Trading, Profit & Loss Account - A financial summary of a businesses trading activity during the year, Gross Profit - The difference between sales revenue and the cost of sales, Net Profit - Gross profit minus expenses (eg. wages, rent, rates, advertising etc.), Turnover - Total revenue or income from sales i.e. the money a business receives from selling its goods/services, Tax - An amount of money that has to be paid to the government based on the profit the company has generated, Retained Profit - The remaining profit kept by the company after all deductions have been made, Cost of sales - The cost of buying the stock and/or raw materials used to generate the sales,

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