How is profit calculated?
AnswerRevenue minus expenses
Profit is what remains after costs.
Business · Facts & stats
Business facts & stats
7 fact-checked facts about business basics, entrepreneurship and management, each with the reason behind it. 5 more are in today's round and join this page after it closes.
The basics
What does B2B mean?
AnswerBusiness to business
B2B companies sell to other businesses.
Going deeper
What is the break-even point?
AnswerWhere total revenue equals total costs
Beyond it, a business starts making a profit.
In startups, what does MVP stand for?
AnswerMinimum viable product
An MVP tests an idea with the simplest workable version.
What is gross margin?
AnswerRevenue minus cost of goods sold, as a share of revenue
It shows how much each sale contributes before overhead.
Expert level
Who is often called the father of modern management?
AnswerPeter Drucker
Drucker wrote dozens of influential management books.
Adam Smith illustrated the division of labor with which example in 1776?
AnswerA pin factory
In The Wealth of Nations, workers splitting tasks made far more pins.
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