What document provides a summary of income, expenses, and profit or loss for a business?

The income statement is a crucial financial document that summarizes a business’s performance over a specific period, typically focusing on income, expenses, and the resulting profit or loss. Understanding this statement allows stakeholders to see how much revenue the business generates and how costs affect its profitability.

The income statement begins with total revenues earned, then deducts the costs associated with producing goods or services, including both fixed and variable costs. The outcome of this calculation provides a clear picture of the net profit or loss for that period, which is essential for decision-making within the business.

In contrast, the other options pertain to aspects of financial management but do not provide a comprehensive summary of overall financial performance. Fixed costs and variable costs refer to specific types of expenses incurred by a business rather than a holistic view of income and profitability. The concept of break-even relates to the point at which total revenues equal total costs, which is a useful calculation but does not summarize income, expenses, and profit or loss directly. Therefore, the income statement is the only document that fits the description in the question.