Match the Term to the Appropriate Definition

question 4

Multiple Choice

Match the term to the appropriate definition.There are more definitions than terms.
-Gross Profit (or Gross Margin)

• A)A ratio indicating the percentage of profit earned on each dollar of sales,after considering the cost of products sold.
• B)A sales price reduction given to customers for prompt payment of their account balance.
• C)Presents important subtotals,such as gross profit,to help distinguish core operating results from other,less significant items that affect net income.
• D)Expresses the relationship between inventory on hand,purchased,and sold;shown as either BI + P - EI = CGS or BI + P - CGS = EI.
• E)Refunds and price reductions given to customers after goods have been sold and found unsatisfactory.
• F)A cash discount received for prompt payment of a purchase on account.
• G)The cost of inventory lost to theft,fraud,and error.
• H)Net sales minus cost of goods sold.It is a subtotal,not an account.
• I)A reduction in the cost of inventory purchases associated with unsatisfactory goods.
• J)The sum of beginning inventory and purchases for the period.

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Definitions:

Inherent Power

Inherent powers are those powers not explicitly specified but are necessary for the government or an authority to carry out its governing responsibilities.

Ban

An official or legal prohibition against something, typically enforced by a government or organization.

Discrimination Claim

A legal complaint filed when an individual believes they have been treated unfairly or unjustly because of certain characteristics like race, gender, age, etc.

Title VII

A section of the Civil Rights Act of 1964 prohibiting employment discrimination based on race, color, religion, sex, or national origin.