Question

Write a word/term/phrase which can substituted each of the following statements:
Excess of expenditure over income of 'not for profit' concerns.

Answer 1

Not-For-Profit concerns

The sole purpose of any business organization is to earn a profit. In other words, they work for self-interest. However, there are some organizations whose basic aim is to serve the society i.e. they work for the benefit of society as a whole. These are called not-for-profit organizations or non­profit organizations.

They are formed for some idealistic purposes and provide service to its members and the public in general. Their aim may be educational, religious, charitable or social welfare of the people at large. They are working in a variety of forms ranging from small to large. In small forms, they are working in the shape of resident welfare associations (RWAs), charitable dispensaries, religious societies etc.