A Business Has Cost of Sales of £38 000 and Sales

question 13

Multiple Choice

A business has cost of sales of £38 000 and sales of £55 000, It had £3 000 in inventory at the start of the year and purchased £43 000 of goods during the year. All transactions were for cash.
-what was the profit for the year ?

• A) £17000
• B) £15000
• C) £14000
• D) £9000
• E) None of the above

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Definitions:

Self-managing Team

A group of individuals who are empowered to make decisions and manage their daily tasks and responsibilities without direct oversight from management.

Task Force

A temporary group of individuals gathered to accomplish a specific objective or address a particular issue.

Linking Pins

Concepts in organizational behavior that represent individuals or units acting as the connection between two or more groups or levels within an organization, facilitating coordination and communication.

Flat Hierarchical Model

An organizational structure with few or no levels of middle management between staff and executives, promoting open communication and quicker decision-making.