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