1. Income from operations is gross profit less a. administrative expenses. b. operating expenses. c. other expenses and losses. d. selling expenses. 2. An enterprise which sells goods to customers is known as a a. proprietorship b. corporation. c. retailer. d. service firm. 3. Which of the following would not be considered a merchandising company? a. Retailer b. Wholesaler c. Service firm d. Dot Com firm 4. Two categories of expenses for merchandising companies are a. cost of goods sold and financing expenses. b. operating expenses and financing expenses. C. cost of goods sold and operating expenses. d. sales and cost of goods sold