Income Statements & Finance Revision.

Income Statements & Finance Revision.

11th - 12th Grade

22 Qs

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Income Statements & Finance Revision.

Income Statements & Finance Revision.

Assessment

Quiz

Business

11th - 12th Grade

Medium

CCSS
7.RP.A.3

Standards-aligned

Created by

Simon Brown

Used 30+ times

FREE Resource

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22 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which one is not an expense?
raw materials
production costs
commission received
insurance

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Deficit means
you have more revenue
you have more money out than money in
you are in the black
you are in debit

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which document would you give to someone who still owes money?
a receipt
an invoice
a cheque
a credit note

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

what is the purpose of an income statement?
calculate the bank balance
calculate net assets
calculate sales
calculate net profit

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do you calculate gross profit?
Sales - COGS
Sales - NP
COGS - Expenses
COGS - NP

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Estimating or predicting your sales and costs can be limiting becuase
estimates are not based on anything
estimates are not used in business
estimates can change over time
estimates are not productive

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Define economies of scale.
you save money on buying bulk
 with cost per unit of output generally decreasing with increasing scale
the balance of the scales are equal
total costs are spread evenly

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