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WAEC Agricultural Science 2022 Question 50

Question 50

Farm Management and Records

The gross profit of a farm business is the farm's

  1. A.net sales less cost of production.
  2. B.total sales less operating expenses.
  3. C.net sales less taxation.
  4. D.total sales less cost of production.
Show the answer and explanation

Answer: A (net sales less cost of production.)

Explanation

Gross profit = net sales minus the cost of producing the goods sold.