The amount of money that a firm receives from the sale of its output is called:

a. Total gross profit,

b. Total net profit,

c. Total revenue,

d. Net revenue.

• The correct answer is c. Total revenue.

Total revenue, in accounting and economics, is the total amount of money received for the sale of the goods or services produced by a firm. The total revenue can be calculated by multiplying the price and quantity of the goods or services sold. In contrast, total gross profit is the subtraction of COGS from the total revenue. Total net profit is the total revenue minus all the business expenses. Net revenue is the calculation of total revenue minus the direct expenses such as discounts or refunds.