Utah Contractor Practice Exam

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Prepare for the Utah Contractor Exam with comprehensive quizzes and practical questions. Enhance your knowledge and understanding of contractor roles, industry standards, and Utah-specific regulations with our detailed study materials and expert insights. Start your preparation today!

Each practice test/flash card set has 50 randomly selected questions from a bank of over 500. You'll get a new set of questions each time!

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If you have $300,000 in sales and expenses totaling $210,000, what is your net profit?

$58,000
$74,000
$90,000
$112,000

The correct answer is: $90,000

To determine net profit, you need to subtract total expenses from total sales. In this scenario, sales amount to $300,000, and expenses are $210,000. The calculation is as follows: Net Profit = Sales - Expenses Net Profit = $300,000 - $210,000 Net Profit = $90,000 Therefore, the net profit, calculated by subtracting the total expenses from total sales, is $90,000, making this the correct answer. Understanding this financial principle is essential for managing a business, as net profit indicates the actual profitability after accounting for all expenses, which is crucial for assessing the overall financial health of a company.