What is the equation used to calculate profit and loss? a. Sales + cost of goods sold – other expenses b. Collateral + sales expenses
c. Sales - cost of goods sold – other expenses d. Sales - collateral – expenses

c. Sales - cost of goods sold – other expenses

Explanation:

A business is profitable when its revenues exceed expenses.  Revenue is the money realized from sales. Expenses are either direct expenses or indirect expenses.

Direct expenses refer to the costs that can be linked to a particular product. They include labor cost, materials, and factory overheads cost. Direct costs are also referred to as the costs of goods sold.

Indirect expenses are the operating cost of a business. They can not be traced to specific goods. They include items such as rent, internet, telephone, administrative salaries, and insurance.

the definition of a small business is an independently owned and operated company that is limited in size and in revenue depending on the industry. a local bakery that employs 10 people is an example of a small business. a manufacturing facility that employees less than 500 people is an example of a small business.

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