JAMB Commerce 2022 Objective — Question 30

Question 30 of 40 from the Joint Admissions and Matriculation Board (JAMB) Commerce 2022 Objective paper, with the correct answer and a full explanation.

30. Profit that is expressed as a percentage of the cost of goods sold is referred to as

A. (A) margin
B. (B) mark-upCorrect
C. (C) gain per cent
D. (D) gross profit

Explanation

Mark-up is profit expressed as a percentage of the cost of goods sold (margin is profit expressed as a percentage of selling price).

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