Gross & Net Income: Definition & Examples

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

What is the correct term for all money collected on the sale of goods or services?

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1. If Barb's Gas Station had $2,000,000 in revenue from the sales of gas and Barb spent an average of $150,000 per month paying for the gas she sells, what is Barb's gross income?

2. What is the difference between gross income and net income?

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About This Quiz & Worksheet

Verify your understanding of gross and net income by using the quiz/worksheet combo. You need to know how to calculate gross income for the quiz.

Quiz & Worksheet Goals

In this assessment, you can check your understanding of:

  • Difference between net income and gross income
  • Financial statement that reports gross and net income
  • Cost subtracted from gross income to calculate net income
  • Correct term for all money collected on the sale of goods or services

Skills Practiced

  • Information recall - access the knowledge you have gained about calculating gross income
  • Distinguishing differences - compare and contrast main topics, such as gross income and net income
  • Reading comprehension - ensure that you draw the most important information from the lesson on gross and net income

Additional Learning

Gain more knowledge about these income types by using the lesson called Gross & Net Income: Definition & Examples. Goals you can complete include:

  • Determine why gross and net income are important
  • Define net income
  • Figure out what COGS stands for
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