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Business English Exercises
 

Income Statements

Answers to test questions and links to explanations

Home > Teaching Business English > Business English Lessons, Advanced Level # 69
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income statements answer 1
The statement of income and expenses reports the company's income and expenses for the time period: it is also called a profit-and-loss statement.

Correct answer: (c) profit

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income statements answer 2
The first item on the statement is the total amount of sales of products or services; this is often referred to as gross sales.

Correct answer: (a) gross

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income statements answer 3
The main deduction from this revenue is called cost of sales, the amount of money the company spent to produce the same goods or services.

Correct answer: (a) cost

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income statements answer 4
The next deduction is operating expenses — for example, administrative salaries and research costs, which do not vary directly with production.

Correct answer: (b) operating

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income statements answer 5
Depreciation expenses the wear and tear on assets like machinery, equipment and furnishings.

Correct answer: (d) tear

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income statements answer 6
The depreciation charge for using these assets during the accounting period is a function of their original cost.

Correct answer: (d) function

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income statements answer 7
Interest income is the money that the company earns by keeping its cash in savings accounts, term deposits, etc.

Correct answer: (c) Interest

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income statements answer 8
Finally, income tax is deducted.

Correct answer: (c) income

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income statements answer 9
The final entry is the bottom line, which represents net earnings of the company during the accounting period.

Correct answer: (d) bottom

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income statements answer 10
Additionally, EPS indicates how much shareholders would receive if the company distributed all of its net earnings as dividends.

Correct answer: (a) EPS

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Business English Practice Exercises Business English Tests — several topics are covered: office matters, job applications, computer English, money expressions, business law, operations management, retail marketing, e-commerce, accounting terms, contracts and agreements, commercial correspondence, etc.
You will be exposed to a wealth of authentic sample sentences that include a great variety of themes. This compact Business English Test Package is the only printable English test collection currently available on the Internet. It contains 501 Business English Exercises (10 questions per test plus answer keys).  Get your unique Business English Practice Exercises now!

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