Choose the One Most Appropriate Answer for Each

question 46

Multiple Choice

Choose the one most appropriate answer for each.
-permits the secretary of state to receive legal summonses on behalf of a nonresident broker

• A)broker
• B)continuing education
• C)employment contract
• D)fictitious business name
• E)franchisee
• F)independent contractor
• G)licensee
• H)nonresident license
• I)notice of consent
• J)principal broker
• K)real estate commission
• L)real estate salesperson
• M)REALTOR®
• N)REALTOR-Associate®
• O)realty board
• P)recovery fund
• Q)revoke
• R)sales associate
• S)securities license
• T)suspend

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Definitions:

COGS

Cost of Goods Sold; the direct costs attributable to the production of the goods sold by a company.

Operating Cycle

The duration between the acquisition of inventory and the collection of cash from receivable accounts in a company's business process.

Collection Period

The average number of days it takes for a business to receive payments owed by its customers, indicating the efficiency of a company's credit and collection policies.

Sales

The total amount of revenue generated by a company from the sale of goods or services before any costs or expenses are deducted.