N5 Income Statement Revision
Authored by Maggie Thorniley-Walker
Business
9th - 12th Grade
Used 12+ times
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24 questions
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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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