Backstreet Books, an eclectic bookstore on a large college campus generated total revenues of $15 million while incurring expenses of $12 million. During the year Backstreet Books earned a profit of $3 million.

Question

Quizplus · Accepted Answer

The statement is true. The profit of Backstreet Books for the year is calculated as follows: 
Profit = Total Revenues - Total Expenses 
Profit = $15 million - $12 million 
Profit = $3 million

Backstreet Books, an Eclectic Bookstore on a Large College Campus