SALES REVENUE - The total amount the business has made: Units sold x selling price, GROSS PROFIT - Sales Revenue - Cost of Sales works this out, TOTAL EXPENSES - The total of all the money paid out to run the business., PROFIT FOR THE YEAR - Gross Profit - Total Expenses gives you this, WAGES - An expense that is the money paid to employees for their work, PURCHASES - A cost of Sales that involves buying your raw materials, RENT - An expense which you may pay to be allowed to use the property, ELECTRICITY - An expense which businesses have to pay so that they can power all of their machinery, computers and other technology,

Income Statement Terms

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