Step 1 : Introduction to the question "The Fortune 500 is a list of companies based on what?"
...In May 1955, “Fortune” magazine began publishing an annual list of the 500 largest companies in the United States based on revenue. Additionally, the list provides other information about the companies, including after-tax profits, assets, stockholders' equity, market value, and earnings per share. The Fortune 500 list is important because it shows the public which companies can ultimately have the biggest impact on the economy. Today, “Fortune” also compiles similar lists including the Global 500, Future 50, and 100 Fastest-Growing Companies.
Step 2 : Answer to the question "The Fortune 500 is a list of companies based on what?"
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