Looking Glass Is a Simulation Used to Develop Managerial Skills

question 22

True/False

Looking Glass is a simulation used to develop managerial skills.

---

Definitions:

Gross Margin

The difference between sales revenue and the cost of goods sold, expressed as a percentage of sales revenue.

Operating Expenses

Costs related to the day-to-day functions of a business, excluding the cost of goods sold.

Net Income

The amount of money a company earns after all expenses, taxes, and costs have been subtracted from total revenue.

Periodic Inventory System

A method of inventory valuation in which updates to inventory levels and cost of goods sold are made periodically, such as at the end of the fiscal year.