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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
Revenue
B
Sales Revenue
C
Sales Returns
D
Sales
2) This section works out the cost of the goods you sold
A
Net Sales Revenue
B
Cost of Sales
C
Cost of Warehouse Expenses
D
Cost of Purchases
3) This term describes if the cost of goods sold was less than net sales revenue
A
Gross Profit
B
Gross Loss
C
Net profit
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
shop
B
warehouse
C
stock
D
inventory
6) When cost of sales is greater than net sales, this means the company
A
made a gross loss
B
has sold lots
C
made a gross profit
D
returned stock to suppliers
7) Carriage in describes
A
ICT costs
B
warehouse costs
C
delivery costs
D
rent costs
8) Net sales is calculated by
A
Adding Opening Inventory and Purchases
B
Deducting Sales Returns from Sales
C
Adding carriage in to purchases
D
Subtracting closing inventory from total cost of stock available
9) The stock you have at the end of the year is called
A
closing stock
B
opening inventory
C
closing inventory
D
inventory at the start
10) All accounts must start with
A
the date
B
the name of the company
C
the name of the company, type of account and date
D
type of account
*select an answer for all questions
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