Financial Statements Quiz

Financial Statements Quiz

9th Grade

15 Qs

quiz-placeholder

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Financial Statements Quiz

Financial Statements Quiz

Assessment

Quiz

Financial Education

9th Grade

Practice Problem

Hard

Created by

Bassant Elassal

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15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the income statement summarize?

A company's assets and liabilities

A company's revenues, expenses, and profits (or losses)

A company's cash inflows and outflows

A company's inventory and sales

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which component of the income statement represents the profit generated from core business activities?

Net Profit

Gross Profit

Operating Expenses

Revenue

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is deducted from revenue to calculate Gross Profit?

Operating Expenses

Taxes

Cost of Goods Sold (COGS)

Interest

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the bottom line of the income statement?

Revenue

Gross Profit

Net Profit

Operating Expenses

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are assets expected to be converted into cash within one year called?

Current Assets

Non-Current Assets

Fixed Assets

Intangible Assets

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which type of liabilities are due within one year?

Current Liabilities

Non-Current Liabilities

Fixed Liabilities

Variable Liabilities

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a current asset?

Inventory

Patents

Real Estate

Equipment

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