Welcome: Profit and Loss
Description: Profit is a financial benefit that is realized when the amount of revenue gained from a business activity exceeds the expenses, costs and taxes needed to sustain the activity. Any profit that is gained goes to the business's owners, who may or may not decide to spend it on the business. While loss incurred when goods is sold for a price that is lower than the original purchase price.
Grade Level: 6-8
Curriculum: Business / Economics
Keywords: profit,loss,business,selling price, cost price
Author(s): Carla Morgan