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Preparing a Budgeted Income Statement

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question 1 of 3

What is a budgeted income statement?

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1. What is used to produce a budgeted income statement?

2. What is another term for gross margin?

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About This Quiz & Worksheet

Creating budgeted income statements requires knowing where the numbers come from. This quiz will determine how much you comprehend about these types of statements. Most of the questions ask you for related definitions, but some questions will expect you to think critically about the purpose of these statements.

Quiz & Worksheet Goals

These evaluation tools can help you figure out exactly what you know concerning:

  • Budgeted income statements
  • Gross margins
  • Net income
  • Considerations for distributing bonuses

Skills Practiced

This quiz and worksheet allow you to polish up the following skills:

  • Making connections - use your understanding of budgeted income statements and link that to making decisions about employee bonuses
  • Interpreting information - verify that you can read information regarding budgeted income statements and interpret it correctly
  • Information recall - access the knowledge you've gained regarding what is used to create budgeted income statements

Additional Learning

Besides finding answers to the quiz questions, you can go over the Preparing a Budgeted Income Statement lesson to discover even more information related to this topic. Additional information addressed in this lesson is as follows:

  • Steps for producing a budgeted income statement
  • Budgeted income statement examples
  • Uses for budgeted income statements
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