1) Sales - cost of sales a) Gross Profit b) Cost c) Loss d) Profit for year 2) How much to make an item a) Expenses b) Loss c) Sales d) Cost of sale 3) Money made from selling product a) Cost b) Loss c) Profit d) Sales 4) When the item cost more to make than we sell it for a) Cost b) Loss c) Profit d) Sales 5) For a bakery - Rent a) Expense b) Cost of sale 6) For a bakery - flour a) Expense b) Cost of sale 7) For a bakery - advertising a) expense b) cost of sales 8) Gross profit - Expenses = a) profit for the year b) cost of sales 9) For a bakery - sugar a) cost of sales b) expense 10) For a bakery - eggs a) cost of sales b) expenses 11) ?? - Cost of sales = Gross profit a) Sales revenue b) Profit for the year c) Expenses d) Cost of sales

Income Statement

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