If a Company Has $115,000 Net Sales, $65,000 in Gross

question 16

True/False

If a company has $115,000 net sales, $65,000 in gross profit, and $12,000 in net income, the net income percentage would be approximately 57%.

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Definitions:

Utility Cost

The expense incurred for using utilities such as electricity, water, and natural gas in a business operation.

Total Cost

The sum of all costs associated with the production and delivery of a company's products or services, including both fixed and variable costs.

Manufacture Units

The process of converting raw materials into finished goods on a large scale, measured by units produced.

Least-squares Regression

A statistical method used to determine the line of best fit by minimizing the square of the differences between observed values and values predicted by a linear function.