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WorksheetsIncome Statement
Total questions: 16
Worksheet time: 9mins
Gross profit is calculated by...
Revenue - Expense
Revenue + Expense
Revenue - Liabilities
Revenue + Liabilities
Revenue and Expenses
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
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
If total sales is 20,000 and Total Expenses is 1000, then profit will be:
21000
19000
1000
Which of the following is NOT a section on the Income Statement?
heading
revenue
expense
capital
If there's only ONE revenue account, list it on the...
left
right
If there's THREE revenue accounts, list them on the...
left
right
Which is under the total expenses?
single rule
double rule
potatoes
