Indicate Which One of the Following Would Appear on the Income

question 124

Multiple Choice

Indicate which one of the following would appear on the income statement of both a merchandising company and a service company.

• A) Gross profit
• B) Operating expenses
• C) Sales revenues
• D) Cost of goods sold

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Definitions:

Committee on Public Information

A government agency created during World War I to influence U.S. public opinion regarding American participation in the war through propaganda.

Loyalty Day

An annual observance in the United States on May 1st to reaffirm loyalty to the United States and to recognize the heritage of American freedom.

Melting-Pot

A metaphor for a heterogeneous society becoming more homogeneous, with different elements melting together into a harmonious whole with a common culture.

Garveyites

Followers of Marcus Garvey and his philosophy of black nationalism and Pan-Africanism in the early 20th century.