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Question(s) / Instruction(s):

A total asset turnover ratio of 3.5 indicates that:

a)            For every $1 in sales, the firm acquired $3.50 in assets during the period.

b)            For every $1 in assets, the firm produced $3.50 in net sales during the period.

c)            For every $1 in assets, the firm earned gross profit of $3.50 during the period.

d)            For every $1 in assets, the firm earned $3.50 in net income.

e)            For every $1 in assets, the firm paid $3.50 in expenses during the period.

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