Which of the following statements regarding an individual's income and expense statement is true?
A) An income and expense statement describes your financial position at a given point in time.
B) An income and expense statement looks forward in time to control spending.
C) An income and expense statement identifies your financial goals.
D) An income and expense statement measures your financial performance over time.
E) An income and expense statement can be used to predict inflation and interest rates.

Question

Quizplus · Accepted Answer

An income and expense statement measures an individual's financial performance over time, typically over a specific period such as a month or a year, by comparing their income to their expenses. This helps individuals track their cash flow and identify areas where they may need to adjust their spending to achieve their financial goals. Inflation and interest rates are not directly related to an individual's income and expense statement.

Which of the Following Statements Regarding an Individual's Income and Expense