Which financial statement provides a summary of an individual or business's financial performance over a period of time?

The income statement is the financial statement that specifically summarizes an individual or business's financial performance over a designated period of time, such as a quarter or a year. It provides details about revenues and expenses, culminating in the measure of net income or loss for that period. This statement is vital for assessing how well a company generates profit from its operations, illustrating the effectiveness of its revenue-generating activities and its ability to manage expenses.

In contrast, the balance sheet captures a snapshot of a company's financial position at a specific point in time, detailing assets, liabilities, and equity, but does not convey performance over a period. The cash flow statement records the movement of cash in and out of the business over a period, focusing on liquidity rather than performance. A tax return is a document filed with tax authorities that reports income, expenses, and other tax-related information, but it does not provide a summary of financial performance in the same format or context as the income statement. Therefore, the income statement is uniquely positioned to reflect the financial performance over time, which makes it the correct answer.