
Income Statement
Authored by Emma Osborne
Business
12th Grade
Used 1K+ times

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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Gross profit is calculated by...
Revenue - Total Costs
Revenue + Variable Costs
Revenue - Cost of Sales
Revenue - Fixed Costs
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Cost of sales is calculated by...
Opening stock + purchases - closing stock
Opening stock + purchases + closing stock
Adding up all of the stock bought during the year
Opening stock - closing stock
3.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which of the following are different terms for fixed costs?
Expenses
Expenditure
Overheads
Indirect costs
4.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
Which of the following are different terms for variable costs?
Direct costs
Indirect costs
Materials
Cost of sales
5.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
How do you calculate net profit?
Gross profit - expenses
Revenue - total costs
Gross profit - variable costs
Revenue - indirect costs
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
COGS stands for
cost of goods sales
cost of goods serviced
cost of goods sold
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Examples may include salaries, utilities, rent, insurance, and office supplies.
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