NET PROFIT Definition

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NET PROFIT is the companys total earnings, reflecting revenues adjusted for costs of doing business, depreciation, interest, taxes and other expenses. Same as Net Income.

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LOAN COVENANT is a legally enforceable promise or restriction in a mortgage. For example, the borrower may covenant to keep the property in good repair and adequately insured against fire and other casualties. A breach of covenant in a mortgage usually creates a default, defined by the mortgage, and can be the basis for foreclosure.

ENROLLED AGENT (EA) is any individual who is enrolled under the provisions of Treasury Department Circular No. 230 to practice before the IRS.

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