A Simulation Model Uses the Mathematical Expressions and Logical Relationships

question 49

Multiple Choice

A simulation model uses the mathematical expressions and logical relationships of the

• A)real system.
• B)computer model.
• C)performance measures.
• D)estimated inferences.

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Definitions:

Gross Margin

The difference between the sales revenue and the cost of goods sold, which shows the profitability of a company’s core activities.

Selling

The process of promoting and transferring ownership of goods or services to customers.

Administrative Expenses

Costs related to the general administration of a business, such as salaries of executive officers, legal and office supplies.

Budgeted Sales

The projected amount of sales, in units or dollars, a company expects to achieve in a specific period.