Exit Ticket Income Statement

What is another name for an income statement?

• Profit and loss (P&L) statement

• Balance sheet

• Cash flow statement

• Equity report

How is net income calculated?

• By subtracting expenses from income

• By adding revenue and expenses

• By dividing total revenue by total expenses

• By multiplying revenue by expenses

What does a profit and loss (P&L) statement show?

• Net income or loss for a period of time

• Total assets and liabilities

• Cash inflow and outflow

• Market trends and forecasts

Which statement is true about net income?

• It is a company’s total earnings after subtracting expenses from income.

• It is the total revenue before expenses.

• It is the total expenses of a company.

• It is the amount of cash on hand.

Which of the following is NOT included in an income statement?

• Market share analysis

• Revenue

• Expenses

• Net income

Which of the following is included in financial statements?

• General Journal

• Source Documents

• Income Statement

• Trial Balance

Which of the following is subtracted from revenue to calculate net income?

• Assets

• Liabilities

• Expenses

• Equity

What does the income statement NOT show?

• Company's performance over a period

• Net Income

• Total Liabilities

• Revenue and Expenses

How do income statements help creditors?

• By estimating future cash flow

• By setting interest rates

• By determining loan amounts

• By evaluating credit scores

What do income statements help estimate?

• Future cash flow

• Current market share

• Employee turnover

• Customer loyalty