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Income Statement Quiz 4

Authored by Emily Vaught

Business

12th Grade

8 Questions

Income Statement Quiz 4
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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is another name for the income statement?

Balance sheet

Cash flow statement

Profit and loss statement

Equity statement

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the income statement summarize?

Assets and liabilities

Revenues and expenses

Cash inflows and outflows

Equity and investments

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of the income statement?

To measure a business's financial health

To calculate taxes owed

To track inventory levels

To analyze cash flow

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between profit and loss?

Profit is when expenses exceed revenues, loss is when revenues exceed expenses

Profit is when revenues exceed expenses, loss is when expenses exceed revenues

Profit is when revenues and expenses are equal, loss is when there is no revenue

Profit is when there is no revenue, loss is when revenues and expenses are equal

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the gross profit measure?

Efficiency of production and sales process

Operating income from core business activities

Net income after deducting all costs

Total revenue generated

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are indirect costs of doing business?

Costs directly related to production of goods or services

Variable costs that increase with sales

Fixed costs that remain the same regardless of sales

Overhead costs not directly tied to production or services

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the bottom line of the income statement?

Gross profit

Operating profit

Net profit

Total revenue

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