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Income Statements
Test Description: Test your knowledge of key terms
Instructions: Answer all questions to get your test result.
1) Term used to describe money received from goods sold.
A
Sales Returns
B
Sales Revenue
C
Sales
D
Revenue
2) This section works out the cost of the goods you sold
A
Cost of Warehouse Expenses
B
Cost of Sales
C
Net Sales Revenue
D
Cost of Purchases
3) This term describes if the cost of goods sold was less than net sales revenue
A
Net profit
B
Gross Profit
C
Gross Loss
D
Sales Revenue
4) Cost of inventory available for sale is calculated by
A
subtracting sales returns from sales revenue
B
adding opening inventory and net purchases
C
deducting purchase returns from purchases
D
adding carriage in to purchases
5) Where your stock may be stored would be described as
A
stock
B
warehouse
C
inventory
D
shop
6) When cost of sales is greater than net sales, this means the company
A
made a gross loss
B
has sold lots
C
returned stock to suppliers
D
made a gross profit
7) Carriage in describes
A
rent costs
B
warehouse costs
C
ICT costs
D
delivery costs
8) Net sales is calculated by
A
Adding carriage in to purchases
B
Subtracting closing inventory from total cost of stock available
C
Adding Opening Inventory and Purchases
D
Deducting Sales Returns from Sales
9) The stock you have at the end of the year is called
A
opening inventory
B
closing stock
C
closing inventory
D
inventory at the start
10) All accounts must start with
A
the name of the company, type of account and date
B
the name of the company
C
type of account
D
the date
*select an answer for all questions
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