How would an income statement benefit one in creating a financial plan?

Question

Quizplus · Accepted Answer

An income statement would provide information on one's income and expenses, allowing them to determine whether they are earning more than they spend (A), spot areas where they may be overspending (B), determine if they have money available for saving or investment (C), and know where their money is going (D). All of these factors are essential in creating a financial plan.

How Would an Income Statement Benefit One in Creating a Financial