You Once Lived on Your Own and Now Are Back

question 156

Multiple Choice

You once lived on your own and now are back living with your parents. The common phrase to describe this situation would be ____.

• A) revolving door phenomenon
• B) "if you can't beat them, join them"
• C) sandwich generation
• D) boomerang generation

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Definitions:

Contribution Format

A type of income statement where costs are separated into variable and fixed categories, highlighting the contribution margin.

Absorption Costing

A financial methodology that includes every cost related to producing a product—direct materials, direct labor, and both kinds of overhead expenses (variable and fixed), into the product’s final cost.

Ending Finished Goods

Ending Finished Goods are the inventory of completed products that are available for sale at the end of an accounting period.

Net Operating Income

This is the profit a company makes from its operations, after all operating expenses have been subtracted from revenues but before taxes and interest are deducted.