Oregon Construction Contractors (CCB) Practice Test 2025 – All-in-One Resource for Exam Success!

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What term is used to describe the income statement, cash flow statement, and balance sheet?

Annual reports

The correct term to describe the income statement, cash flow statement, and balance sheet is "financial summaries." These documents collectively provide a comprehensive overview of a company's financial health.

The income statement reflects the company's revenues and expenses over a specific period, showing profitability. The cash flow statement illustrates the inflows and outflows of cash, which is crucial for understanding liquidity and cash management. The balance sheet presents a snapshot of the company's assets, liabilities, and equity at a particular moment, highlighting the net worth of the business.

Together, these three documents are essential tools for stakeholders such as investors, management, and analysts to assess the organization's overall financial performance and stability. Understanding these summaries allows for informed decision-making and strategic planning within the business context.

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Financial summaries

Performance evaluations

Business report cards

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