Exhibit 21-7 Use the Cost-Volume-Profit Graph Below to Answer the Following

question 15

Multiple Choice

Exhibit 21-7 Use the cost-volume-profit graph below to answer the following question(s) .

-Refer to Exhibit 21-7. Area E on the cost-volume-profit graph represents the:

• A) Revenues
• B) Total costs
• C) Total variable costs
• D) Total fixed costs

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Definitions:

GATT

General Agreement on Tariffs and Trade, a multilateral treaty aimed at reducing trade barriers and promoting international trade.

International Trade Arbitration Forum

A platform or organization dedicated to resolving disputes related to international trade through arbitration rather than courts.

Foreign Corrupt Practices Act

A U.S. law that prohibits companies and their managers from making corrupt payments to foreign officials for the purpose of obtaining or keeping business.

Civil Law System

A legal system that is based on a comprehensive set of laws that are codified into a referable system, prevalent in countries like France and Germany.