Download presentation
Presentation is loading. Please wait.
Published byDustin Sydney Morrison Modified over 8 years ago
1
2 pt 3 pt 4 pt 5pt 1 pt 2 pt 3 pt 4 pt 5 pt 1 pt 2pt 3 pt 4pt 5 pt 1pt 2pt 3 pt 4 pt 5 pt 1 pt 2 pt 3 pt 4pt 5 pt 1pt Category 1 Category 2Category 3Category 4Category 5
2
Which statement defines a balance sheet?
3
A financial statement that shows what a business owns, what it owes, and how much it is work at a particular point in time
4
Land, buildings, furniture, and equipment are:
5
Fixed assts
6
The amount of money left after all the costs and expenses for the specific period of time have been deducted from the income is:
7
Net Income
8
The monetary value of the business is its:
9
Net Worth
10
Anything of value that a business owns is a/n:
11
Asset
12
Which would NOT be considered a fixed expense?
13
utilities
14
Robert purchased a case of lollipops from his wholesale supplier for $10.92. The case contains 7 dozen lollipops. Robert will resell the lollipops for 25 cents each. What is the cost of goods sold per lollipop?
15
13 cents
16
Expenses are BEST described as the:
17
Cost of running a business
18
Which is NOT an example of variable costs?
19
Loan payment
20
The price the retailer pays for the merchandise sold is:
21
Cost of goods sold
22
Which is an example of a financial obligation that a business would expect to take more than one year to repay?
23
mortgage
24
The three components included on a balance sheet are:
25
Assets, liabilities, and net worth
26
. On an income statement, net sales revenue minus cost of goods sold is:
27
Gross profit
28
Which is NOT an example of operating expenses?
29
Sales taxes
30
Net income is calculated by subtracting total expenses from:
31
Gross profit
32
Why is the amount of tax due to the government calculated on the net income?
33
Net income represents the true profit of the company
34
If beginning inventory is $27,000, merchandise purchased to replenish the stock is $18,000, and the recorded ending inventory is $16,000, what is the cost of goods sold?
35
$29,000
36
If total revenue from sales for the year was $375,000 and the cost of goods sold was $190,000, how much gross profit was made from sales for the year?
37
$185,000
38
What is the total of expenses if salaries are $70,000, advertising is $12,000, rent is $14,000, utilities are $3,600, maintenance is $1,200, insurance is $1,500, and miscellaneous expenses are $1,000?
39
$103,300
40
If the gross profit is $200,000 and the total expenses are $103,300, what is the net income/profit (before taxes)?
41
$96,700
42
If the gross profit on sales is $574,000 and total expenses are $401,000, what is the net income?
43
$173,000
44
Which appears on the income statement?
45
Net profit
46
Which is a balance sheet item?
47
assets
48
Professional fees paid to an accountant or attorney for occasional work would be which type of expense?
49
variable
50
The value of a life insurance policy on the life of the business owner is which type of asset?
51
other
52
Which is NOT a factor on an income statement?
53
liabilities
54
The business lease has been renewed and the monthly lease agreement is set for the next three years. Which type of expense is each lease payment
55
fixed
Similar presentations
© 2025 SlidePlayer.com. Inc.
All rights reserved.