3. Finance and Accounts

Income Statements — Quiz

Test your understanding of income statements with 5 practice questions.

Read the lesson first

Practice Questions

Question 1

What is the main purpose of an income statement?

Question 2

Which formula correctly calculates gross profit?

Question 3

Which item is usually deducted after gross profit to find operating profit?

Question 4

If a business has revenue of $50,000$ and cost of goods sold of $30,000$, what is its gross profit?

Question 5

Which statement best describes net profit?