Bankruptcy Remains on a Credit Report for How Many Years

question 26

Multiple Choice

Bankruptcy remains on a credit report for how many years?

• A) Three years
• B) Five years
• C) Seven years
• D) Nine years

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Definitions:

Cost of Goods Sold

An expense recorded on the income statement that reflects the total cost of producing or purchasing the goods that a company has sold during a specific period.

Cost of Goods Sold

Represents the total cost of all goods that were sold over a specific period, including the costs associated with production or purchase.

Gross Profit

The difference between revenue and the cost of goods sold (COGS), indicating the efficiency of a company in using its labor and supplies.

Net Sales

Revenue from sales transactions after deducting returns, allowances for damaged or missing goods, and any discounts offered.