ENTREPRENEURIAL PLANNING
BUSINESS PLAN DEVELOPMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Financial document that shows where capital comes from & what it will be used for.
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Financial document that shows the assets, liabilities, and owner’s equity for a business
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Profit-and-Loss Statement
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Break-even Point
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Detailed explanation-1: -An income statement is one of the three major financial statements, along with the balance sheet and the cash flow statement, that report a company’s financial performance over a specific accounting period. The income statement focuses on the revenue, expenses, gains, and losses of a company during a particular period.
Detailed explanation-2: -The income statement, which is sometimes called the statement of earnings or statement of operations, is prepared first. It lists revenues and expenses and calculates the company’s net income or net loss for a period of time.
Detailed explanation-3: -Profit and Loss (P&L) Statement A P&L statement, often referred to as the income statement, is a financial statement that summarizes the revenues, costs, and expenses incurred during a specific period of time, usually a fiscal year or quarter.
Detailed explanation-4: -A company’s income statement reports its revenues and expenses, revealing its profit or loss over a given period. Sales revenue is the first line of the income statement, which is why it’s commonly known as a “top line” metric.