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Separating & Calculating Gross Profits by Department

Instructions:

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

question 1 of 3

Which of the following would not be reason to calculate a gross profit for each department?

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1. Calculate gross profit given the following information: sales = $50,000, cost of goods sold = $27,000, and operating expenses = $10,000.

2. Calculate the gross profit percentage given the following information: sales = $25,000, cost of goods sold = $10,000, and operating expenses = $2,000.

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About This Quiz & Worksheet

The quiz and worksheet help gauge your knowledge of separating and calculating gross profits by department. You need to know how to calculate gross profit in order to do well on the quiz.

Quiz & Worksheet Goals

These tools help gauge your knowledge of:

  • Determining which department is more profitable
  • Calculating the mark-up
  • A reason to not calculate a gross profit for each department
  • Calculating gross profit

Skills Practiced

  • Information recall - access the knowledge you have gained about finding mark-ups
  • Interpreting information - verify that you can read information about a reason to not calculate a gross profit for each department and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about calculating gross profit

Additional Learning

To cover more details about these profits, read through the lesson called Separating & Calculating Gross Profits by Department. Thanks to this lesson, you can:

  • Determine what gross profits represent
  • Review examples of a mark-up
  • See what a general ledger is
  • Learn how to calculate gross profit
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