
Business School 101: Understanding the Income Statement
Interactive Video
•
Business
•
9th - 10th Grade
•
Hard
Jennifer Brown
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary purpose of an income statement?
To list all assets and liabilities of a company
To calculate the company's market share
To summarize a company's revenues, expenses, and net income over a period
To provide a snapshot of a company's financial position at a single point in time
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following is NOT a component of the income statement?
Shareholder Equity
Cost of Goods Sold
Operating Expenses
Revenue
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does 'COGS' stand for in the context of an income statement?
Cost of General Services
Cost of Goods Sold
Cost of Gross Sales
Cost of Government Subsidies
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is gross profit calculated?
Revenue minus Operating Expenses
Revenue minus Cost of Goods Sold
Net Income minus Taxes
Total Assets minus Total Liabilities
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the example of XYZ Manufacturing, what was the company's net income?
$125,000
$75,000
$350,000
$225,000
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is the income statement important for investors?
It details the company's employee salaries
It shows the company's market share
It provides a list of all company assets
It helps them assess the company's profitability trends
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which stakeholder uses the income statement to assess loan eligibility?
Investors
Suppliers
Banks and Lenders
Employees
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