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Operations of an Income Statement

Instructions:

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

question 1 of 3

What is the difference between a multi-step income statement and a single-step income statement?

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1. What type of financial document is used by a business to show its income and expenses during a specific time period?

2. If a company's net sales are $750,000 and its cost of sales is $270,000, what is the company's gross income?

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About This Quiz & Worksheet

Our quiz and worksheet is made up of questions on the operations of an income statement that you can access from any mobile device or computer at your leisure. Take this quiz and see how well you know subjects including the financial document used by a business to show its income and expenses and an example of an operations expense.

Quiz & Worksheet Goals

Use this quiz to check yourself on the following:

  • Multi-step vs. single-step income statements
  • Which financial document is used by a business to show its income and expenses
  • How to calculate a company's gross income
  • An example of an operations expense
  • How to calculate the earning per share of a business

Skills Practiced

  • Interpreting information - verify that you can read information regarding how to calculate a company's gross income and interpret it correctly
  • Distinguishing differences - compare and contrast single-step and multi-step income statements
  • Problem solving - use what you've learned to calculate an organization's earnings per share in a practice problem

Additional Learning

We've put together a short lesson called Operations of an Income Statement to help you understand more about this subject. Once you complete this lesson, you should be ready to:

  • Identify how many income statements most companies put out per year
  • Give some other names for gross income
  • Discuss the cost of sales line in a multi-step statement
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