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WorksheetsIncome Statement
Total questions: 15
Worksheet time: 24mins
What is the purpose of an income statement?
calculate the bank balance
calculate net assets
calculate sales
calculate net profit
Which of the following means money spent?
income
expense
net income
gross income
Which of the following means money received?
net loss
net gain
insurance
income
Gross profit is calculated by...
Revenue - Total Costs
Revenue + Variable Costs
Revenue - Cost of Sales
Revenue - Fixed Costs
Cost of sales is calculated by...
Opening stock + purchases - closing stock
Opening stock + purchases + closing stock
Adding up all of the stock bought during the year
Opening stock - closing stock
When expenses are greater than income?
expense
net loss
net income
net gain
If total expenses exceed total revenue, a net loss is reported.
True
False
Total profit made before all remaining expenses have been deducted:
Financial Ratios
Gross Profit
Net income
Operating Statement
Income = 1000
Cost of Goods Sold = 200
Expenses = 300
Gross Profit = ?
800
500
700
300
Income = 1000
Cost of Goods Sold = 200
Expenses = 300
Net Profit = ?
800
500
700
300
Net Profit = 500
Income = 2000
Expenses = 1000
Cost of Goods Sold = ?
1500
1000
3000
500
