A Graph That Only Plots Profits and Losses, and Omits

question 56

Multiple Choice

A graph that only plots profits and losses, and omits costs and revenues, is called a:

• A) Scattergraph
• B) Cost-volume-profit graph
• C) Profit graph
• D) Revenue graph

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Definitions:

Payroll Taxes

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay to their staff.

Current Liability

Financial obligations a company owes and is expected to pay within a year.

Long-term Liability

A debt or obligation not due within the current accounting year, requiring repayment over a longer period.

Warranty Repairs

Services provided to repair or fix products free of charge under a warranty agreement, considered a contingent liability when the product is sold.