What's the difference between income and profit?

by Sandy
(Littleton, CO)

I hear these terms used interchangeably sometimes, and I wonder what's the difference between profit and income.


Thanks!

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Thanks Sandy!

I agree that people use these terms interchangeably, but they do mean different things. Income means revenue, which is sales or other income like scrap, interest, etc. Profit is the positive number you get from subtracting your expenses from your income (revenue).

Hope that helps!

And thanks for Asking the Expert!

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Nov 17, 2013
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Turn over
by: Angelo Paulse

Hi im a sole proprietor. Selling airtime. I would like to know what my turn over will be. So far my income R1484, sales R1134, i use r442 for personal use,my capital contribution R1042 and money outstanding R1501. So what will my turnover be.

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