1. Answer the questions:

1. What is profit ? Define the word.

1. Why does the uncertainty occur?

1. What are three main reasons why people are willing to take the risk?

1. What is the profit motive?

1. What is the formula of profit?

1. Define the words “income” and “expenses”.

1. What are two main types of expenses? Define them.

1. What are two types of profit?

1. Give an example of gross profit.

1. What is net profit?

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