Definition of

Profit

Profit
Income less all expenses.

Example: Sam's Bakery received $900 yesterday, but expenses such as wages, food and electricity came to $650. So the Profit was $900 − $650 = $250.


But if the income is LESS than expenses it is called a "Loss".

Example: Two days ago Sam's Bakery received $480, but expenses were $520.
$480 − $520 = −$40, which is a $40 Loss

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