ENTREP Q2 MWF 1:30

ENTREP Q2 MWF 1:30

University

20 Qs

quiz-placeholder

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ENTREP Q2 MWF 1:30

ENTREP Q2 MWF 1:30

Assessment

Quiz

Hospitality and Catering

University

Practice Problem

Medium

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sarahjane dadibalos

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The Income Statement is also known as the Profit and Loss Statement.

True

False

2.

MULTIPLE CHOICE QUESTION

20 sec • 1 pt

The Income Statement reports revenues, expenses, and net profit over a specific period.

True

False

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Net Income is calculated as Expenses – Revenues.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sales Revenue refers to the money earned from selling products or services.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Cost of Goods Sold (COGS) represents the cost to produce or purchase goods sold.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross Profit is obtained by subtracting COGS from Revenues.

True

False

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Operating Expenses include costs directly related to manufacturing products.

True

False

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