A total asset turnover ratio of 3.5 indicates that

Multiple Choice

• For every $1 in sales, the firm acquired $3.50 in assets during the year

• For every $1 in assets, the firm produced $3.50 in net sales during the year

• For every $1 in assets, the firm earned gross profit of $3.50 during the year

• For every $1 in assets, the firm earned $3.50 in earnings per share

• For every $1 in assets, the firm paid $3.50 in dividends per share