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WorksheetsCareer Paths Accounting 1 Unit 7
Total questions: 16
Worksheet time: 9mins
A statement showing financial infomation for a certain period
gross margin
sales revenue
P&L
general and administrative expenses
Money that is paid to a government
gross margin
sales revenue
taxes
general and administrative expenses
The costs associated with organizing and running a business
sales revenue
P&L
general and administrative expenses
taxes
An amount that is calculated by substracting cost of goods sold
gross margin
sales revenue
P&L
expenses
The money that is received from selling goods or services
taxes
sales revenue
P&L
gross margin
Subtract taxes from the ... to find net income.
operating margin
net income
gross margin
sales revenue
... is the act of exchanging goods for money.
Selling
Revenue
Net income
Statement
... is the amount of money retained after all expenses.
Net income
Gross margin
Operating margin
Sales revenue
A(n) ... is a document showing how much money was made.
income statement
P&L
profit and loss statement
invoice
The total amount of money received from the sale of goods or services.
Bookeeper
Profit
Revenue
Expenses
The difference between what it costs to make and sell a product and what a customer pays for it.
Bookeeper
Profit
Revenue
Expenses
The amount of money a firm spent to buy or produce the products it sold during the period to which the income statement applies.
Statement of Financial Position
Statement of the Comprehensive Income
Statements of Cash Flow
Cost of Goods Sold
If the cost price of an item is $10 and the selling price is $12, was a profit or a loss made?
profit
loss
neither
The profit and loss account is used by people who may want to become?
customers
suppliers
consumers
investors
Who would be pleased if they looked at a profit and loss account and it showed a loss?
Competitors
Investors
Shareholders or Lenders
the Inland Revenue
What does "bottom line" mean?
the most important thing
net income
a body part
company's loss
