Test your knowledge of the income statement and answer the following questions using this sample income statement.
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Question 1 of 5
1. Question
Assuming the fiscal year starts on January 1, what is the period of time being compared in the income statement?
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Question 2 of 5
2. Question
During this time period, how is the organization doing relative to the budget?
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Question 3 of 5
3. Question
Where is the largest budget variance?
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Question 4 of 5
4. Question
Could this income statement be shared with funders? Would this statement provide the right level of information for a funder’s needs?
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Question 5 of 5
5. Question
How diversified are the nonprofit’s funding streams? Is the budget overly dependent on a single revenue stream?
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