Raoul is an illiterate who does not have proper skills for any job. As a result, he is unable to find permanent employment. As a last resort, Raoul starts a diner in his home to earn a regular income for his family. In the given scenario, Raoul most likely started the diner because it offered _____.
A. greater flexibility
B. a challenge
C. a chance of survival
D. independence
Answer: C
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Answer the following statement true (T) or false (F)
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's BookstoreIncome StatementFor Quarter Ended March 31Sales $900,000Cost of goods sold 630,000Gross margin 270,000Selling and administrative expenses Selling$100,000 Administration 104,000 204,000Net operating income $66,000 On average, a book sells for $50. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 4% of sales with the remainder being fixed. If 20,000 books are sold during the second quarter and this activity is within the relevant range, the company's expected contribution margin would be:
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