Question

A detailed description of the money your business makes and expends every month

for the first year is called a(n)
cash-flow statement.
income statement.
balance statement.
bank statement

Answer 1

An income statement or a P&L. A bank statement is given for a specific bank account and wouldn’t be grouped by your revenues or your expenditures like that. A cash flow statement typically shows all of the cash movements in your business over a year-long period and isn’t necessarily grouped by your revenues and your expenditures.