50. the economic purpose of a business (per nils) is to create and trade a product, which can be a good…

50. the economic purpose of a business (per nils) is to create and trade a product, which can be a good and/or a service. 51. an income statement is a financial report that shows how a business is doing at its business purpose over a period of time. (a financial statement) 52. the two types of accounts on an income statement are revenue and expense.

50. the economic purpose of a business (per nils) is to create and trade a product, which can be a good and/or a service. 51. an income statement is a financial report that shows how a business is doing at its business purpose over a period of time. (a financial statement) 52. the two types of accounts on an income statement are revenue and expense.

Answer

Brief Explanations:

  1. A business aims to create and trade products which can be goods and/or services.
  2. An income statement is a financial report over a period of time that shows business performance.
  3. The two main types of accounts on an income statement are revenue and expense.

Answer:

  1. create; trade; good; service
  2. report; period; performance
  3. revenue; expense