The Difference Between Gross Sales and Net Sales Is

question 4

Multiple Choice

The difference between gross sales and net sales is

• A) Cost of goods sold
• B) Selling and administrative expenses
• C) Sales discounts and sales returns and allowances
• D) Gross margin

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Definitions:

Contract

An accord between two or more parties that is recognizable by law and can be legally enforced.

Fax Office

A service location where fax communications are sent and received, historically used for transmitting documents.

Letter of Acceptance

A formal document acknowledging receipt and agreement to the terms of a proposal, offer, or contract.

Sole Heir

Refers to the only person legally entitled to inherit an entire estate or asset upon the demise of the owner.