Clara owns a tile company. Last year her expenses exceeded revenues. What did Clara experience?

		Bad luck
		Negative cash flows
		A loss
		Excessive cost of goods sold

LAPSCO Lighting, Inc. had a gross profit of $234,000 for the last twelve-month period. Operating expenses were $185,000. What was LAPSCOs net income before taxes?

		$419,000
		$234,000
		$49,000
		$41,000

Connies Cakes wants to know how many dollars in sales were made this year, what the expenses were and, how much profit was made. Which financial statement should she examine?

		Balance sheet
		Income statement
		Statement of cash flows
		Statement of financial position

Each month, Chicos pays employee wages, telephone bills, and salaries to accountants. Which part of the income statement do these represent?

		Cost of goods sold
		Gross profit
		Sales allowances
		Operating expenses