Profit and Loss Account Quiz

Profit and Loss Account Quiz

12th Grade

5 Qs

quiz-placeholder

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Profit and Loss Account Quiz

Profit and Loss Account Quiz

Assessment

Quiz

Business

12th Grade

Practice Problem

Easy

Created by

Dwayne Edwards

Used 14+ times

FREE Resource

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5 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of a profit and loss account?

To show the assets and liabilities of a business

To summarize a business's financial performance over a specific period, determining if its gaining or losing

To list all the expenses of a business

To provide information about the shareholders of a business

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is NOT typically found on a profit and loss account?

Sales/Revenue

Cost of Goods Sold

Cash Flow

Operating Expenses

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is calculated by subtracting the cost of goods sold from the total sales on a profit and loss account?

Gross Profit

Operating Income

Net Income

Non-operating Income

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is an operating expense that would appear on a profit and loss account?

Loan

Dividends Paid

Rent

Stock Investments

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the net profit on a profit and loss account represent?

Total revenue generated by the business

The amount of money the business owes to creditors

The amount generated by the business after all expenses are deducted

The amount of cash the business has on hand