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