs as variable, fixed, or mixed. Cost Direct materials Variable Direct labor Variable Utilities Mixed Fixed Property taxes Indirect labor Variable Supervisory salaries Fixed Mixed Maintenance Fixed Depreciation eTextbook and Media x Your answer is incorrect. Calculate the expected costs when production is 5,200 units. $ Cost to produce 5,200 units 65925 eTextbook and Media Bridgeport Corporation manufactures a single product. Monthly production costs incurred in the manufacturing process are shown below for...

An individual income tax is a tax on: Select the correct answer below: o the profits...

An individual income tax is a tax on: Select the correct answer below: o the profits of a corporation O an individual's annual income O an individual's purchases at major retailers o the wages an individual receives from an employer When the budget deficit rises... Select the correct answer below: O domestic private investment falls O government spending falls O the trade deficit falls O private savings fall Which of the following will lead to expansionary fiscal policy? Select all...
QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit...

QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit Total QUESTION 14 The equilibrium price and quantity of a good are found where the supply and demand curves intersect. True False QUESTION 16 If price elasticity of demand is less than 1, it is Elastic Unit Elastic Inelastic Perfectly Elastic QUESTION 17 Perfectly competitive firms set the price at the point where they can maximize their profits. True False QUESTION 18 What is...
Which of the following are true regarding profits, revenues, and costs? Choose one or more: A....

Which of the following are true regarding profits, revenues, and costs? Choose one or more: A. accounting profit - revenue - implicit costs B. total costs = implicit costs + explicit costs C. revenue = (price x quantity) - total costs D. proft = total revenue - total costs E. revenue = pricex quantity F. economic profit - revenue - implicit costs G. economic profit = accounting profit - implicit costs < 14/15 ASDFGH

Revenues COGS $5,000,000 $2,000,000 Gross Profits $3,000,000 Depreciation $500,000 EBIT $2,500,000 Interest $500,000 EBT $2,000,000 Taxes...

Revenues COGS $5,000,000 $2,000,000 Gross Profits $3,000,000 Depreciation $500,000 EBIT $2,500,000 Interest $500,000 EBT $2,000,000 Taxes $500,000 Net Income $1,500,000 Refer to the income statement above. If we wish to convert the income statement to a common size income statement, what should be entered for revenues? a. 10 b. 50 C. 500 d. 100
Which of the following statements is correct regarding reporting of special events and related direct costs...

Which of the following statements is correct regarding reporting of special events and related direct costs under current FASB standards? Question 42 options: A) Special events and related direct costs must be reported separately at their gross amounts if they relate to the ongoing major operations of a not-for-profit. B) Special events revenues are to be reported at gross amounts, even if direct costs are of a peripheral or incidental nature. C) Expenses of promoting and conducting special events should...
____ are assigned using direct tracing and resource drivers. Materials Costs Resources Profits Products

____ are assigned using direct tracing and resource drivers. Materials Costs Resources Profits Products

For each of the drop down menus, choose the answer that makes the following statement correct....

For each of the drop down menus, choose the answer that makes the following statement correct. For firms in perfectly (purely) competitive markets, long run economic profits are: because firms will Select answer this market if profits are less than that and Select answer this market if profits are greater than that.

SELECT THE CORRECT ANSWER 3. Profits are: Revenues Direct costs Taxes Revenues less costs

Homework Answers

Add Answer to:
SELECT THE CORRECT ANSWER 3. Profits are: Revenues Direct costs Taxes Revenues less costs

Post as a guest

Earn Coins

$ 27,000 Total (gross) revenues per month less explicit costs: Cost of merchandise sold Wages to...

Select the correct definition for the following costs. Direct material costs Direct manufacturing-labor costs Manufacturing overhead...

Your answer is correct. Identify the above costs as variable, fixed, or mixed. Cost Direct materials...

An individual income tax is a tax on: Select the correct answer below: o the profits...

QUESTION 13 costs. Accounting profits are equal to total revenues minus Implicit Explicit Explicit and Implicit...

Which of the following are true regarding profits, revenues, and costs? Choose one or more: A....

Revenues COGS $5,000,000 $2,000,000 Gross Profits $3,000,000 Depreciation $500,000 EBIT $2,500,000 Interest $500,000 EBT $2,000,000 Taxes...

Which of the following statements is correct regarding reporting of special events and related direct costs...

____ are assigned using direct tracing and resource drivers. Materials Costs Resources Profits Products

For each of the drop down menus, choose the answer that makes the following statement correct....

SELECT THE CORRECT ANSWER 3. Profits are: Revenues Direct costs Taxes Revenues less costs

Homework Answers

Add Answer to: SELECT THE CORRECT ANSWER 3. Profits are: Revenues Direct costs Taxes Revenues less costs

Post as a guest

Earn Coins

Add Answer to:
SELECT THE CORRECT ANSWER 3. Profits are: Revenues Direct costs Taxes Revenues less costs