_________ Is the Donation of Time to Assist a Nonprofit

question 13

Multiple Choice

_________ is the donation of time to assist a nonprofit organization or people in need.

• A) Giving
• B) Philanthropy
• C) Volunteerism
• D) Citizenship
• E) none of the above

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Definitions:

Operating Expenses

Costs associated with the regular functioning of a business, not including cost of goods sold but encompassing elements like rent, utilities, and employee salaries.

Sales Returns

Transactions where customers return previously purchased merchandise, leading to a reversal of revenue previously recognized and a refund or credit issued to the customer.

Accounts Receivable

Receivables from clients or customers for goods sold or services performed by a business, awaiting payment.

Contra-Revenue

Accounts on the income statement that are deducted from gross revenue to arrive at net revenue, including sales returns, allowances, and discounts.