Where is the profit or loss of a business calculated? (more than one correct answer)

T-level Mgt & Admin: Profit

Quiz
•
Business
•
Professional Development
•
Medium
Caroline Troup
Used 5+ times
FREE Resource
20 questions
Show all answers
1.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Statement of financial position
Income statement
Cash flow statement
Profit and loss account
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which one of the following statements is correct?
Gross profit = revenue – cost of goods sold
Gross profit = revenue - total costs
Gross profit = revenue - other expenses
Gross profit = revenue - cost of goods sold - other expenses - tax
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating net profit margin?
(Net profit - other expenses) / revenue x 100
(Net profit / revenue) x 100
Revenue - other expenses
Revenue - cost of goods sold - other expenses - tax
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which statement is true in relation to gross profit and net profit
Gross profit is less than net profit because it is calculated by deducting only cost of goods sold from revenue
Gross profit is the same as net profit
Gross profit is greater than net profit because it is calculated by deducting tax from revenue
Gross profit is greater than net profit because it is calculated by deducting only cost of goods sold from revenue
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the formula for calculating net profit?
Revenue - cost of goods sold
Revenue – (cost of goods sold + expenses)
Revenue - (cost of goods sold - corporation tax)
Revenue + (cost of goods sold - expenses)
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the statements below is correct in relation to gross profit and gross profit margin?
Gross profit is a ratio (i.e. %) and gross profit margin is a value.
Gross profit is the same as gross profit margin
Gross profit is a value and gross profit margin is less than gross profit
Gross profit is a value and gross profit margin is a ratio (i.e. %)
7.
MULTIPLE SELECT QUESTION
45 sec • 1 pt
Which of the following are examples of costs that would be categorised as “cost of goods sold”
(multiple correct answers)
Raw materials
Direct labour costs
Tax
Direct factory overheads
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