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Statement of Income

Quiz by Jean Walker

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18 questions
Show answers
  • 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

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