Which of the following is true of an individual's income and expense statement?
A)An individual's income and expense statement describes his or her financial position at a given point in time.
B)An individual's income and expense statement measures his or her financial performance at a given point in time.
C)An individual's income and expense statement describes his or her financial goals over a specific period of time.
D)An individual's income and expense statement measures his or her financial performance over a period of time.
E)An individual's income and expense statement describes his or her financial position over a period of time.

Question

Quizplus · Accepted Answer

An individual's income and expense statement measures his or her financial performance over a period of time. It presents an overview of the individual's income and expenses for a specified period, usually a month or a year, and measures their financial performance by calculating their net income or loss. It helps to evaluate their spending patterns, identify areas where they can cut costs, and plan strategies to improve their financial situation for the future.

Which of the Following Is True of an Individual's Income