Which of the Following Statements Is True

question 34

Multiple Choice

Which of the following statements is true?

• A)U.S.GDP per capita is five times larger than the world average.
• B)According to world standards,12 percent of Americans are poor.
• C)The poorest nations of the world have average incomes of $5,000.

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Definitions:

Gross Sales

The total sales revenue of a company without any deductions for returns, allowances, or discounts.

Cost Of Goods Sold

The immediate costs associated with manufacturing the products a company markets, including materials and workforce expenses.

Operating Cycle

The time period it takes for a company to purchase inventory, sell products, and receive cash from sales.

Merchandising Company

A business that purchases goods and resells them at a higher price, typically without modification to the products.