If income is higher than expenditure, this is known as?

Unlock all questions

This demo includes only 20 questions. Upgrade to access hundreds of questions, flashcards, exam simulations, and disable ads.

Full question bankExam simulationsFlashcards
From $24.99Unlock all

Enhance your financial literacy with our EMS Financial Literacy Exam Quiz. Test your knowledge with interactive flashcards and answer real exam-style questions. Prepare efficiently and effectively for the EMS financial literacy test and boost your confidence today!

Multiple Choice

If income is higher than expenditure, this is known as?

Explanation:
When income exceeds expenditure, you have a profit. Profit is the positive difference between what you earn (revenue/income) and what you spend (expenditure/expenses). It represents the net financial gain from activities. The other terms don’t fit: a loss happens when expenses exceed income; a budget is a planned outline of expected income and spending; revenue is the total income before subtracting costs, not the net surplus.

When income exceeds expenditure, you have a profit. Profit is the positive difference between what you earn (revenue/income) and what you spend (expenditure/expenses). It represents the net financial gain from activities. The other terms don’t fit: a loss happens when expenses exceed income; a budget is a planned outline of expected income and spending; revenue is the total income before subtracting costs, not the net surplus.

More Multiple Choice Questions
Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy