income strategies Flashcards
1
Q
what is income strategies?
A
calculates profit/loss over a given period by deducting costs for that time from income made
2
Q
benefits?
A
managers can review
conforms to legal requirements
profit quality can be judged
3
Q
how can you improve profit?
A
increase prices
increase sales volume
decrease costs
marketing
4
Q
what equations are needed?
A
gross profit
net profit
profit before tax
profit of the year
