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You are watching: A company has sales of $695,000 and cost of goods sold of $278,000. its gross profit equals:


1. A merchandising company:

A. earns net income by buying and offering merchandise

B. Receives fees only in exchange for services

C. Earns profit from comobjectives only

D. Earns profit from fares only

E. Buys assets from consumers

2. Cost of items sold:

A. Is an additional term for merchandise sales

B. Is the term for the expense of buying and preparing merchandisefor sale

C. Is another term for revenue

D. Is additionally dubbed gross margin

E. Is a term just provided by company firms

3.A agency has sales of $695,000 and its cost of items offered of$278,000. Its gross margin equals:

A. $(417,000_

B. $695,000

C. $278,000

D. $417,000

E. $973,000

3. A company had actually sales of $375,000 and also its gross profit was$157,500. It's cost of items marketed equal:

A. $(217,000)

B. $375,000

C. $157,500

D. $217,500

E. $532,500

5. A firm had actually expenses other than cost of goods offered of$250,000. Determine sales gross profit given expense of products marketed was$100,000 and net revenue was $150,00.

A. Sales $350,000; Gross Profit $150,000

B. Sales $350,000; Gross Profit $50,000

C. Sales $500,000; Gross Profit $400,000

D. Sales $500,000; Gross Profit $50,000

E. Sales $400,000; Gross Profit $500,000

6. Damaged and obsolete goods:

A. Are never contained in the inventory

B. Are included in the inventory at their full cost

C. Are had in inventory at their net realizable value.

D. Should be disposed of immediately

E. Are assigned a worth of zero

B. All oods in C. Al items on D. Only damsged items E. Only items thit are on the sthelf in a purehaser's inventory A. At any time c, as soon as the E. Ater the half-means suggest between the buyer and seller 9. Goods on consignment: A. Are products shipped by the owner to the consi that sells the soods for thes for the owner B. Are reported in the consignee's publications as i C. Are products shipped to the consignor who sells the goods for the D. Are not reported in the consignor's inventory since they execute not have possession of the inventory E. Are constantly phelp for by the consignee when they take possession of the goods 10. Given the following items and expenses as of the balance sheet date, determine the worth of to an additional firm. The goods are in transit and also shipping terma r firm to Faltron. The products are in transit and also shipping terms Faltron Company's merchandise inventory § $1,000 items marketed by Faltron are FOB destination. § $2,000 products marketed by anothe are FOB destination s $3,000 owned by Faltron however in the possession of an additional company the consi s Damaged goods owned by Faltron which initially price $4,000, however which currently have actually a $500 net realizable worth. A. $10,000 B. $6,500 C. $5,500 D. $5,000 E. $4,500 11. The main ethics of internal control encompass which of the following? A. Establish duties B. Maintain minimal documents C. Use only computerized devices D.

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Bond all employees E. Require automated sales units