Income is not really used in terms of moneys that a business deals with. It's used more for individuals taking in moneys.I thought that revenue was the total amount of incoming money. I also thought that MCL 28.425o (which defines a bar) used revenue in its terminology. I just looked online and saw that they use the word 'income', which I read is something like revenue minus costs.(?) Wouldn't that be profit?
What's the difference? In laymen's terms, please.
Revenue is total gross moneys taken in.
Profit is gross revenue minus costs. (also referred to as "net revenue")
Income, when used in terms of a business, is generally used in a way that's synonymous with revenue (ie Income = Revenue), but not always. Sometimes it is used to mean Profit. That's why I say it shouldn't be used in business sense.