What are the different names for the income statement?

•             Question 1          What are the different names for the income statement? Select all that apply:                                 

A. Profit and Loss Statement

                B. Gross Profit and Loss Statement

                C. Net Margin Statement

                 D. Statement of income and expenses

Question 2          Which item is not depreciable?                                 

                 A. Land

                B. Furniture

                C. Vehicles

                D. Manufacturing Machinery

•             Question 3Expenses are recorded when…                                          

                A. A purchase order is issued

                B. A supplier agrees to goods and services ordered

                C. At the end of the month

                 D. When the supplier acts on the promise to deliver

•             Question 4          Which financial report most used by nonfinancial managers.                                      

                A. Balance Sheet

                B. Cash Flow Statement

                 C. Income Statement

                D. Statement of Retained Earnings

•             Question 5          Which line item is not an expense?                                         

                A. Sales and Marketing

                B. General and Administrative

                 C. Property, Plant, and Equipment

                D. Training and Professional Development

•             Question 6          Sales of services are called                                          

                A. Earnings

                B. Cost of Goods Sold

                 C. Revenues

                D. Sales Discounts

Question 7          Which cost does not represent cost of sales?                                     

                A. Direct Labor

                B. Raw Materials

                C. Commissions

                 D. Office Supplies                                          

•             Question 8          Gross Profit Margin is calculated as                                         

Difference between sales and cost of sales (aka gross profit) divided by sales

                A. Revenues plus cost of sales

                B. Difference between sales discounts and sales expenses

                 C. Difference between sales and cost of sales (aka gross profit) divided by sales

                D. Revenues less cost of sales

•             Question 9          Net Profit Margin is calculated as                                             

                A. Revenues plus cost of sales

                B. Difference between sales discounts and sales expenses

                 C. Difference between sales and all costs/expenses divided by sales

                D. Revenues less cost of sales

•             Question 10What is the result of net loss or net income allocated to each share of stock?                                             

                 A. Earnings Per Share

                B. Net Margin

                C. Gross Profit

                D. Earnings Before Interest, Taxes, Depreciation, and Amortizations