- CFA Exams
- CFA Exam: Level II 2021
- Study Session 10. Equity Valuation (2)
- Reading 26. Industry and Company Analysis
- Subject 2. Income statement modeling: operating costs and non-operating costs
CFA Practice Question
Which SG&A component is the most variable one?
B. Overhead costs.
C. R&D expense.
A. Distribution expense.
B. Overhead costs.
C. R&D expense.
Correct Answer: A
It is closely linked to sales.
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