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Grades in a classroom are often given according to the percentage score obtained by the student. Suppose that a teacher grades according to the following scheme, where all scores are rounded to the nearest percent: A
B
C
D
To determine a percent grade, form a ratio of score received to possible score and then write this ratio as a percent. Calculate the percent (nearest percent) and determine the letter grade for each score. The student gets answers right out of a possible 10. What is the letter grade?
Discount Period
The timeframe within which a buyer can make payment less a discount for early settlement, encouraging quicker payment from customers.
Operating Expense Section
A part of the income statement that lists expenses related to the day-to-day operations of a business, excluding the cost of goods sold.
Wholesaler
An intermediary entity in the distribution channel that buys goods in bulk from manufacturers and sells them to retailers or other businesses, but not directly to consumers.
Contra Account
A contra account is an account used in the general ledger to reduce the value of a related account when the two are netted together.
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