Profit and Loss Account (Leaving Cert Business): Quizzes
📚Quizzes
Practise the questions
10 questions from this quiz
ShowHide
Practise the questions
10 questions from this quiz
What is another name for the profit and loss account?
What is another name for the profit and loss account?
Income statement
How is gross profit calculated?
How is gross profit calculated?
Sales minus cost of sales
How is net profit calculated?
How is net profit calculated?
Gross profit minus operating expenses
What is another business term for sales?
What is another business term for sales?
Turnover
Which of these is included in cost of sales?
Which of these is included in cost of sales?
Raw materials
Which expense is classified as an operating expense?
Which expense is classified as an operating expense?
Electricity bills
What are retained earnings used for?
What are retained earnings used for?
Future growth and development
What was Murphy Ltd's gross profit margin in 2021?
What was Murphy Ltd's gross profit margin in 2021?
50%
What action should be taken if gross profit is low?
What action should be taken if gross profit is low?
Increase prices or find cheaper suppliers
What should a business do if net profit is low but gross profit is good?
What should a business do if net profit is low but gross profit is good?
Reduce unnecessary operating expenses