Gross profit is defined as:

A. the amount of money the owner takes out of the firm annually.
B. what is left after deducting the operating expenses of the business.
C. what is left after deducting the cost of goods sold.
D. the profit earned by a company when its product is in the maturity stage of the product life cycle.


Answer: C

Business

You might also like to view...

Federal income taxes are subject to a maximum amount per employee per year

a. True b. False Indicate whether the statement is true or false

Business

The total overhead variance is the difference between standard variable overhead costs and standard fixed overhead costs

Indicate whether the statement is true or false

Business

What is the major advantage of the weighted average cost method?

A) simplicity B) accuracy C) it is the required method D) it is the preferred method

Business

A(n) ________ is a subsidy that is presumed to be trade distorting because it requires export performance or is contingent upon the use of domestic instead of imported goods

A. nonactionable subsidy B. consumption subsidy C. actionable subsidy D. prohibited subsidy

Business