Table 3.1 Information (2013 Values)

question 159

Multiple Choice

Table 3.1 Information (2013 values)
1. Sales totaled $110,000
2. The gross profit margin was 25 percent.
3. Inventory turnover was 3.0.
4. There are 360 days in the year.
5. The average collection period was 65 days.
6. The current ratio was 2.40.
7. The total asset turnover was 1.13.
8. The debt ratio was 53.8 percent.
-Long-term debt for CEE in 2013 was ________. (See Table 3.1)

• A) $30,763
• B) $52,372
• C) $10,608
• D) $41,372

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Definitions:

Utility Function

A representation in economics that maps a set of goods and services into a level of utility or satisfaction.

Leisure

Time available for ease and relaxation where no work is done.

Consumption Goods

Goods that are intended and consumed by individuals or households to satisfy their immediate wants and needs.

Perfect Complements

Goods that are often used together in fixed proportions, where the utility of one item increases with the usage of the other.