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Understanding Profit Income

Path: Prosperity Consciousness Understanding Profit Income

Income, Profit, Proceeds, and Revenue - the words are used as loose substitutes in ordinary conversation, but they do have different shades of meaning. For example:

The term Income is used in accounting reports (e.g, an 'income statement') for the amount of money left over out of revenues after costs have been paid. There are various kinds, chiefly depending on whether you are measuring income before or after taxes have been paid and before or after interest has been paid.

Profit is a term used in economics for the money going to capital (as opposed to labor, land, or other factors of production). Also sometimes used as a synonym for income.

And Proceeds is the amount of money you receive from selling something. Proceeds may be 'gross' -- before your expenses, or 'net' -- after paying your expenses.

The word Revenue refers to the amount of money received from your business activities. It is the 'top line' in an income statement. 'Income' is the famous 'bottom line'. However, to get to the very bottom, you need to measure it after taxes and interest. It is what is left over out of this revenue amount after all costs have been paid.

Consider this statement: -- The revenue generated from the proceeds of the sales provided enough profit to the salesperson to make an adequate income. --

In the above example; the word 'revenue' is sort of all-encompassing. The word 'proceeds' implies the flow of revenue. The word 'profit' means after all expenses are paid and the word 'income' means 'take-home pay'.


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