Im Not Sure Weather Their The Same Or If Their Different!
2006-10-11 05:55:15 · 15 answers · asked by Chris_hulk 1 in Local Businesses ➔ United Kingdom ➔ London
no
2006-10-11 06:05:28 · answer #1 · answered by trees2005 2 · 0⤊ 0⤋
No. Income is the total amount of money made though earnings or receipts. However, profit is the amount of money made after all deductions have taken place.
For example, you buy a can of Coke for 45p and sell it for £1. Your income from that transaction is £1, however, your profit is 55p.
In business there are many other factors that can affect income and profit, but I will keep this answer as simple as possible. Remember that most businesses however will base there targets on GP (Gross profit) over income.
2006-10-11 13:07:14 · answer #2 · answered by ed.knight 3 · 1⤊ 0⤋
Income relates to your sales. When you deduct the cost of those sales you get the Gross Profit and from there you deduct all expenses to get the Profit and Loss result which will be a surplus or deficit on your income.
I wonder if the weather is ever the same in the Inland Revenue offices .....
2006-10-11 13:06:56 · answer #3 · answered by Druantia 3 · 0⤊ 0⤋
Income is money comihg in. Using money to aquire/purchase for resale/hire etc should provide a profit at sale or at hire.
I have ex amount exex000
minus what i paid ex000
after sale I have a profit eex00
2006-10-11 13:08:50 · answer #4 · answered by Anonymous · 0⤊ 0⤋
They are differnt. Income is the money that comes in (to a business usually in this context), profits are what are left after paying out all the expenses.
2006-10-11 12:57:11 · answer #5 · answered by satyricon_uk 3 · 0⤊ 0⤋
Profits - Income less expenditure
2006-10-11 13:11:21 · answer #6 · answered by Mandy T 2 · 0⤊ 0⤋
simply to make a profit is an income.. you dont throw it away do you so profit and income are one and the same
2006-10-11 12:58:54 · answer #7 · answered by srracvuee 7 · 0⤊ 0⤋
No.
Income is literally that:-
money coming in.
Profit is:-
Income minus costs.
2006-10-11 12:58:29 · answer #8 · answered by Paul E 2 · 0⤊ 0⤋
Income is al the money that you earn and profit is the money that is let after paying al costs and taxes.
2006-10-11 13:00:11 · answer #9 · answered by chmv2005 1 · 0⤊ 0⤋
income is what u get paid ok and then profits are kind of the same i think its like u get so much of a amount i gess
2006-10-11 13:02:59 · answer #10 · answered by hotchick_8587 2 · 0⤊ 0⤋
I take it you mean in a business sense.
No they are not the same, Income is all the money that comes into your business.
Profit is all the money left over after you have paid overheads, like wages, building costs, stock costs, things like that.
2006-10-13 05:24:13 · answer #11 · answered by Anonymous · 0⤊ 0⤋