Income Statement: 5 Practice Questions
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Here are 5 quick questions on the Income Statement. Can you get them all right?
1. The Income Statement provides a summary of a business's Revenues and Expenses. True or False?
2. The Income Statement is also known as the Statement of Cash Flows. True or False?
3. We can calculate Gross Profit by deducting Cost of Sales from Revenue. True or False?
4. "Dividends Paid" is recorded as an Operating Expense on the Income Statement. True or False?
5. Net Profit can be found on the bottom line of the Income Statement. True or False?
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