Net income is also called your _________.

• A. gross revenue
• B. profit
• C. total assets
• D. net sales

Answer: (B)

Verified step by step guidance

1. Understand the concept of net income: Net income is the amount of profit a company earns after deducting all expenses, taxes, and costs from its total revenue.
2. Review the options provided: The options are gross revenue, profit, total assets, and net sales.
3. Eliminate incorrect options: Gross revenue refers to the total income generated before any deductions, total assets represent the resources owned by the company, and net sales are the revenue after deducting returns and allowances.
4. Identify the correct term: Net income is synonymous with profit, as it represents the earnings remaining after all expenses have been accounted for.
5. Conclude that the correct answer is 'profit' based on the definition and elimination of other options.