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10 questions
Profit is the reward for___
workers
banks
costumers
enterprise
The bank manager, business ___ and managers are the main users of the income statement
owners
workers
shops
community
Which one of the following appears on an income statements?
Owner's capital
Expenses
Cash at bank
Value of inventory
Revenue is $5000 and gross profit $1500, the cost of sales is ___
$6500
$5000
$3500
$1500
Profit is $10000, cost of sales is $4000, expenses is $4000 and revenue is ___
$ 36 000
$ 18 000
$ 14 000
$ 8000
Gross profit is higher than profit
True
False
Revenue minus expenses equals gross profit
True
False
Depreciation is not included on the income statement
True
False
Retained profit for a company is what is left from profit after tax and dividends have been deducted
True
False
Income statements are often used by managers when making decisions
Yes
True
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