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What is the correct meaning of income in a business?

Answer and explanation

Correct answer: Amount earned from sales or services

Income is the amount earned by a business from its regular activities, such as selling goods or providing services. It represents an inflow related to earning, although income is not the same as profit. Profit is calculated after deducting expenses from income. Therefore, option A is correct; loss and expense are different concepts, while the remaining option does not describe business income.

Related tags

IncomeSalesBusiness-FinanceConceptNature And Importance Of Business FinanceConcept Nature And Importance Of Business FinanceSources Of Business FinanceBusiness StudiesClass 11 Mcq

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