11 Questions
Which financial statement provides a snapshot of a company's financial position at a specific point in time?
Balance sheet
What is the term for a financial statement that shows a company's revenues and expenses over a specific period of time?
Income statement
What does the term 'revenues' refer to in the context of financial statements?
Money received from selling goods or services
What is the term for the portion of a company's net income that is not paid out as dividends but is retained for reinvestment in the business?
Retained earnings
Which type of financial statement shows the inflow and outflow of cash from operating, investing, and financing activities?
Cash flow statement
If a company has more expenses than revenues, what is its financial status?
Insolvent
What does the term 'gross profit' represent on an income statement?
Total revenue minus cost of goods sold
Which financial statement provides information about the sources and uses of cash during a specific period?
Statement of Cash Flows
What do 'assets' represent on a balance sheet?
Resources owned by the business
The ratio of current assets to current liabilities is used to assess:
Liquidity
Earnings before interest and taxes (EBIT) on an income statement represent:
Operating profit before tax and interest expense
Study Notes
The 101 on "Profit and loss"
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Learn about the concepts of profit and loss and how to calculate them. This quiz covers topics such as cost price, selling price, profit percentage, and loss percentage.
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