Question

Jamira’s store has just been opened for a few months, but she has no idea where the money is going! She wants to be able to keep track of her store’s profit and expenses. What document would BEST help Jamira keep track of her store’s profit and expenses?


sales forecast


income statement


balance sheet


buying plan

Answer 1

Income statement.

Also called a profit & loss statement, it records revenues, costs, and expenses over a period and shows net profit or loss — exactly what Jamira needs to see where the money is going.