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Understanding the Income Statement Quiz

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1. What is the fundamental purpose of an income statement?

2. Which of the following is typically found on an income statement?

3. What is the difference between Gross Profit and Operating Income in an income statement?

4. What does EBITDA stand for in relation to an income statement?

5. Which of these items are generally considered non-operating expenses on an income statement?

6. What is the equation for calculating Net Income in an income statement?

7. In terms of an income statement, what does COGS refer to?

8. What is the term for revenues that come from a source outside a company's main business activities?

9. In the context of an income statement, the term 'extraordinary items' refers to events and transactions that are...?

10. Why are non-cash items such as depreciation and amortization added back in the EBITDA calculation?