SXF, Inc Had Net Sales of $450,000 and Net Income of of $35,000

question 59

Short Answer

SXF, Inc. had net sales of $450,000 and net income of $35,000. Compute the relationship of net income to net sales. Express your answer as a percentage. (Round answer to two decimal places.)

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Definitions:

Elasticity

A measure of the responsiveness of the quantity demanded or supplied of a good or service to a change in one of its determinants, such as price or income.

Taxation

Taxation is the process by which governments finance their expenditure by imposing charges on citizens and corporate entities.

Excise Taxes

Taxes imposed on specific goods, services, or transactions, often including alcohol, tobacco, and gasoline, generally used to discourage consumption or raise revenue.

Elasticity

A measure of how much the quantity demanded or supplied of a good responds to changes in prices, income, or other economic factors.