N5 Income Statement Revision

N5 Income Statement Revision

9th - 12th Grade

24 Qs

quiz-placeholder

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N5 Income Statement Revision

N5 Income Statement Revision

Assessment

Quiz

Business

9th - 12th Grade

Hard

Created by

Maggie Thorniley-Walker

Used 9+ times

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24 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the first term you will see on an Income Statement?

Cost of Sales

Sales Revenue

Profit for the Year

Expenses

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the last term you will see on an Income Statement?

Cost of Sales

Expenses

Gross Profit

Profit for the Year

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term Revenue mean?

How much it cost to make the product

How much cash is coming into the business

How much money the business gets in from selling goods

How much profit the business has made

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term Cost of Sales mean?

How much the business spent on making the product

How much the business spent on items such as rent, electricity etc

How much money the business made from selling products

How many suppliers a business has

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are examples of expenses?

Rent, Insurance, Electricity, Raw Materials

Rent, Raw Materials, Electricity, Wages

Raw Materials, Wages, Electricity, Insurance

Rent, Electricity, Wages, Insurance

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is Gross Profit calculated?

Revenue + Cost of Sales

Revenue - Cost of Sales

Revenue - Expenses

Revenue + Expenses

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How is Profit for the Year calculated?

Gross Profit + Expenses

Revenue + Expenses

Revenue - Expenses

Gross Profit - Expenses

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