4BM - Income Statement

Labeling

What are the missing headings?

Drag labels to their correct position on the image

Total Sales

Cash Budget

Money going out

Receipts

Closing Balance

Money coming in

Opening Balance

Gross Profit

Payments

Total Profit/Loss

4BM - Income Statement

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Multiple Choice

What is the purpose of an income statement?

• calculate the bank balance

• calculate closing balance

• calculate net assets

• calculate profit for the year

Multiple Choice

How is gross profit calculated?

• Sales - cost of sales

• Sales - expenses

• Sales + cost of sales

• Sales + expenses

Multiple Select

Which of the following are examples of 'expenses'?

(tick all the correct answers)

• Sales

• Purchases

• Electricity

• Employee wages

Multiple Choice

How is profit for the year calculated?

• Sales - cost of sales

• sales - gross profit

• gross profit - expenses

• gross profit - cost of sales

Reorder

Reorder the following

• Sale Revenue

• Cost of Sales

• Gross Profit

• Expenses

• Profit for the Year

1

2

3

4

5

• 1
• 2
• 3
• 4
• 5

Fill in the Blanks

What is my profit for the year? (Remember PFY = GP - Expenses)

Gross profit = £100

Expenses = £80

Profit for the Year = ?

Just type in the figure only.

Fill in the Blanks

What is my profit for the year?

Gross profit = £150

Expenses = £70

Profit for the Year = ?

Just type in the figure only.

Fill in the Blanks

What is my profit for the year?

Gross profit = £100

Expenses = £70

Profit for the Year = ?

Just type in the figure only.

Fill in the Blanks

From the Income Statement what is the missing information for entry A?

Fill in the Blanks

From the Income Statement what is the missing information for entry B?

Fill in the Blanks

From the Income Statement what is the missing information for entry C?

Fill in the Blanks

From the Income Statement what is the missing information for entry D?

Multiple Choice

The money received from selling a product.

• Sales revenue

• Profit for the year

• Expenses

• Gross profit

• Cost of sales

Multiple Choice

The cost of buying the items to be sold.

• Sales revenue

• Profit for the year

• Expenses

• Gross profit

• Cost of sales

Multiple Choice

The profit made from buying and selling goods.

• Sales revenue

• Profit for the year

• Expenses

• Gross profit

• Cost of sales

Multiple Choice

This is all the indirect costs incurred by the business such as rent, wages and electricity.

• Sales revenue

• Profit for the year

• Expenses

• Gross profit

• Cost of sales

Multiple Choice

The actual profit made by the business after all expenses have been deducted.

• Sales revenue

• Profit for the year

• Expenses

• Gross profit

• Cost of sales