The following statements regarding gross profit are true except:
A. Gross profit equals net sales less cost of goods sold.
B. Gross profit must cover all operating expenses to yield a return for the owner(s) of the business.
C. Gross profit is not reported on the multiple-step income statement.
D. Gross profit is also called gross margin.
E. Gross profit less other operating expenses equals income from operations.
Answer: C
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You are working with your client to determine the degrees of importance among three dimensions that you have decided to investigate. You and your client are brainstorming to decide how to label the degrees of importance. Which option is an inappropriate one to use?
a. Important (1) – Very important (2) – Most important (3) b. Not important (1) – Important (2) – Very important (3) c. Less important (1) – More important (2) d. Somewhat important (1) – Very important (2) – Extremely important (3)
About three-fourths of the membership of the WTO comes from ________
A) the world's poorer countries B) the world's most developed countries C) EU countries D) NAFTA countries E) MERCOSUR countries
Standards that reflect what is expected to occur are referred to as ______________________________
Fill in the blank(s) with correct word
An argument by relationship might use ideas involving ______ or ______.
a. contradiction; causation b. correlation; creation c. creation; contradiction d. correlation; causation