A Crime Punishable by a Fine or Imprisonment for Up

question 63

Multiple Choice

A crime punishable by a fine or imprisonment for up to one year is called a(n)

• A) misdemeanor.
• B) felony.
• C) petty offense.
• D) infraction.

---

Definitions:

Operating Cycle

The operating cycle is a measure of the time period between the acquisition of inventory by a business and the collection of cash from accounts receivable, indicating the efficiency and effectiveness of its operations.

Wholesaler

A wholesaler is a person or company that sells goods in large quantities at lower prices, typically to retailers for resale to the end consumers.

Gross Margin Ratio

A financial metric calculated by subtracting the cost of goods sold from revenue and dividing that figure by revenue, representing the percentage of sales revenue retained after incurring direct production expenses.

Net Sales

The total revenue from sales after deducting returns, allowances for damaged or missing goods, and discounts provided to customers.