Small Biz Accounting School: Terms to Know Question Title * 1. The term Net Income is sometimes referred to as "net profit" or "earnings". True False OK Question Title * 2. A deduction is: any item owned by a business that is expected to last several years the number subtracted from the final amount of taxes you owe the IRS money spent to run the business, which can help reduce your year-end taxable income all of the above OK Question Title * 3. A balance sheet shows a summary of the company's profits and losses during a period of time, usually a month. True False OK Question Title * 4. Total Earnings - Total Expenses = Revenue Net Profit Net Earnings Net Losses OK Question Title * 5. Accounts Receivable can be listed as assets on your balance sheet. True False OK DONE