Question

net income or loss is: multiple choice question. a. is gross profit plus operating expenses and taxes b. is operating expenses minus taxes all revenue minus all expenses and taxes c. is net sales minus cost of goods sold

Answer 1

Net income or loss is the difference between total revenue and total cost for a business. The correct definition is net sales minus cost of goods sold.

Step-by-step explanation:

The net income or loss is the difference between total revenue and total cost for a business. It is also known as the profit or loss.

In option a, gross profit plus operating expenses and taxes is not an accurate definition of net income.

Option b, operating expenses minus taxes, is also incorrect. This does not account for revenue and other expenses.

The correct definition is option c, net sales minus cost of goods sold. Net sales represent the revenue from sales, and cost of goods sold represents the direct expenses associated with producing those goods for sale.

Answer 2

The net income or loss is calculated by subtracting the cost of goods sold from the net sales of a business. This represents the profit or loss after accounting for all expenses.

Step-by-step explanation:

The net income or loss is the amount of profit or loss a business has after deducting all expenses, including operating expenses, taxes, and cost of goods sold, from its net sales. The correct answer is option c. Net income or loss is calculated as: Net Sales - Cost of Goods Sold.