Multiple Choice
Which of the following expressions is equal to the net sales of a company?
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4. Merchandising Operations
Net Sales
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Which of the following documents tells you what your gross and net income was for a particular pay period?
A
Bank Statement
B
Invoice
C
Pay Stub
D
Balance Sheet
Verified step by step guidance1
Understand the key terms in the question: 'gross income' refers to the total earnings before deductions, and 'net income' refers to the earnings after deductions such as taxes and benefits.
Identify the purpose of each document listed: A 'Bank Statement' shows transactions and balances in a bank account, not income details. An 'Invoice' is a document issued for billing purposes, typically for goods or services provided.
Recognize that a 'Pay Stub' is a document provided by an employer that details an employee's earnings for a specific pay period, including gross income, deductions, and net income.
Understand that a 'Balance Sheet' is a financial statement that shows a company's assets, liabilities, and equity at a specific point in time, and it does not provide information about an individual's income.
Conclude that the correct document that tells you about your gross and net income for a particular pay period is the 'Pay Stub'.
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