Royce Corp's Sales Last Year Were $280,000,and Its Net Income

question 25

Multiple Choice

Royce Corp's sales last year were $280,000,and its net income was $23,000.What was its profit margin?

• A)7.41%
• B)7.80%
• C)8.21%
• D)8.63%
• E)9.06%

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Definitions:

Prospective Payment Systems

A healthcare payment method where the amount paid is agreed upon in advance based on the condition being treated rather than the services used.

Professional Standards

Established norms and criteria in a given profession that guide ethical and effective practice.

Never Events

Serious, preventable patient safety incidents that should never happen in healthcare settings, such as surgery on the wrong site.

Skilled Nursing

A high level of medical care that is provided by trained individuals, such as registered nurses, to patients with serious illnesses or conditions.