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10 questions
How do you calculate net profit?
Revenue - Expenses
Gross profit - Variable cost
Revenue - indirect cost
Gross profit - Revenue
Examples may include salaries, utilities, rent, insurance, and office supplies.
Revenue
Net Income
Expense
Net Loss
Revenue = 1000
Cost of Goods Sold = 200
Expenses = 300
Net Profit = ?
800
700
300
500
Examples may include salaries, utilities, rent, insurance, and office supplies.
Revenue
Expense
Net income
Net loss
What is the purpose of an income statement?
calculate the bank balance
calculate sales
calculate net assets
calculate net profit
Which of the following means money spent?
Revenue
Expenses
Net income
Gross profit
Which of the following means money received?
Net loss
Net gain
Insurance
Income
When expenses are greater than income?
Expense
Net income
Net loss
Net gain
If total expenses exceed total revenue, a net loss is reported.
True
False
Money spent is an Expense
True
False
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