How is profit calculated?
AnswerRevenue minus expenses
Profit is what remains after costs.
Business · Facts & stats
Profit facts & stats
7 fact-checked facts about profit and the basics of business accounting, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What is gross profit?
AnswerRevenue minus cost of goods sold
Gross profit comes before operating costs.
Going deeper
How is profit margin usually expressed?
AnswerProfit as a percentage of revenue
Margin shows how much of each sale is kept.
What is net profit?
AnswerProfit after all expenses, including taxes
Net profit is the final figure.
What does the "E" in EBITDA stand for?
AnswerEarnings
EBITDA is earnings before interest, taxes, depreciation and amortization.
Expert level
Who first published a description of double-entry bookkeeping in 1494?
AnswerLuca Pacioli
Pacioli described it in his Summa.
Operating profit is often also called what?
AnswerEBIT
EBIT is earnings before interest and taxes.
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