A retailer's revenues and expenses for a given period of time are summarized in a ________.
A) profit-and-loss (income) statement
B) balance sheet
C) strategic profit model
D) product/market opportunity matrix

Question

Quizplus · Accepted Answer

A profit-and-loss statement, also known as an income statement, summarizes a company's revenues and expenses over a specific period of time. It shows whether the company made a profit or incurred a loss during that time. Therefore, this statement is the best choice to summarize a retailer's revenues and expenses. The balance sheet shows the company's assets, liabilities, and equity at a specific point in time, while the strategic profit model and product/market opportunity matrix are strategic planning tools and not financial statements.

A Retailer's Revenues and Expenses for a Given Period of Time