Chapter 23: Income Statements
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Chapter 23: Income Statements
DRAFT
2 years ago
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deanhoss
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10th - 11th grade
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16 Questions
Show answers
Question 1
SURVEY
30 seconds
Q. The Income Statement lists a businesses:
answer choices
Assets and Expenses
Owner's Equity and Revenue
Revenue, cost of goods and Expenses
Expenses and Net Assets
Question 2
SURVEY
30 seconds
Q. Which of the following is not
a type of revenue?
answer choices
Sales
Commission
Service Fee
Rent paid
Question 3
SURVEY
30 seconds
Q.
A Net Profit occurs if:
answer choices
Gross Profit is greater than expenses
Expenses greater than Gross Profit
None of the listed choices
Question 4
SURVEY
30 seconds
Q.
An expense is...
answer choices
money a business spends on the general operation of business
money the business owes to other organisations and people
money Owed to the Business
None of the above
Question 5
SURVEY
30 seconds
Q.
Net Profit is:
answer choices
Assets less Liabilities
Gross Profit less Expenses
Revenue less Liabilities
Liabilities less Assets
Question 6
SURVEY
30 seconds
Q.
An income statement is also known as a 'Trading, profit/loss & Appropriation Account'?
answer choices
False
True
Question 7
SURVEY
30 seconds
Q.
The Financial year is 1st January - 31st December
answer choices
True
False
Question 8
SURVEY
30 seconds
Q. When creating an income statement, the interest on a loan is
answer choices
revenue
liability
an expense
none of the above
Question 9
SURVEY
30 seconds
Q.
An income statement is
answer choices
A way of listing sales, cost of goods sold and expenses.
Another word for 'Gross Profit'
Same as the Balance Sheet
None of the above.
Question 10
SURVEY
30 seconds
Q. What happens to the retained profit in the income statement?
answer choices
Transferred and added to capital in balance sheet
Transferred and added to liabilities in the balance sheet
Transferred and subtracted to capital in balance sheet
Transferred and subtracted to liabilities in balance sheet
Question 11
SURVEY
30 seconds
Q.
If Sales = £100000 Cost of Goods = £25000, the Gross Profit will be:
answer choices
£75000
£40000
£70000
£80000
Question 12
SURVEY
30 seconds
Q. If Gross Profit = £75000 Expenses = £72000, the Net Profit will be:
answer choices
£4000
£3000
£5000
£2000
Question 13
SURVEY
30 seconds
Q. If Net Profit=£3000 and government tax=£1000 and dividends paid=£500 then retained profit is
answer choices
£1000
£2000
£1500
£2500
Question 14
SURVEY
30 seconds
Q. The account in the Income Statement that calculates the Gross Profit is known as:
answer choices
The appropriation account
The trading account
The profit/loss accounts
None of the above
Question 15
SURVEY
30 seconds
Q.
The account in the Income Statement that calculates the Net Profit is known as:
answer choices
The appropriation account
The trading account
The profit/loss accounts
None of the above
Question 16
SURVEY
30 seconds
Q.
The account in the Income Statement that calculates the Retained Profit is known as:
answer choices
The appropriation account
The trading account
The profit/loss accounts
None of the above
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