Financial statements

What is a lone

• Fixed Asset

• Fixed liability

• Current Asset

• Current Liability

How do you calculated gross profit

• Sales - cost of sales

• Sales + cost os sales

• Interest income - operating expenses

• Operating income - Operating expenses

In a balance sheet should assets and liability + owners equity be equal

• Yes

• No

What is operating profit

• Operating profit - operating expense

• Sales - cost of sales

• Operating profit - gross profit

• Gross profit - operating expenses

Which section of the income statement does rent income fall

• Operating expenses

• Operating income

What is a vehicle

• Current asset

• Fixed liability

• Current asset

• Fixed asset

Who uses financial statements

• Owners / investors

• Factory workers

• Advertising

• Shop workers

What is Jeff bezos favorite food

• The Mona lisa

• Tai food

• Italian

• Greek

Can the net total of the income statement be negative

• Yes

• No

Which gives you net profit

• Income statement

• Balance sheet