Profit and Loss Account Quiz

What is the title of the profit and loss account also known as?

• Trial Balance

• Balance Sheet

• Income Statement

• Cash Flow Statement

What was the sales revenue earned by the business in the example?

• 100 million dollars

• 250 million dollars

• 200 million dollars

• 150 million dollars

What is the gross profit of the business after deducting the cost of sales from the sales revenue?

• 80 million dollars

• 100 million dollars

• 120 million dollars

• 140 million dollars

What is the profit before interest and tax for the business?

• 40 million dollars

• 50 million dollars

• 60 million dollars

• 70 million dollars

How much does the business pay in interest payments?

• 12 million dollars

• 10 million dollars

• 8 million dollars

• 5 million dollars

What is the profit declared for the business after tax payments?

• 58 million dollars

• 48 million dollars

• 52 million dollars

• 54 million dollars

The Income Statement lists a businesses:

• Assets and Expenses
• Owner's Equity and Revenue
• Revenue, cost of goods and Expenses
• Expenses and Net Assets

A Net Profit occurs if:

• Gross Profit is greater than expenses
• Expenses greater than Gross Profit
• None of the listed choices

An income statement is also known as a 'Trading, profit/loss & Appropriation Account'?

• False
• True

An income statement is

• A way of listing sales, cost of goods sold and expenses.
• Another word for 'Gross Profit'
• Same as the Balance Sheet
• None of the above.