Quiz-Lesson 2. Two Types of Expenses and Two Types of Profit
Quiz-Lesson 2. Two Types of Expenses and Two Types of Profit
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Question 1 of 16
1. Question
What is the first type of expense?
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Question 2 of 16
2. Question
In a construction company, what is COGS (Job Cost) comprised of?
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Question 3 of 16
3. Question
TRUE or FALSE?
Gross Profit (Job Profit) is the money left over after materials, labor expenses, sales commission and any other job-related expenses have been paid.
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Question 4 of 16
4. Question
TRUE or FALSE?
The formula for Gross Profit (Job profit) is: Gross Income minus COGS (Job Costs) equals GP (Job Profit).
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Question 5 of 16
5. Question
SELECT THE CORRECT COGS (Job Cost): Materials 8,000, Labor 2,000, Commission 800.
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Question 6 of 16
6. Question
CALCULATE THE COGS (Job Cost) of this job:Â Materials $4,000, Labor $6,500, Commission $700.
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Question 7 of 16
7. Question
CALCULATE THE COGS (Job Cost) of this job:Â Materials $4,000, Labor $3,500, Commission $600.
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Question 8 of 16
8. Question
CALCULATE THE COGS (Job Cost) of this job:Â Materials $8,000, Labor $4,000, Commission $800.
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Question 9 of 16
9. Question
CALCULATE THE COGS (Job Cost) of this job: Materials $4,000, Labor $2,500, Commission $500.
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Question 10 of 16
10. Question
CALCULATE THE COGS (Job Cost) of this job:
Materials $4,000, Labor $6,000, Commission $1,000.
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Question 11 of 16
11. Question
SELECT THE CORRECT GP (Gross Profit or Job Profit):
Gross Income 20,000,
Materials 4,000, Labor 6,000, Commission 1,000.
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Question 12 of 16
12. Question
CALCULATE THE GP (Gross Profit or Job Profit):
Gross Income $12,000,
Materials $4,000, Labor $3,500, Commission $600.
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Question 13 of 16
13. Question
CALCULATE THE GP (Gross Profit or Job Profit):
Gross Income $10,000,
Materials $4,000, Labor $2,500, Commission $500.
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Question 14 of 16
14. Question
CALCULATE THE GP (Gross Profit or Job Profit):
Gross Income $14,000,
Materials $4,000, Labor $6,500, Commission $700
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Question 15 of 16
15. Question
CALCULATE THE GP (Gross Profit or Job Profit):
Gross Income $16,000,
Materials $8,000, Labor $2,000, Commission $800.
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Question 16 of 16
16. Question
CALCULATE THE GP (Gross Profit or Job Profit):
Gross Income $20,000
Materials $4,000, Labor $6,000, Commission $1,000.
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