1. The cost of goods sold (COGS) is not the amount of money spent on designing and creating the products a company sells. This statement is False. The cost of goods sold (COGS) refers to the direct costs associated with producing the goods a company sells, including the cost of materials used in production, direct labor costs, and manufacturing overhead. 2. The gross margin is indeed the profit you make on a product before tax and fixed costs are paid. This statement is True. The gross margin is calculated by subtracting the cost of goods sold (COGS) from the revenue generated by selling the product. 3. The operating expenses are not the taxes a company pays. This statement is False. Operating expenses are the ongoing costs that a company incurs to run its business, such as rent, utilities, salaries, and marketing expenses. Taxes are a separate category and are typically paid after calculating profits. 4. The profit margin is not the percentage of profit after all costs are deducted and tax is paid. This statement is False. The profit margin is the percentage of profit a company makes for every dollar of revenue generated. It is calculated by dividing the net income (profit) by the revenue. Taxes are considered in the net income calculation but are not part of the profit margin formula. 5. The turnover is not the amount of products that a company makes. This statement is False. Turnover, in a business context, refers to the rate at which inventory is sold, or in the case of services, the rate at which services are provided. It is a measure of how efficiently a company is utilizing its assets to generate revenue. 6. A company does not pay overheads only if there is enough profit. This statement is False. Overheads are the ongoing expenses incurred by a business to support its operations, such as rent, salaries, insurance, and utilities. These expenses are incurred regardless of the level of profit, as they are necessary to keep the business running. 7. An electronic transfer is indeed when money is transferred from one bank account to another by computer. This statement is True. Electronic transfers are a quick and convenient way to move money between accounts electronically, without the need for physical checks or cash. 8. A standing order is not an electronic payment that is deposited in your account on the same day each month. This statement is False. A standing order is an instruction given to a bank to pay a fixed amount of money at regular intervals from one account to another. It is a form of automatic payment but does not necessarily deposit money into an account, as it is used to make regular outgoing payments.</p>