Financial Documents

Front

Most important financial documents a business should maintain: Statement of Cash Flow, Balance Sheet, Profit & Loss Statement

Back

All of these

Front

Profit & Loss statements contain which information: Revenue/Sales, Cost of Goods Sold, Expenses, All of these?

Back

All of these

Front

When you have more expenses than income (or revenue), you are making a profit.

Back

False

Front

Are financial documents records that a business should keep to know the financial health of their company?

Back

True

Front

Profit and loss statements are reported for certain time periods. If reported quarterly, it would be every month.

Back

False

Front

Cost of Goods Sold is the amount of money spent to make the good.

Back

True

Front

When the profit & loss statement reflects a loss for the quarter, it means the company has more expenses than income.

Back

True

Front

Parenthesis indicate a positive amount on the profit & loss statement.

Back

False

Front

Which financial record shows what the business owns and its net worth?

Back

balance sheet

Front

Profit or Loss is calculated by subtracting the expenses from the income (or revenue).

Back

True