Which of the Following Would You Not Find on a Traditional

question 94

Multiple Choice

Which of the following would you not find on a traditional income statement?

• A) Net operating income
• B) Gross profit
• C) Contribution margin
• D) Sales revenue

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Definitions:

Strict Liability

Liability in which responsibility for damages is imposed regardless of the existence of negligence. Also called liability without fault.

Causa Mortis

Causa mortis, or in contemplation of death, refers to gifts or actions taken by an individual who believes their death is imminent.

Immediate Death

The rapid loss of life following an event or condition, without a prolonged period of illness or decline.

Gift Causa Mortis

A gift that is made in contemplation of one’s immediate death.