Business Records

Which document is typically used by an individual to report their freelance or self-employment income to the IRS?

• Pay Stub

• Income Statement

• W-2

• 1099 Form

What document summarizes a company's financial performance over a specific period of time?

• Statement of Cash Flows

• Balance Sheet

• Bank Statement

• Income Statement

Which document is essential for a business to legally operate in certain locations or industries?

• Purchase Order

• Business Permit

• Employee Handbook

• Invoice

What document provides detailed information about an employee's pay for a specific pay period?

• Pay Stub

• Sales Receipt

• Expense Report

• Project Schedule

Which document is used by businesses to record the sale of goods or services to a customer?

• Estimate

• Purchase Order

• Sales Receipt

• Invoice

Which document provides a snapshot of a company’s financial position at a specific point in time, showing assets, liabilities, and equity?

• Invoice

• Employee Handbook

• Bank Statement

• Balance Sheet

What summarizes the transactions that occurred in a bank account over a specific period?

• Expense Report

• Payment Schedule

• Inventory Report

• Bank Statement

What grants the legal right to operate a business in a specific location?

• Business Permit

• Business License

• Contract

• Purchase Order

What is a legally binding agreement between two or more parties?

• Estimate

• Contract

• Incident Report

• Project Schedule

Which document communicates company policies, procedures, and expectations to employees?

• Income Statement

• Employee Handbook

• Invoice

• Sales Receipt