How do you calculate the revenue in the business? Choose two answers.Answer instructionsProfitPrice of the productNumber of customers
Question
How do you calculate the revenue in the business? Choose two answers.
- Profit
- Price of the product
- Number of customers
Solution
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Price of the product: The price at which you sell your product or service is a key component in calculating revenue. It is the amount of money that customers pay for the product.
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Number of customers: The number of customers who buy your product or service also plays a crucial role in determining revenue. The more customers you have, the more sales you make, which leads to higher revenue.
So, to calculate the revenue in a business, you multiply the price of the product by the number of customers (or units sold). This gives you the total revenue.
Please note that profit is not used to calculate revenue. Profit is calculated by subtracting the total costs of a business (like production, operational, and marketing costs) from its total revenue.
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