Imagine You Were Visiting Family in Kansas When a Tornado

question 10

Multiple Choice

Imagine you were visiting family in Kansas when a tornado touched down, causing devastating damage. When you got home, you wrote an article for the college paper based on your experiences. Which type of source would you be?

• A) field source
• B) tertiary source
• C) secondary source
• D) primary source

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Definitions:

Gross Profit

The difference between revenue and the cost of goods sold before accounting for certain expenses.

Operating Expenses

Regular costs associated with operating a business, such as rent, utilities, and payroll.

Net Income

The final amount of profit a company declares after reducing its total revenue by the incurred taxes and expenses.

Single-Step Income Statement

A simplified income statement that calculates net income by subtracting total expenses from total revenues with only one step.