Profit and Loss - Quiz

  • A Cost Price
  • B Selling price
  • C Both
  • D None of the above
  • A Gross profit is revenue minus cost of goods sold, while net profit is gross profit minus operating expenses.
  • B Gross profit is revenue minus all expenses, while net profit is revenue minus only variable expenses.
  • C Gross profit is revenue minus cost of goods sold, while net profit is revenue minus all expenses.
  • D Gross profit and net profit are the same thing.