Gross Margin Is the Total Revenues Received by a Retailer

question 2

True/False

Gross margin is the total revenues received by a retailer that are related to selling merchandise during a given time period minus returns, discounts, and credits for damaged merchandise.

---

Definitions:

Absolute Value

The non-negative value of a real number without regard to its sign; it represents the distance of a number on the number line from the origin.

Budget Line

A graphical representation of all possible combinations of two goods which a consumer can afford given their income and the prices of the goods.

Quantity

Quantity refers to the amount or number of a product or service that is available or demanded in the market at a particular time.

Money Income

The total amount of monetary earnings received by an individual or household over a specified period, including wages, salaries, benefits, and other income sources.