A loss is the level of profit that occurs when the total revenue is _____ than the total cost.

• A. double
• B. less
• C. equal
• D. greater

Answer: (B)

Verified step by step guidance

1. Understand the concept of profit and loss: Profit occurs when total revenue exceeds total costs, while a loss occurs when total costs exceed total revenue.
2. Analyze the relationship between total revenue and total cost: If total revenue is less than total cost, it results in a loss.
3. Review the options provided: 'double,' 'less,' 'equal,' and 'greater.' Only 'less' correctly describes the condition for a loss.
4. Confirm the correct answer by matching the definition of a loss with the options provided.
5. Conclude that the correct answer is 'less,' as it aligns with the definition of a loss in financial accounting.