Although All of the Following Apply, Which One Is the Primary

question 7

Multiple Choice

Although all of the following apply, which one is the primary purpose for establishing professional codes of ethics and standards of performance?

• A)Protect the clients
• B)Maintain the public trust
• C)Protect the professional franchise
• D)Support professional privileges
• E)Enable a field to become a profession

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Definitions:

Break-even Point

The point at which total costs equal total revenues, meaning no profit or loss is being made.

Contribution Margin Ratio

A financial metric that shows what percentage of sales revenue is available to cover fixed costs and generate profit.

Variable Costs

Costs that change in proportion to the level of activity or volume of production, such as raw materials and labor expenses.

Fixed Costs

Expenses that do not change with the level of production or sales, such as rent, salaries, and insurance, offering predictability in budgeting.