Income Statement

Front

Gross profit is calculated by...

Back

Revenue - Expense

Front

Examples may include salaries, utilities, rent, insurance, and office supplies.

Back

Expense

Front

The Income Statement lists a businesses: Revenue and Expenses

Back

Revenue and Expenses

Front

What is the purpose of an income statement?

Back

calculate net profit

Front

Which of the following means money spent? income, expense, net income, gross income

Back

expense

Front

Which of the following means money received? net loss, net gain, insurance, income

Back

income

Front

When expenses are greater than income?

Back

net loss

Front

A Net Profit occurs if: Gross Profit is greater than expenses, Expenses greater than Gross Profit, None of the listed choices

Back

Gross Profit is greater than expenses

Front

If total expenses exceed total revenue, a net loss is reported.

Back

True

Front

By completing an Income Statement, you can make decisions. How could you improve sales? Options: reduce selling prices, reduce the cost price of your product, increase advertising, introduce a new product

Back

reduce the cost price of your product