
Income Statements
Authored by Megan Atchley
Business
10th - 12th Grade
Used 3+ times

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20 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following phrases effectively describes a business’s income statement:
Budget estimate
Financial picture
Cash flow report
Income preview
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Another term for an income statement is a(n)
interest statement.
operating statement.
purchasing statement.
expense statement.
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is the basic calculation used to analyze an income statement:
Income minus expenses
Sales plus operating costs
Revenue plus sales
Assets minus liabilities
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Interest a business earns from its bank accounts is included in which category of the income statement?
Revenue
Assets
Net income
Gross sales
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A business that loses items to theft includes those items in which category of the income statement?
Capital goods
Long-term liability
Cost of goods sold/Cost of sales
Operating expenses
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What category of an income statement indicates total profit?
Gross profit
Bottom line
Net profit
Cash flow
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is an example of an expense that a business would include in the operating-expenses category of an income statement:
Customer returns
Cost of raw materials
Insurance payments
Shipping charges
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