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A company reported a revenue of $1.5 million and expenses of $1 million. What is

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Question: A company reported a revenue of $1.5 million and expenses of $1 million. What is the net profit? (2023)

Options:

  1. $500,000
  2. $400,000
  3. $600,000
  4. $700,000

Correct Answer: $500,000

Exam Year: 2023

Solution: 

Net Profit = Revenue - Expenses = 1.5 million - 1 million = $500,000.

A company reported a revenue of $1.5 million and expenses of $1 million. What is

Practice Questions

Q1
A company reported a revenue of $1.5 million and expenses of $1 million. What is the net profit? (2023)
  1. $500,000
  2. $400,000
  3. $600,000
  4. $700,000

Questions & Step-by-Step Solutions

A company reported a revenue of $1.5 million and expenses of $1 million. What is the net profit? (2023)
  • Step 1: Identify the revenue amount, which is $1.5 million.
  • Step 2: Identify the expenses amount, which is $1 million.
  • Step 3: Use the formula for net profit, which is Net Profit = Revenue - Expenses.
  • Step 4: Substitute the values into the formula: Net Profit = 1.5 million - 1 million.
  • Step 5: Calculate the result: 1.5 million - 1 million equals $500,000.
  • Net Profit Calculation – Net profit is calculated by subtracting total expenses from total revenue.
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