13. (TCO 2) Gross profit is the difference between (Points : 5)

13. (TCO 2) Gross profit is the difference between (Points : 5)

       net income and operating income.

       net income and expenses.

       sales and costs of goods sold.

       gross sales and sales discounts.

Question 14.

14. (TCOs 1 and 2) An income statement is a summary of revenues and expenses and gains and losses, ending with net income for (Points : 5)

       a particular period of time.

       one year.

       a quarter.

       a competitor.

Question 15.

15. (TCO 1) Industry averages should be reviewed against (Points : 5)

       what degree of debt is acceptable for the industry.

       what degree of debt an individual firm should have.

       what degree of debt is acceptable by other industries.

       All of the above

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