The Photography Department in a Department Store Experienced the Following

question 68

Multiple Choice

The photography department in a department store experienced the following revenue and expenses during October: $$\begin{array} { | l | r | } \hline \text { Sales } & \$ 23,500 \\\hline \text { Cost of Goods Sold } & 8,200 \\\hline \text { Direct Operating Expenses } & 1,000 \\\hline \text { Indirect Operating Expenses } & 2,300 \\\hline\end{array}$$ The photography departmental gross profit on sales is:

• A)$15,300.
• B)$20,200.
• C)$13,000.
• D)$14,300.

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Definitions:

Marketing Efforts

The actions taken by a company to promote and sell its products or services, encompassing advertising, sales tactics, and public relations strategies.

Behavioral Economics

A field of economics that examines the psychological, cognitive, emotional, cultural, and social factors on the economic decisions of individuals and institutions.

Heuristics

Simple, efficient rules or strategies, often used to facilitate quick decision-making or problem-solving.

System 1

Refers to the fast, instinctive, and emotional way of thinking proposed in Daniel Kahneman's dual-process theory of the mind.