Reference: 12-12
the Sherlock Division Recorded Operating Data as Follows

question 78

Multiple Choice

Reference: 12-12
The Sherlock Division recorded operating data as follows for the past year: $$\begin{array} { | l | r | } \hline \text { Sales } & \$ 300,000 \\\hline \text { Operating expenses } & 225,000 \\\hline \text { Average operating assets } & 225,000 \\\hline \text { Stockholders' equity } & 80,000 \\\hline \text { Minimum required rate of return } & 20 \% \\\hline\end{array}$$
-For the past year, the margin was?

• A)15.75%.
• B)20.50%.
• C)33.33%.
• D)25.00%.

Understand the roles and responsibilities of corporate officers and the certification of corporate records.

Comprehend the default purpose clause of a corporation and how corporations may engage in lawful business activities.

Recognize the legal implications of corporate actions in violation of laws and the principle of corporate criminal liability.

Learn about the powers of corporations as outlined by the Model Business Corporation Act.

---

Definitions:

Complex Fraction

A type of fraction in which either the top number, the bottom number, or both are fractions themselves.

Simplify

The process of reducing an expression or equation to its simplest form, by performing arithmetic operations and eliminating complex parts.

Complex Fraction

A fraction where the numerator, the denominator, or both contain fractions.

Simplify

The process of expressing something in a more comprehensible or simpler form, in mathematics, typically reducing an expression to its simplest form.