Introduction to the Income Statement

_______is a financial statement that reports information about a company's revenues and expenses for a specific period.

• Income Statement
• Balance Sheet
• Statement of Cash Flows
• None of the Above

____is income earned for the period, such as from the sales of goods and services.

• Expenses
• Revenue
• Foundations of Technology
• None of the Above

___________all costs incurred in operating the business, such as the cost of equipment and supplies, inventory, and wages.

• Revenue
• "That's my son" 
• Expenses
• Profit

When revenue is ___________ than expenses, the company earned a profit.

• "It wasn't me"
• equal
• less
• greater

When expenses are___________ than revenue, the company has incurred a loss.

• greater
• less
• none 
• equal

__________is the amount the retailer pays the supplier for the merchandise it buys and sells.

• Profit
• Cost of Goods Sold
• Loss
• None of the Above

_________is the amount remaining after subtracting the COGS from revenue

• Gross Profit
• Expenses
• Balance Sheet
• None of the Above

What is your favorite class at UHS?

• Ceramics
• English
• Math
• None of the Above