Profit And Loss Statement

9 Questions | Total Attempts: 697

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Profit And Loss Quizzes & Trivia

Video presented by Gerald Richards of 3X5X7. To gauge your understanding of the fundamentals of a Profit & Loss Statement and develop your skills and confidence around financial matters, here is a video and a few questions about the video you have watched. At 3X5X7 we are big believers in self assessment and action, so please take the time to answer the questions. You can take these questions as many times as you like, until you feel comfortable with your results. Am happy to receive any questions or comments ([email protected] Com), as feedback is most important. Have fun. Kind Regards Gerald Richards 3X5X7 www. 3x5x7. Com


Questions and Answers
  • 1. 
    An overview of a Profit & Loss Statement, identifying: Net Sales/Revenue COGS/COS Fixed and Variable Costs EBITDA
  • 2. 
    “You cannot teach a person anything, you can only help him to discover it within himself” Galileo Galilei. Italian physicist, mathematician, astronomer and philosopher (1564 - 1642).
  • 3. 
    What does COGS stand for?
  • 4. 
    The Profit and Loss Account always starts with sales/revenue, from which costs and expenses will be deducted.
    • A. 

      True

    • B. 

      False

    • C. 

      Depends

    • D. 

      Not sure

  • 5. 
    "Expenses that have to be paid, irrespective of the volume of business done by the company" is a description of?
    • A. 

      Cost of Sales

    • B. 

      Variable Expenses

    • C. 

      EBITDA

    • D. 

      Fixed Expenses

  • 6. 
    What does COP/EBITDA stand for?
  • 7. 
    Variable expenses are those expenses which, to a certain extent, can be controlled and varied according to the volume of business done.
    • A. 

      True

    • B. 

      False

  • 8. 
    COGS/COS is $985,876. Variable Expenses are $189,429. Net Sales/Revenue is $1,784,923 and Fixed Expenses are $398,929. What is the COP/EBITDA?
  • 9. 
    Net Sales/Revenue is $12,784,923. Fixed Expenses are $3,068,382. Variable Expenses are $1,278,492 and COGS are $7,031,708. What is the Gross Profit/Margin and the COP/EBITDA?
    • A. 

      Gross Profit/Margin = $5,235,215

    • B. 

      COP/EBITDA = $1,460,341

    • C. 

      Gross Profit/Margin = $5,753,215

    • D. 

      COP/EBITDA = $1,604,341

    • E. 

      Gross Profit/Margin = $5,624,215

    • F. 

      COP/EBITDA = $1,406,341

  • 10. 
    GST - Goods and Services Tax - is always included in the Profit and Loss Statement.
    • A. 

      True

    • B. 

      False

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