chapter 4 quiz\n2\ncost of goods sold:\nmultiple choice\nis also called gross margin.\nis another term for…

chapter 4 quiz\n2\ncost of goods sold:\nmultiple choice\nis also called gross margin.\nis another term for revenue.\nis the term used for the expense of buying and preparing merchandise for sale.\nis a term only used by service firms.\nis another term for merchandise sales.

chapter 4 quiz\n2\ncost of goods sold:\nmultiple choice\nis also called gross margin.\nis another term for revenue.\nis the term used for the expense of buying and preparing merchandise for sale.\nis a term only used by service firms.\nis another term for merchandise sales.

Answer

Brief Explanations:

Cost of goods sold (COGS) represents the direct costs attributable to the production or acquisition of the goods sold by a company. It includes the cost of buying and preparing merchandise for sale. Gross margin is sales minus COGS. Revenue is the total income from sales. COGS is used by merchandising and manufacturing firms, not just service firms. Merchandise sales is revenue, not COGS.

Answer:

Is the term used for the expense of buying and preparing merchandise for sale.