Subtraction of total operating expenses from sales yields:
a. net income.
b. gross margin.
c. operating profit.
d. all of the above
e. none of the above
C
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a. selling sterling in the forward market for 60-day delivery. b. buying sterling now and selling it at the end of 60 days. c. selling the dollar equivalent in the forward market for 60-day delivery. d. keeping the sterling in Britain after it is delivered to you.
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