On an income statement, net sales minus cost of goods sold equals:

• A.net income.
• B.gross profit.
• C.operating income.
• D.pretax profit.

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An individual surveys 15 people under the age of 40 and asks for their current salary. The resulting histogram is shown below.

How many of those surveyed earn less than or equal to $50,000 a year?

• A.10
• B.6
• C.3
• D.4

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Company B recorded a transaction with a debit of $10,000 to deferred revenue and a credit of $10,000 to revenue. Which of the following situations BEST describes the transaction that would lead to this journal entry?

• A.Company B collected $10,000 for a product that had not been delivered.
• B.Company B received an order for a product at the price of $10,000.
• C.Company B delivered a product for which $10,000 had already been paid.
• D.Company B sold a product for $10,000.

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On the way to purchase a shirt, a consumer realizes that the shirt is on sale for 20 percent off its original price. What is an outcome of this scenario?

• A.The customer will buy more shirts.
• B.The customer's willingness to pay for the shirt will fall.
• C.The customer will capture more value from the purchase.
• D.The supplier will price the shirt below its willingness to sell.

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Which of the following situations requires dummy variables to be used in the regression model?

• A.A study to examine the relationship between stock prices and interest rates on company revenue
• B.A study to examine the relationship between the season and amount of water pollution on the number of sea-turtles
• C.A study to examine the relationship between average salary and age of buyer on the amount spent on housing
• D.A study to examine the relationship between age and weight on the probability of breast cancer

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