James Company Earned Revenue of $500,000 and Incurred Cost of Goods

question 113

Multiple Choice

James Company earned revenue of $500,000 and incurred cost of goods sold of $100,000. How much is the gross profit percent?

• A)80%
• B)20%
• C)100%
• D)40%

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Definitions:

Counterfactual Thinking

involves imagining alternative scenarios and outcomes that might have occurred but didn't.

Inevitable Outcomes

Results or consequences that are certain to happen and cannot be avoided or changed.

Predictable Outcomes

Results or consequences that can be anticipated due to known factors, patterns, or previous observations.

Linguistic Fixedness Hypothesis

The idea that language shapes thinking and limits cognitive flexibility, influencing how individuals perceive and solve problems.