Statement of Income
Quiz by Jean Walker
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- Q1
What do we call the total value of goods sold to a customer?
Sales
Gross profit
Net Profit
30s - Q2
What do we call the profit made by a business after all expenses have been deducted?
Gross profit
cost of sales
Net profit
30s - Q3
What do we call the difference between sales and the cost of sales?
Gross profit
Net profit
Expenses
30s - Q4
Under which heading would raw materials be listed?
Revenue
Cost of sales
Expenses
30s - Q5
Under which heading would wages, electricity and rent be listed?
Expenses
Revenue
Cost of sales
30s - Q6
Which result does sales minus the cost of sales give?
Expenses
Gross profit
Net profit
30s - Q7
Which result does gross profit minus expenses give?
Net profit
Gross profit
expenses
30s - Q8
What does an income statement (profit statement) show?
The financial performance of a business
The total worth of a business
Cash flow of a business
30s - Q9
Which type of company is legally required to produce and publish an income statement (profit statement)?
Partnership
Limited Company
Sole trader
30s - Q10
Which of these terms describes the direct cost of the items used to make a product?
Net profit
Cost of goods sold
Gross profit
30s - Q11
Which of the following names is NOT associated with the income statement?
Statement of operation
Statement of financial position
P & L
30s - Q12
The income statement heading will specify which of the following?
A POINT in time
A PERIOD Of Time
30s - Q13
Amounts earned by a company in its main operating activities are known as __________
Gains
Revenue
30s - Q14
A company disposes of equipment that it no longer uses in its business. The amount received by the company is more than the amount the asset is carried at in the accounting records. The company will report a(n) __________.
Loss
Gain
Revenue
Expenses
30s - Q15
Is a retailer's Interest Expense an operating expense or a non-operating expense?
Operating expense
Non-operating expense
30s