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Which of the following statements is true?

1. Net operating income is income before interest and taxes.
2. All other things the same, an increase in unit sales will normally result in an increase in the return on investment.
3. A change in sales has no effect on margin and turnover.

▸ Both statements I and II are true.

▸ Both statements I and III are true.

▸ All of the statements are true.

▸ None of the statements are true.

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