Multiple Choice Questions (3x2-6 points) 2. Which of the following terms indicat

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Multiple Choice Questions (3x2-6 points) 2. Which of the following terms indicates how much merchandise has been sold in dollars, what is actually collected from customers? a. Cost of goods sold b. Net sales e. Operating expenses d. Gross margin Answer: 3. How can a buyer maximize gross margin? a. Increase sales and increase cost of goods sold b. Decrease sales and decrease cost of goods sold c. Increase sales and decrease cost of goods sold d. Increase sales and decrease operating expenses Answer 4. A buyer has sold 100 tee shirts at $24.00 and 250 tee shirts at $30.00. The total gross sales are? a. $9,000 b. 9,100 c. $18,900 d. $9,900 Answer

Explanation / Answer

2Correct option: net sales

Explanation: the sum of money that trader receive, when he sales good or services to it's costomers in a given period of time, is called net sales

3 correct option: c.increase sales and decrease cost of goods sold.

Explanation: gross margin is difference between sales and cost of good sold. If there will be increase in sales and decline in cost of goods sold, this margin will increase.

4. Correct option: D. $9,900

Explanation: gross sales: units sold × selling price per unit.

($24.00 × 100) + ($30.00 × 250) = $9,900

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