1. Your gross sales are $100,000. Your COGS are $0. Your operating expenses are $80,000. What is your:
   1. Gross profit
   2. Gross profit margin
   3. Net profit
   4. Net profit margin

2. Your gross sales are $100,000. Your COGS are $60,000. Your operating expenses are $50,000. What is your:

1. Gross profit
2. Gross profit margin
3. Net profit
4. Net profit margin

3.Which is always higher . . . gross profit or net profit, and why?